I would like a complicated mortgage calculator designed. I am a mortgage broker and would like a calculator to analyse a number of variables to find the best mortgage structure for my clients.
My basic inputs would be:
- current mortgage interest rates (Variable, 6, 12, 18, 24, 36, 48 and 60 months)
- total loan amount
- loan term (free text input as loan could be from 10-30 years)
I would enter these figures into the calculator and it would calculate the best structure for the client.
The calculator will need to analyse a number of different structures such as:
- 100% of loan on variable rate
- loan split into 2 parts: 1 portion variable and one portion fixed rates
- loan split into 3 parts: 1 portion variable and two portions fixed
- loan split into 4 parts: 1 portion variable and three portions fixed
The calculator will analyse different loan amounts for each split portion.
For example, after entering my inputs the calculator decides the best option for the client is one portion variable and two portions fixed. The calculator may display the most efficient amounts for each portion (based on the interest rates I entered) is $40,000 variable, plus $110,000 fixed at 5% (24 months), plus $165,000 fixed at 6% (60 months).
The objective of the calculator is to find the combination of structures and interest rates that give the lowest monthly payments and pays the least amount of interest. It will need to decide how much debt goes into each loan portion to give the most efficient result.
Hopefully this explains it ok? This is the first time I have used Freelancer so sorry if I have done it wrong.
Please feel free to ask any questions.