Spread Sheet Request

[eXc]

Hi Everyone,

I am currently trying to work out the best for me, whether I stay fully variable, (paying about $400/month extra) or fixing (paying a small amount extra)

Does anyone have a spreadsheet that can calculate an ongoing change, for example, I set it that I am paying $2200 / month, then have it at 6% of loan for say 6 months, 7% for the next 6 months, 8% for the next year...

then I can compare it to the same pattern, but with a fixed portion?

Does that make sense?

The idea is to work out if the savings I make now with the lower variable will compensate me enough to not bother fixing.

Cheers
Chris

 

[Jodie701]

I downloaded a good spreadsheet off this site, in the past called "Comparison of Interest Rate Repayments (1)".
I'll try to up load it, but I've never done it before, so here goes. If it doesn't work then hopefully someone else can help.

 

[eXc]

Thanks Jodie, not exactly what I want, but it shows me a general idea.

 

[WinstonWolfe]

Play with this. Let me know if there's anything you don't understand.

 

[eXc]

thanks, that looks like just what I need.

Only question is at the top you input the IO loan....does this have anything else in it that means I can't use it for a interest and pricipal loan?

This is purely for a PPOR which I am paying interest and principal.

Cheers
Chris

 

[WinstonWolfe]

Only question is at the top you input the IO loan....does this have anything else in it that means I can't use it for a interest and pricipal loan?

Cheers
Chris

Nah, I haven't made a P&I version.

Will have a think about it over the next week. My first thought is that it will be a lot more complex, due to the variance in principal paid off already.

 

[eXc]

bummer, so this isn't going to be an accurate idea for me then? that's a shame. If you manage to work something out, please let me know.

 

[WinstonWolfe]

exc, if you want something accurate for your particular circumstances, you could ask your MB or lender for the info. It would certainly test how prepared they are to satisfy their customers.

btw, if I was a MB or lender, I'd think it only part of good customer service to provide clients with whatif tools.

 

[eXc]

not a bad idea. The MB is suggesting that I stay variable. This is based on him punching numbers on a calculator. But I would like to punch in my numbers in a SS like you have provided me, so I can play with the numbers and see what happens. I'll have a word to him, it would be a valuable tool for him to have and worth putting in the effort for other customers as well.

Cheers
Chris