I have a small script that does hash(key + masterPasswd). key is usually just the site's domain name. I have the script and a few of the important passwords (eg my email) written down on paper in case my drive dies. It works fine for me.
It isn’t. You certainly used MD5, SHA1, SHA256 or SHA512 as hash, with SHA256 being the most likely one. All of these are very easy to bruteforce – if someone has one of your passwords, bruteforcing your master password won’t take all too long.