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

[Talkinpeace]

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
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dHRoTXA5Qnlld25UWkw1TEhZZk9IYVE&authkey=CMjc4JEB&authkey=CMjc4JEB#gid=0

And then on a thread this evening, somebody asked about how to explain the risks of an interest only mortgage
so I wrote this
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dDN4clg5OXhLMGJWbHZhOEo4UTJINEE#gid=0

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

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?

check out the mortgage sheet to test your options

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

all three sheets checked as working properly ;-)

bump for thehomeoflondonpantomime

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.

wow

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

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

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

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

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

bump for balroymum

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.

is your credit card debt £400?

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

talkinpeace

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.

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 :-)

Marking place for later - thanks.

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

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

Taddahhh
a new sheet for people to download
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dFRwOFJENmVzX1RHR05UMGtIYkltcWc&usp=drive_web#gid=0
and put in their actual weekly / monthly figures to help them
a) stay out of debt
b) get out of debt

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

That would be a very good idea I think