Mortgage interest rate spreadsheet

Ghetofarmulous

Hi all,

I made the attached spreadsheet to assist me when looking at Mortgages and properties. Just take the most recent Interest rates from Bonkers.ie and insert into the first table (They should be up to date in the attached which I have updated this week (sept. 2019).

Change the yellow boxes to suit your own situation and the second box will tell you your monthly payments for the corresponding interest rate and fixed term.

Hope this is helpful ta.

G

JohnnyChimpo

It's a lovely spreadsheet, fair play.

My only comment is a caveat for those who might not consider this: Your spreadsheet only deals with the base rate, and doesn't include any "bonuses", most importantly cashback.

The BOI 5 year rate (which btw is currently 3% not 3.2%) for example gives 3% cashback, 2% upfront and 1% at the 5yr mark. When you subtract this from the 5 year payments you get an effective rate of 2.65% which actually makes BOI the most attractive option. And of course you have that lump sum upfront to buy some furniture.

It's obviously difficult to incorporate that into a spreadsheet without some fairly baroque formatting, but it's worth highlighting for those who might be confused, since these kind of offers are essentially the banks passing on rate cuts in a way they think sounds better to customers.

Cheers for the sheet though, v nicely laid out

Ghetofarmulous

JohnnyChimpo wrote: »

It's a lovely spreadsheet, fair play.

My only comment is a caveat for those who might not consider this: Your spreadsheet only deals with the base rate, and doesn't include any "bonuses", most importantly cashback.

The BOI 5 year rate (which btw is currently 3% not 3.2%) for example gives 3% cashback, 2% upfront and 1% at the 5yr mark. When you subtract this from the 5 year payments you get an effective rate of 2.65% which actually makes BOI the most attractive option. And of course you have that lump sum upfront to buy some furniture.

It's obviously difficult to incorporate that into a spreadsheet without some fairly baroque formatting, but it's worth highlighting for those who might be confused, since these kind of offers are essentially the banks passing on rate cuts in a way they think sounds better to customers.

Cheers for the sheet though, v nicely laid out

Thanks Johnny and its a good point about Mortgage intensives. If the intensives are a set amount it could be included in the other (such as legals costs).

I may input a % cash back calculation. That would be easy enough I think.

I myself have just made an offer on a house. I have a solicitor booked and Im looking for a Structural surveyor. I am hopeful I will get it.

ted1

Is it using interest rates or APR?

Ghetofarmulous

ted1 wrote: »

Is it using interest rates or APR?

Interest rates

lir6777

Ghetofarmulous wrote: »

Hi all,

I made the attached spreadsheet to assist me when looking at Mortgages and properties. Just take the most recent Interest rates from Bonkers.ie and insert into the first table (They should be up to date in the attached which I have updated this week (sept. 2019).

Change the yellow boxes to suit your own situation and the second box will tell you your monthly payments for the corresponding interest rate and fixed term.

Hope this is helpful ta.

G

That's amazing, thanks for sharing! It makes things seem a bit clearer (taking the subsequent point about the various cashback offers etc). Really nice, good luck with your bidding!!

Evil_Clown

Ghetofarmulous wrote: »

Hi all,

I made the attached spreadsheet to assist me when looking at Mortgages and properties. Just take the most recent Interest rates from Bonkers.ie and insert into the first table (They should be up to date in the attached which I have updated this week (sept. 2019).

Change the yellow boxes to suit your own situation and the second box will tell you your monthly payments for the corresponding interest rate and fixed term.

Hope this is helpful ta.

G

Very helpful, thanks a mil for sharing