One nice bonus is, you can compare the same mortgage and see how much you save by over paying each month and reducing the capital and hence interest. So, I put together a simple shiny app which compares the cost of different mortgages over a given period. To pay dues, ‘compare the market’ do compare total spent during the fixed period, although this is also tied up with loan repayment (not strictly speaking a cost, unless you’re offsetting against lost savings interest). Country interest rates vary with time, so any estimate now is unlikely to be valid in 2 years time let alone 24 years! To compound this, the majority of the time period the estimate is based on is pure speculation. Often these first years are offered at a fixed interest rate, after which the mortgage reverts to the Bank of England interest rate, plus a profit margin for the bank. 2) years are in a contract with a penalty for early termination. To expand on why whole cost comparisons are useless: if you take out a 25 year mortgage, only the first few (e.g.

This was frustrating because while monthly repayments tell you whether a mortgage is affordable, they don’t tell you how much the price is and total cost over the whole mortgage is useless. When I moved house a couple of years ago I was frustrated that mortgage comparisons used monthly repayments and total cost of the mortgage to see which were better. Shiny is an open source R package that provides an elegant and powerful web framework for building web applications using R.

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