%OP%TNT
%OP%BON
%OP%JUY
%OP%WRY
%OP%PL60
%OP%TP%
%OP%HM0
%OP%FM0
%OP%BM0
%OP%LM0
%CO:A,20,80%  TYPE OF MORTGAGE
  ****************

Repayment - Bldg Soc.
Repayment - Bank. 
Endowment - anywhere.

Tax relief on first-

%H2%_______________________________________________________________________________

%JL%There are two basic types of mortgage - Repayment and Endowment.  The former is 
usually with a Building Society or a Bank, the latter has many sources.    

%JR%A Bldg Soc adds the following year's interest to the outstanding loan at the 
%JL%start of each "society year" or on the anniversary of the first agreement.  A 
%JR%bank treats the loan more or less as an overdraft, adding interest at the end 
%JL%of each month.  This explains why a bank's interest rate is higher than the 
%JR%Bldg Soc's rate - if it wasn't you would pay much less than at a Bldg Soc. 
Never mind the spirit of competition, increase the profit!

%JR%The figures for the amount of the loan, the period in years and the three rates 
%JL%of interest can be changed - by moving the cursor to the appropriate place, 
%JR%typing  the new figure and pressing ENTER.  The monthly payment will change as 
any of the variables are amended.

%JL%If the tax-free limit or the %H2%basic%H2% tax rate should change then make the 
%JR%appropriate change in the eighth line above.  Again, simply place the cursor 
before the figures, type the new one and ENTER.

%JL%NOTE - the monthly payments do not include any fees, charges, insurances, or 
premiums payable on the endowment insurance policy.  The calculations used here 
are the identical to those used by the banks and Bldg Socs so if you are quoted 
a higher figure than the one arrived at here you should ask why.  You may find 
that some (relatively) small extras have been added to the capital sum and you 
are going to pay them back, with interest!, over the next 25 years.  Try £300 
in the loan column above and see what it costs - each month for 25 years!

          I hope you find this interesting, even useful.  

Jack Lawrie, 15 Sycamore Grove, Southam, Leamington Spa.  CV33 0EY.
%CO:B,10,80%    LOAN
   ******

%V%%R%%LC%%D0%60000
      -
      -
 
%V%%R%%LC%%D0%30000
%CO:C,0,8%  LIMIT
  *****

%V%%R%%LC%%D0%IF(B4>=B8,B8,B4)
 
%CO:D,0,8%
  *****

%V%%R%%LC%%D0%SUM(B4-C4)
 
%CO:E,6,7%  YEARS
  *****

%V%%R%%D0%25
    -
    -

. Rate-
%CO:F,9,10%    INT.
   *****

%V%%R%%TC%11.5
%V%%R%%TC%12.25
%V%%R%%TC%11

%V%%R%%TC%25
%CO:G,0,8%   TAX%PC%
   ****

%V%%R%%TC%%D0%F8
 
%CO:H,0,6%


%V%%R%F4*(100-G4)/10000
%V%%R%(F5/12.63)*(100-G4)/10000
%V%%R%F6*(100-G4)/10000
%CO:I,0,6%


%V%%R%F4/100
%V%%R%F5/1263
%V%%R%F6/100
%CO:J,0,8%


%V%%R%%D2%(H4+1)^E4
%V%%R%(H5+1)^(E4*12)
%CO:K,0,8%


%V%%R%(I4+1)^E4
%V%%R%(I5+1)^(E4*12)
%CO:L,0,8%


%V%%R%(C4*J4*H4)/12/(J4-1)
%V%%R%(C4*J5*H5)/(J5-1)
%V%%R%C4*H6/12
%CO:M,0,8%


%V%%R%(D4*K4*I4)/12/(K4-1)
%V%%R%(D4*K5*I5)/(K5-1)
%V%%R%D4*I6/12
%CO:N,12,13%  NETT MNTHLY
   REPAYMENT
  ***********
%V%%R%%LC%L4+M4
%V%%R%%LC%L5+M5
%V%%R%%LC%L6+M6

- AMEND THESE E
   CHANCELLOR  EXCHEQUER
%CO:O,30,30%          %H2%MORTGAGE 
         %H2%CALCULATOR
    
      Jack Lawrie-4635

      See notes below.

E ONLY IF CHANGED BY
R OF THE EXCHEQUER !