Flexible Mortgage Schedule
Choose your own year-by-year interest rate and repayment schedule
Look at the examples by selecting a tab. Then return and enter your own proposals for interest rates, and set the payment you would like to make each month during any particular year. If the lock is on, the actual payment will never be less than the minimum allowed. This minimum is the amount required to return the current debt owing to the maximum permitted: this maximum is that due for a conventional level payment mortgage (repayment or interest only). A desired payment of zero will automatically trigger the minimum. Take the lock off (Min Lock = n) to pay what you want regardless of the minimum - some lenders allow this. Make the final loan equal to the initial loan (like an interest-only loan) to make the maximum allowable debt constant throughout. Enter you own figures
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See tabs below for some examples Years Interest-only (0 for repayment, otherwise interest-only element) pa 12 for monthly, 365 for daily Y or N Actual payment is equal to the Desired payment, even if less than the Minimum
Initial Loan Initial Term Final Loan Rests pa Min Lock
£50,000 25 £50,000 12 n
Actual Debt Pmt £ pm Yr End £366.97 £49,066.80 £366.97 £47,566.35 £0.00 £49,999.93 £500.00 £48,436.48 £500.00 £46,478.46 £300.00 £46,601.18 £300.00 £46,252.20 £0.00 £49,595.78 £300.00 £48,954.07 £300.00 £48,523.40 £300.00 £48,815.84 £300.00 £49,132.56 £500.00 £47,487.74 £500.00 £46,177.54 £500.00 £45,209.22 £500.00 £44,601.62 -£18.78 £50,000.00 £416.67 £50,000.00 £416.67 £50,000.00 £375.00 £50,000.00 £333.33 £50,000.00 £291.67 £50,000.00 £250.00 £50,000.00 £291.67 £50,000.00 £250.00 £50,000.00 £97,682 In total Note: Lenders have varying rules: some will allow a payment holiday. Others will allow the debt to be the maximum throughout. A negative repayment is equivalent to the lender lending back capital although it would normally be as a lump sum.
Year Interest % pa 1 7.00 2 6.00 3 5.00 4 9.00 5 8.50 6 8.00 7 7.00 8 7.00 9 6.00 10 6.50 11 8.00 12 8.00 13 9.00 14 10.00 15 11.00 16 12.00 17 11.00 18 10.00 19 10.00 20 9.00 21 8.00 22 7.00 23 6.00 24 7.00 25 6.00
Minimum Pmt £ pm £291.67 £169.68 -£0.01 £374.99 £217.80 £27.00 -£2.42 -£32.62 £215.21 £180.57 £204.89 £230.33 £299.14 £195.80 £120.50 £74.34 -£18.78 £416.67 £416.67 £375.00 £333.33 £291.67 £250.00 £291.67 £250.00
Desired Pmt £ pm £366.97 £366.97 £0.00 £500.00 £500.00 £300.00 £300.00 £0.00 £300.00 £300.00 £300.00 £300.00 £500.00 £500.00 £500.00 £500.00 -£18.78 £416.67 £416.67 £375.00 £333.33 £291.67 £250.00 £291.67 £250.00
Flexible Payments
Actual Minimum Possible Normal Payment
£750 £500
Payment
£250 £0 1
-£250 Year
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11
13
15
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25
Flexible Payment Debt
Actual Debt Maximum Debt
£51,000 £50,000 £49,000 £48,000 £47,000 £46,000 £45,000 £44,000 £43,000 £42,000 £41,000
1 3 5 7 9 11 13 Year 15 17 19 21 23 25
Created by Michael Kelly. E-mail: mkelly@foxwood.demon.co.uk.
Debt
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
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Flexible Mortgage Schedule - Exa
Example of stabilised payment illustrating the same effect as a fixed ra
Use View, Zoom for best screen size
Initial Loan: Initial Term: Final Loan: Pmt Increase: Rests pa Min Lock
£100,000 25 £100,000 0 12 y
Assuming variable interest rates, this example illu equivalent to a fixed rate of 7.2% pa. Initially, sinc debt falls. Borrowers can choose to switch to the m Years If actual rates increase more than anticipated, a h Endowment year eleven. A higher payment than the minimum % pa Some lenders will re-lend surplus repayments as pa 12 for monthly, 365 for daily Y or N Actual payment is the higher of the Minimum and
Example only - you cannot change any figures
Year Interest % pa 1 7.00 2 6.00 3 5.00 4 9.00 5 8.50 6 8.00 7 7.00 8 6.00 9 6.00 10 6.50 11 8.00 12 8.00 13 9.00 14 10.00 15 11.00 16 12.00 17 11.00 18 10.00 19 10.00 20 9.00 21 9.00 22 9.00 23 9.00 24 9.50 25 9.00
Minimum Pmt £ pm £583.33 £482.22 £292.29 £419.58 £511.51 £570.62 £551.68 £448.46 £339.11 £263.95 £305.24 £184.99 £134.83 £156.89 £257.98 £448.14 £578.31 £642.78 £714.89 £711.42 £707.80 £703.84 £699.51 £736.30 £734.98
Desired Pmt £ pm £600.00 £600.00 £600.00 £600.00 £600.00 £600.00 £600.00 £600.00 £600.00 £600.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £750.00 £734.98
Actual Debt Pmt £ pm Yr End £600.00 £99,793.46 £600.00 £98,547.16 £600.00 £96,221.71 £600.00 £97,743.42 £600.00 £98,895.82 £600.00 £99,634.16 £600.00 £99,401.17 £600.00 £98,130.68 £600.00 £96,781.83 £600.00 £95,845.07 £750.00 £94,462.72 £750.00 £92,965.63 £750.00 £92,305.76 £750.00 £92,547.21 £750.00 £93,788.76 £750.00 £96,171.64 £750.00 £97,832.61 £750.00 £98,652.78 £750.00 £99,558.84 £750.00 £99,517.46 £750.00 £99,472.19 £750.00 £99,422.68 £750.00 £99,368.52 £750.00 £99,828.21 £734.98 £100,000.00 £206,820 In total
A 47 48 49 50 51
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Created by Michael Kelly. E-mail:
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exible Mortgage Schedule - Example 2
trating the same4effect as a fixed rate but reducing debt. 5
Assuming variable interest rates, this example illustrates the effect of a DIY fixed rate: £600 per month is 6 equivalent to a fixed rate of 7.2% pa. Initially, since this payment is bigger than the minimum, the actual 7 debt falls. Borrowers can choose to switch to the minimum payment at any time, should it be necessary. 8 f actual rates increase more than anticipated, a higher payment may be required, as illustrated from 9 year eleven. A higher payment than the minimum required will always reduce the capital debt. 10 Some lenders will re-lend surplus repayments as a lump sum loan. 11 12 for monthly, 365 for 12 daily Actual payment is the higher of the Minimum and the Desired payment 13
14 15 16 17 18 19 20 21 22 23
Actual Minimum Possible Normal Payment
Flexible Mortgage - Stabilised Payments
£1,250 £1,000
Payment
24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
£750 £500 £250 £0 1 3 5 7 9 11 13 15 Year 17 19 21 23 25
Flexible Payment Debt
Actual Debt Maximum Debt
£102,000 £100,000 £98,000 £96,000 £94,000 £92,000 £90,000 £88,000
1 3 5 7 9 11 13 Year 15 17 19 21 23 25
Debt
H I J K L 47 Year 48 49 50 Created by Michael Kelly. E-mail: mkelly@foxwood.demon.co.uk. 51
M
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
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Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Conventional Payment £583.33 £500.00 £416.67 £750.00 £708.33 £666.67 £583.33 £500.00 £500.00 £541.67 £666.67 £666.67 £750.00 £833.33 £916.67 £1,000.00 £916.67 £833.33 £833.33 £750.00 £750.00 £750.00 £750.00 £791.67 £750.00 £212,500 In total
Conventional Debt £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00 £100,000.00
N 47 48 49 50 51
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Flexible Mortgage Schedule - Exam
Example of increasing repayments for a repayment mortgage
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Initial Loan: Initial Term: Final Loan: Pmt Increase: Rests pa Min Lock
£100,000 25 £0 5 12 y
Years Repayment % pa pa Y or N
Payments are increased by 5% per annum. Debt re by the end of year thirteen, thereby saving over £42, minimum at any time, should it be necessary, so flex
12 for monthly, 365 for daily Actual payment is the higher of the Minimum and the
Example only - you cannot change any figures
Debt
Year Interest % pa 1 7.00 2 7.00 3 7.00 4 7.00 5 7.00 6 7.00 7 7.00 8 7.00 9 7.00 10 7.00 11 7.00 12 7.00 13 7.00 14 7.00 15 7.00 16 7.00 17 7.00 18 7.00 19 7.00 20 7.00 21 7.00 22 7.00 23 7.00 24 7.00 25 7.00
Minimum Pmt £ pm £706.78 £706.78 £668.89 £588.46 £460.45 £279.32 £39.03 -£266.99 -£645.91 -£1,105.55 -£1,654.40 -£2,301.71 -£3,057.54 -£3,932.82 -£4,911.99 -£4,560.30 -£4,183.19 -£3,778.81 -£3,345.20 -£2,880.25 -£2,381.68 -£1,847.07 -£1,273.82 -£659.12 £0.01
Desired Pmt £ pm £706.78 £742.12 £779.22 £818.19 £859.09 £902.05 £947.15 £994.51 £1,044.23 £1,096.45 £1,151.27 £1,208.83 £1,269.27 £1,307.15 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00
Actual Pmt £ pm £706.78 £742.12 £779.22 £818.19 £859.09 £902.05 £947.15 £994.51 £1,044.23 £1,096.45 £1,151.27 £1,208.83 £1,269.27 £1,307.15 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.01 £165,916 In total
Debt Yr End £98,470 £96,392 £93,703 £90,338 £86,222 £81,276 £75,414 £68,541 £60,555 £51,345 £40,790 £28,758 £15,107 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0
£3,000 £2,500 Payment £2,000 £1,500 £1,000
£500
£0 1
Flexible M
£120,000
£100,000
£80,000 £60,000 £40,000 £20,000
£20,000 £0 -£20,000
Created by Michael Kelly. E-mail: m
chedule - Example
% per annum. Debt repayment is accelerated and is all re-paid reby saving over £42,000 in payments. But payments can fall to the be necessary, so flexibility is not lost.
f the Minimum and the Desired payment
Flexible Mortgage- repayments increasing by 5% pa
Actual Pmt Level Pmt Minimum Pmt
1
3
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9
11
13 15 Year
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23
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Flexible Mortgage Debt - repayments increasing by 5% pa
Actual Debt Max Debt Possible
£120,000 £100,000 £80,000 £60,000
£40,000
£20,000
"Normal" payment schedule & maxim Year Conventional Payment 1 £706.78 2 £706.78 3 £706.78 4 £706.78 5 £706.78 6 £706.78 7 £706.78 8 £706.78 9 £706.78 10 £706.78 11 £706.78 12 £706.78 13 £706.78 14 £706.78 15 £706.78 16 £706.78 17 £706.78 18 £706.78 19 £706.78 20 £706.78 21 £706.78 22 £706.78 23 £706.78 24 £706.78 25 £706.78 £212,034 In total
£20,000 £0 £20,000 1 3 5 7 9 11 13 Year 15 17 19 21 23 25
£46,118 saving
hael Kelly. E-mail: mkelly@foxwood.demon.co.uk.
ment schedule & maximum debt Conventional Debt £98,470.19 £96,829.78 £95,070.79 £93,184.65 £91,162.15 £88,993.45 £86,667.97 £84,174.39 £81,500.54 £78,633.40 £75,558.99 £72,262.33 £68,727.36 £64,936.85 £60,872.32 £56,513.96 £51,840.54 £46,829.27 £41,455.74 £35,693.76 £29,515.24 £22,890.08 £15,785.98 £8,168.33 £0.00