Many people secured traditionally low mortgage charges for our properties up to now decade. We now discover ourselves content material with a 4% price or higher as our residence values proceed to rise.
Our household refinanced to a 20-year mortgage in September 2020 at 2.75%. That price has eradicated our want to maneuver.
With a low price and cheap month-to-month fee, we’re pleased to pay the minimal fee and experience this mortgage for so long as we keep on this home.
However I nonetheless love spreadsheets. And I like the prospect of not having a mortgage sometime, ideally after I absolutely retire.
So, I all the time wish to know the place our mortgage stands right this moment.
On-line mortgage calculators are irritating as a result of they’re primarily for brand spanking new loans and are splattered with adverts attempting to promote you a mortgage.
They don’t assist us get smarter about our present loans.
I’ve used the identical debt and mortgage calculator (Excel obtain) for greater than 20 years. It’s the subject of a latest YouTube video I made to assist folks higher perceive their current mortgage.
You may arrange this spreadsheet to match the precise fee historical past and future funds of your present mortgage to the penny.
Higher but, if you wish to set a objective to pay it off early by a selected age or date, the video exhibits you how you can use the Aim Search operate in Excel to seek out the month-to-month additional mortgage fee quantity wanted to make it occur.
For those who just like the video, please hit the like button and subscribe to my YouTube channel. Video is a useful content material automobile that’s simpler to clarify sure matters with out a number of screenshots.
Extra individuals are consuming video content material as of late, so that you’ll proceed to see me rolling out new movies that improve written content material.
If you wish to READ extra about mortgages, take a look at these earlier articles on the subject:
Featured picture through DepositPhotos used below license.
Craig Stephens
Craig is a former IT skilled who left his 19-year profession to be a full-time finance author. A DIY investor since 1995, he began Retire Earlier than Dad in 2013 as a artistic outlet to share his funding portfolios. Craig studied Finance at Michigan State College and lives in Northern Virginia along with his spouse and three kids. Learn extra.
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