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- Joined
- 25 Feb 2007
- Posts
- 2,083
- Location
- Bedfordshire
I have seen a number of threads on here asking for advice about finances when moving out. As I have just moved out with my girlfriend we made a spreadsheet to calculate everything that we would need (Outgoings, savings, initial purchases etc...). This proved very usefully when going to the bank and asking for a mortgage as all the data that they will ask for is provided here, saving a lot of time. Plus you can easily play around with the figures to see what you can afford.
I have made a generic version of this spreadsheet so people here will be able to copy it and plug their own figures into it. The spreadsheet can be found here:
https://docs.google.com/spreadsheets/d/1oBetnvx8sxpbh13P5KtWVdUtbA-laQ8BW_qJWUE7vGc/edit?usp=sharing
Here is how it works:
First thing is to fill in the Settings section on the “Summary” tab. You can change the name and the savings aim of the two people. (It it worth noting that you can use this spreadsheet if there is only one person buying the house instead of two).
The “Income” and “Capital” tabs should be pretty self explanatory. You will see I have put in some dummy data to give you an idea of what to put in. The “Outgoings” tab is a little more complex. It allows you to set monthly shared and non-shared outgoings as we'll as annual outgoings. Don't put in the mortgage repayments into this tab as they are entered in on the “Summary” tab.
Initial purchases and work to do on the house can also be entered in in their respective tabs. You may need to change round the rooms to get the figures to work for your house.
Once all these tabs have been filled out the “Summery” tab will show you how much money you will have spare each month for a mortgage (Cell B15). The stamp duty will automatically be calculated based on the house price that you enter (Cell C18). The amount of cash you will have left is also calculated based on your deposit and some assumed estimates for the legal fees, house survey and mortgage application. These assumptions and the deposit percentage can be changed if you wish. If you know roughly how much your mortgage is going to be per month you can enter this into cell B13 on the “Summery” tab. Cell B15 will then effectivly show you how much spare cash you will have each month.
If anyone finds any bugs, has any questions or suggestions, let me know. Hopefully it will be of use to someone
.
I have made a generic version of this spreadsheet so people here will be able to copy it and plug their own figures into it. The spreadsheet can be found here:
https://docs.google.com/spreadsheets/d/1oBetnvx8sxpbh13P5KtWVdUtbA-laQ8BW_qJWUE7vGc/edit?usp=sharing
Here is how it works:
First thing is to fill in the Settings section on the “Summary” tab. You can change the name and the savings aim of the two people. (It it worth noting that you can use this spreadsheet if there is only one person buying the house instead of two).
The “Income” and “Capital” tabs should be pretty self explanatory. You will see I have put in some dummy data to give you an idea of what to put in. The “Outgoings” tab is a little more complex. It allows you to set monthly shared and non-shared outgoings as we'll as annual outgoings. Don't put in the mortgage repayments into this tab as they are entered in on the “Summary” tab.
Initial purchases and work to do on the house can also be entered in in their respective tabs. You may need to change round the rooms to get the figures to work for your house.
Once all these tabs have been filled out the “Summery” tab will show you how much money you will have spare each month for a mortgage (Cell B15). The stamp duty will automatically be calculated based on the house price that you enter (Cell C18). The amount of cash you will have left is also calculated based on your deposit and some assumed estimates for the legal fees, house survey and mortgage application. These assumptions and the deposit percentage can be changed if you wish. If you know roughly how much your mortgage is going to be per month you can enter this into cell B13 on the “Summery” tab. Cell B15 will then effectivly show you how much spare cash you will have each month.
If anyone finds any bugs, has any questions or suggestions, let me know. Hopefully it will be of use to someone
.