Many people secured traditionally low mortgage charges for our houses prior to now decade. We now discover ourselves content material with a 4% fee or higher as our dwelling values proceed to rise.
Our household refinanced to a 20-year mortgage in September 2020 at 2.75%. That fee has eradicated our want to maneuver.
With a low fee and cheap month-to-month cost, we’re glad to pay the minimal cost and trip this mortgage for so long as we keep on this home.
However I nonetheless love spreadsheets. And I really like the prospect of not having a mortgage sometime, ideally after I absolutely retire.
So, I at all times need to know the place our mortgage stands as we speak.
On-line mortgage calculators are irritating as a result of they’re primarily for brand new loans and are splattered with advertisements 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 current YouTube video I made to assist individuals higher perceive their present mortgage.
You’ll be able to arrange this spreadsheet to match the precise cost historical past and future funds of your present mortgage to the penny.
Higher but, if you wish to set a purpose to pay it off early by a selected age or date, the video exhibits you the right way to use the Objective Search perform in Excel to search out the month-to-month further mortgage cost quantity wanted to make it occur.
If you happen to just like the video, please hit the like button and subscribe to my YouTube channel. Video is a useful content material car that’s simpler to elucidate sure subjects with out a number of screenshots.
Extra individuals are consuming video content material today, 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, try these earlier articles on the subject:
Featured picture by way of DepositPhotos used beneath 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 inventive outlet to share his funding portfolios. Craig studied Finance at Michigan State College and lives in Northern Virginia along with his spouse and three youngsters. Learn extra.
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