![]() Most online calculators assume you’ll adjust your monthly payment to whatever the bank computes as your standard payment for the term. Whoa - The decision went from an absolute yes to not worth the effort! Why I Made My Own Calculator With his high prepayments, the savings dropped from $5000 to $1000, roughly the amount of the closing costs. Naturally, I whipped up a new spreadsheet to figure out what his numbers would look like with prepayments included. Later in the day, I realized we had done all the math using “normal payments” - presuming that he’d apply his current minimum payment (around $600) for either mortgage.įor most people this wouldn’t be an issue, but my co-worker has been doing a phenomenal job prepaying his mortgage well above that $600 a month amount and he plans to continue to do so. We crunched the numbers quickly and concluded that it was almost a no-brainer, saving him over $5000. Last Thursday, a co-worker asked me for some advice on refinancing his house from a 30-year to a 15-year with a rate improvement from 4.5% to 3.5%. If you find that’s the case, my “Ultimate Refinancing Calculator” might just be what you’re looking for. ![]() Thrifty rockstars like you and I might feel a bit left out though because most calculators don’t include our particular situations. There are lots of online mortgage refinancing calculators for “normal” people.
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