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Cost of credit cards and mortgages .... the spreadsheets

(103 Posts)

MNHQ have commented on this thread.

Talkinpeace Sat 23-Mar-13 22:07:13

A while ago I wrote a spreadsheet to help a client understand that if he bought a Bugaboo on his credit card he'd still be paying for it when the child started University

here it is

And then on a thread this evening, somebody asked about how to explain the risks of an interest only mortgage
so I wrote this

Enter your figures into the highlighted boxes and the sheets do the rest ....
I check them every few weeks and correct any glitches ...

southeastastra Tue 29-Oct-13 21:34:56

if anything i try to pay as much over as i can, i never pay the minimum and always try to go over when i can. i am bit worried about though as we also have a mortage shortfall due in 2017. should i see a financial advisor to go through everything?

RandomMess Tue 29-Oct-13 21:39:50

Well it shouldn't cost you anything to see an advisor, they could go through your options with them. Could you remortgage or something do you think?

Talkinpeace Tue 29-Oct-13 21:39:52

check out the mortgage sheet to test your options

southeastastra Tue 29-Oct-13 22:01:26

will definitely have to up the mortage payment, what's mad is that we would be on track to pay it off it i hadn't got the cc

Talkinpeace Tue 12-Nov-13 18:14:10

all three sheets checked as working properly ;-)

Talkinpeace Tue 19-Nov-13 13:51:40

bump for thehomeoflondonpantomime

KateSycoraxMumsnet (MNHQ) Thu 21-Nov-13 10:39:24

<blinks confusedly at numbers> That is v impressive and I understand none of this. This could explain why I'm perpetually skint.

We're just going to move this to Money Matters as it's a v useful resource and sure it would be handy to people looking in that topic for money saving tips.

Talkinpeace Thu 21-Nov-13 12:42:44


waikikamookau Mon 25-Nov-13 08:40:58


Talkinpeace Mon 25-Nov-13 11:50:27

The big columns of numbers are not needed but by golly they bring it home to people how credit card companies make their money

and why interest only mortgages are potentially really dangerous.

I'll have a tidying up session on the budget one in the next few weeks.
All feedback welcome

Talkinpeace Fri 29-Nov-13 14:00:52

bump for Mummypig24 on the Chat thread about what people spend their wages on ...

Talkinpeace Sat 07-Dec-13 22:08:03

just hauling up to the top of the board in time for those christmas bills ....

TalkinPeace Wed 18-Dec-13 22:22:16

bump for williamena to she can check her figures and see how to become debt free

TalkinPeace Mon 30-Dec-13 21:00:49

bump for blushing .... budget sheet is on page 2

TalkinPeace Thu 16-Jan-14 17:28:41

bump for balroymum

iloveithere Thu 16-Jan-14 17:43:12

are you sure this is correct???
I put in £400 and if I pay the minimum the bank makes £5881 over 32.67 years, if I pay the fixed minimum the bank makes £65940!!!
and if I pay triple the minimum it takes as long as if I pay double the minimum?
I don't understand it.

TalkinPeace Thu 16-Jan-14 17:47:03

is your credit card debt £400?

TalkinPeace Thu 16-Jan-14 17:47:50

on each statement it will say what the automatic minimums are ....
have a look at the sheet now ...

PigletJohn Sun 19-Jan-14 22:18:31


looking at the mortgage spreadsheet, where you are making level monthly payments which include an element of capital repayment, the 'sheet shows equal amounts of interest and capital in each month, although in fact the interest is calculated on the declining balance, so each month the proportion of your regular payment allocated to interest reduces, and the proportion allocated to Capital increases.

It is however a tiresome calculation to code.

TalkinPeace Sun 19-Jan-14 22:20:52

I can amend it to show sum of the digits : I have the formula ...

but straight line is an easier comparison against IO

I'll have a play with it midweek if I get a minute :-)

hallamoo Sun 19-Jan-14 22:27:31

Marking place for later - thanks.

LulaPalooza Sun 19-Jan-14 23:29:49

These are simply brilliant, Talkinpeace, thank you so, so much!

will download tomorrow as I'm on my Samsung at thr moment.

This is exactly what I need to work out our debt repayment plan. I've been managing my debts for years, just get to pay something off then something tips us back over again, like bouts of unemployment. But we're both working in stable jobs now.

Thank you. Xx

TalkinPeace Sun 26-Jan-14 12:47:10

bump because there are a couple of credit card threads live at the moment ...

TalkinPeace Mon 27-Jan-14 14:00:13

a new sheet for people to download
and put in their actual weekly / monthly figures to help them
a) stay out of debt
b) get out of debt

TalkinPeace Sat 01-Feb-14 12:36:28

dear MNHQ
if I link all four spreadsheets into an OP, would you be able to pin it to the top for everybody to find easily?
xx TiP

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