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Author: admin | Category: Auto Rate Calculator | Date: 25.03.2016

Six (6) canadian mortgage calculators ready to use on your website or as stand alone applications for your personal computer.
You can also use this tool for US, Canadian and UK mortgages, simply by changing the compounding period. You also get┬áthe total interest paid at the end of term, and the outstanding mortgage balance. The payment schedule gives the interest and principal paid off for each payment, and the outstanding balance. You’ll find that interest is a large fraction of each payment at the start of your mortgage. The┬ádate of each payment is calculated using the loan start date, the first payment date, and the payment frequency.
You’re also given a plot giving the mortgage balance across the entire amortization period. This mortgage calculator has been cross-checked against the results given by these websites. Small discrepancies may exist; these may because of how the VBA in the spreadsheet calculates interest or performs rounding.
You can change the compounding period in the spreadsheet, making this tool ideal for US, Canadian and UK mortgages (and others!). Hello I am unable to download the complete mortgage calculator spreadsheet (for use in Canada) I can view it in excel viewer however I cant input any data and thus cant get output. This is our free full-featured mortgage calculator, including fixed-rate and adjust-rate mortgages, amortization schedule, and optional extra payments. This is a special type of mortgage based on simple interest calculations and daily interest accrual. This is for fixed-rate interest-only mortgages, where the interest-only period is specified as a number of years. This calculator was designed specifically for Canadian mortgages (and uses some different terminology), but the Home Mortgage Calculator above can also handle the semi-annual compounding for Canadian mortgages and has a more advanced method for choosing accelerated bi-weekly payment options. This is one of the original mortgage spreadsheets created prior to most of the mortgage calculators listed above. Home Expense Calculator - This worksheet helps you estimate the overall monthly cost of owning a home, besides just the mortgage interest and principal.
Balloon Payment Loan Calculator - For when you are getting close to paying off your mortgage and you want to make a lump sum to finish up. If you are interested in getting completely out of debt, paying off your mortgage may be the largest hurdle. Before I start talking about the strategies, you should know that paying off a loan early means that you have to make extra payments on the principal. Selling your home to either rent or purchase a smaller home with the equity that you’ve built up is the fastest way that I know of to get out from under a heavy mortgage. The amount of time you can shave off your mortgage using the accelerated bi-weekly approach does not depend on the size of the loan, but it does depend on the interest rate.
A smart home buyer will purchase a home only if they can afford the 15-year mortgage payment.
You can still make the effort to schedule your extra payments based on whatever end-goal you want to achieve.
The limit to how fast you can pay off your mortgage will depend on how much extra you can afford to pay each month. How much time you can knock of your mortgage depends of course on how much and how frequently you can make extra payments. If you qualify for the home mortgage interest tax deduction, the tax deduction is NOT income. So, what I propose is this … figure out how much of your tax return is due to your mortgage interest deduction and then make an extra yearly payment on your mortgage equivalent to that amount.
When I ran a simulation using the Home Mortgage Calculator, I was pleasantly surprised at what I found out. The Thinking Mans MortgageAlan Atack, author of The Thinking Man’s Mortgage talks about quite a few different mortgage-payoff strategies (for the New Zealand audience).
This should be obvious, but to make larger extra payments may require you to cut back on your other expenses. If paying off your mortgage is just the last hurdle in your quest to become debt-free, you may have already made significant budget cuts to help you pay off credit cards or other loans. If you have a more than one mortgage on your home, pay off the one with the lower balance first, simply for the psychological effect that will have. If refinancing could lead to a significantly reduced interest rate, it might be worth looking into.

There are a lot of variables associated with refinancing, so make sure to run plenty of simulations if you decide to go this route. In theory, the idea is okay: Instead of your checking account balance just sitting around doing nothing, the extra money you are not spending can help reduce the interest owed on your mortgage. However, I don’t like this approach because the main reason for paying off your mortgage is to REDUCE risk and REDUCE stress.
The alternative would be to simply look for a high-yield checking account so that you can be earning interest on your checking balance. I am on Dave Ramsey’s Total Money Makeover plan and am on the step where we are trying to pay off the mortgage!
Check out this inflation calculator and the formulas for Excel that are listed on the page. The best current strategy is to take a sizable check into the bank on the day before the monthly payment is due, and give it to a teller, getting a receipt that says it is applied toward principle.
Just wanted to add something you mentioned about a 15-year mortgage almost always having a lower interest rate than a 30-year. I have recently been to a presentation where they demonstrated using an offset account (personal line of credit) to help accelerate the mortgage payment.
By reducing your amortization period, you can also calculate how much interest you’ll save, at the cost of higher payments. The idea is to compare making extra payments to a basic interest-bearing savings account or investment. We’re going to assume for these examples that you have a fixed-rate mortgage, because if you have a HEL (home equity loan), HELOC (home equity line of credit), or ARM (adjustable-rate mortgage), things can be a little different.
Unfortunately, if you currently owe more than your home is worth, this might not be an option (or at least not as simple or pleasant). This is a convenient way to make extra payments on the principal automatically every time you get your bi-weekly paycheck.
Here is a table that shows how many years you can shave off a 30-year mortgage based on the interest rate.
Contrary to popular belief, getting a 30-year mortgage and paying as if it is a 15-year mortgage is NOT the same as getting a 15-year mortgage from the get-go. Perhaps you can’t afford to pay off your home in 15 years, but maybe you could try for 20 years. That is why the Home Mortgage Calculator is set up to let you enter the extra payment amount rather than how many years you want to knock off. The Home Mortgage Calculator was designed to let you add these types of unscheduled extra payments and see what effect they’ll have. It is tempting to think of it is as income or a nice windfall if you get the money back in the form of a tax refund, but it is NOT a tax CREDIT.
As you pay down your mortgage, the amount will decrease (because you will be paying less interest and therefore your tax deduction will decrease).
For a 5% rate and a 25% tax bracket, putting the tax return towards the principal each year should reduce a 30-year mortgage by 6.5 years! I worked with him on the creation of a New Zealand version of the home mortgage calculator, which he uses in the book to demonstrate some of the strategies.
I really like this approach, because it helps you set a series of smaller goals instead of just one very long-term goal.
Take advantage of the willpower and motivation that it has taken to get to this point and apply your entire snowball towards your mortgage. With a lower interest rate, your monthly payment would likely go down and therefore you could afford to make a larger extra payment.
If you have already been aggressively paying down a mortgage, you may find that refinancing is not necessarily going to help much. A company may try to get you to purchase some expensive software that can help you keep track of your special HELOC account.
This approach actually INCREASES risk because if you don’t watch your spending very carefully, you could end up getting deeper into debt. Many people think that a 30 yr mortgage is great because it enables them to have a smaller monthly payment. Realistically, most accounting systems just don’t refresh fast enough for you to mine dollars from early deposits.
I hit a rough patch at work and now round the min pymt up to the nearest 50 – so a $425 min pymt is rounded up to $450. I wanted to know if I owe 50k on my heloc, and refinancing my first mortgage to lower rate. There may be forums somewhere for discussing personal financial questions and scenarios in detail.

As you say the only way to reduce your mortgage is to reduce the principal of the mortgage.
However, the participant is not putting their paycheck into the PLOC, but using the PLOC to pay a lump sum whenever it gets fully paid off. Most of the stuff I’ve seen with respect to that technique involves paying for software to manage an account or some other subscription-based fees. My husband and I started using the method you ask about, and can assure you that it works just like you explained. Vertex42 provides many free mortgage calculators that you can download and work with on your own computer, using Microsoft Excel.
The Home Mortgage Calculator listed at the top is now a more powerful way to analyze the effect of making extra payments. All of these strategies can be evaluated using the free Home Mortgage Calculator spreadsheet. However, paying off a loan always comes down to having to pay the principal, no matter what type of debt you have. The effect is that by the end of a year, you will have made roughly the equivalent of 1 extra monthly payment towards the principal. However, you can just iterate (change the inputs to check the results) to figure out how you could reach your 15-year or 20-year payoff goal. If you have a 6% mortgage, and the alternative is to put the money into a 4% CD, the mathematically superior choice is to put the money towards paying off the mortgage. On the lower extreme, a 4% interest rate for someone in the 15% tax bracket would knock off about 3.5 years. When I read the final draft I was pleasantly surprised to learn a very interesting new strategy. Are there other “luxury” expenses that you could easily do without for a while? I suspect this is the reason that I’ve received so many requests for creating a spreadsheet to manage this type of plan (which I refuse to do, by the way). It also encourages the use of credit accounts, which may be exactly the habit you are trying to break. They seem to have a plan that if they have extra money that they will put this towards their home whenever they wish.
You could download some templates to run some numbers yourself, but you may need to consult with a professional adviser to get a well-informed opinion. A 15-year mortgage will almost always have a higher interest rate because the bank has 15 years less to make money off of the loan. Another way that is similar to some of the ways you suggest is that you pretend that the interest rate is a couple of percent above what you are paying currently and you then make your payment the amount you would pay at the higher interest rate.. So, even if something looks like it could mathematically lead to less interest, make sure to consider fees, cash flow issues, effects on credit, what you could lose if you defaulted, and perhaps more importantly – whether putting everything extra you have into paying down a mortgage is really the best thing to do (compared to other financial goals). You can customize the spreadsheets, add your own calculations, print amortization schedules, and save your results. Instead of talking about how much you might save by paying off your mortgage early, I’m going to talk about how many years each method can knock off. Think of it this way … if I made you pay me $100 each month and at the end of the year I gave you back $200, is that a deal you should be excited to jump into?
The more often you can feel that sense of accomplishment, the more likely you are to keep up the motivation to reach your final goal. Listening to Dave’s show people pay off their mortgage in like 3-5 years, how do they do that!
The reason this is a good is that you are making an extra payment, but also has the benefit that if the interest rate increases then you will know that you can pay the higher amount without financial hardship.
Per the demo, it seems like the interest you will be paying on the PLOC would be easily less than the interest you save by reducing the principle when it is the next time you use the PLOC lump sum payment to pay into the mortgage. We started using it from the beginning of our 30 year mortgage aproximately 3 years ago and have already saved over 32k in interest and have shaved of aprox. It seems that those extra funds get used up for that new item that they have been wanting or that vacation they have been wanting to go on. I would recommend that if a person is rate-shopping and wanting a 15-year mortgage, and a lender is charging a higher rate for a 15-year than a 30-year, look for an alternative lender. We also were able to pay off some credit card debt that I had been carrying for over 8 years since my student years.

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