Cost Of Home Ownership Calculator Math latest 2023

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Should You Pay Off Your Mortgage Faster?

If you’re like almost everyone in the United States, you’re closely tied to a mortgage. We all dream of the day when we no longer have this burden, and many people are looking for ways to hasten that day of freedom. Many are finding answers in what is called mortgage acceleration.

Mortgage accelerators come in different shapes and sizes and operate at different levels. The bottom line is this: if you want to pay off your mortgage, you simply need to apply more money to the loan. Preferably, we want to do it in the fastest way with the least risk and the least impact on our lifestyle and our monthly payment structure.

Some accelerator programs give you a plan to make small extra payments each month. This is effective in shortening the term of your mortgage, as additional payments (made only in principle) will reduce the overall balance you owe. This means less interest due. Interest is the enemy. Paying an extra $100 per month can shorten your loan term by 4-5 years. The only way to go faster is to apply more money to your main balance. But how? Most of us just don’t have a lot of “extra” money lying around. If only there was a way to find extra money in our bank accounts, we could really speed up our payments.

Thus, has just marketed a whole new selection of options. It turns out that for over 15 years people in Australia, New Zealand and parts of Europe have been using a system that takes more money from their jobs and applies it to their home loans. These people pay an average of $150,000 less in interest on their home than the average American. How do they do this?

What these Aussies, Kiwis and Euros are doing is combining their home loans, checking accounts, savings accounts and lines of credit to create a new cash flow scenario. The math is solid and the results are undeniable. That works.

If you combine your main checking account with a home equity line of credit, or HELOC, you can essentially use your income to offset the interest on your heloc. This cancellation of interest creates cash flow in one direction. This new cash flow creates an opportunity for that “extra” money. You can actually use money from the bank “interest-free” just like you would a credit card.

It’s easy to see how, with a little bad planning and bad math, you could end up in financial hot water here. You need help. So that’s where you have to be careful. Helping means involving someone else. Uh Oh! Red flag! “Other people” usually means high fees or possible scams. It’s a matter of registration, after all. And when it comes to your money… Boy, those “other” people must be extremely trustworthy.

So who can help you and who can you afford? Rich people have financial planners they pay very well to monitor their results. The typical middle class member cannot afford to pay their fees. So we give up, we go to work and we live paycheck to paycheck. But we would still like to be debt free and achieve financial freedom. So let’s explore the options again.

Do a Google search for mortgage accelerators and you’ll find some great stuff. You’ll find the Big Boys there… Countrywide, Lending Tree, Quicken, Eloan, GMAC, DiTech, etc. bi-weekly compensation plan or maybe a nice refinance package. Refinancing will only make your problems worse in the long run. The additional payment plan has already been discussed. We want more.

Dig a little deeper and you’ll start to see other companies offering other options such as the Aussie idea. Examine them carefully. You want to find the safest option that provides the best results. And I for one don’t have time to learn advanced math and theoretical quantum financial physics. I need something that will make my job easier. Let’s peel off some onion skin.

Equity Accelerator is a bi-weekly plan. For one, it’s not fast enough for me. They also charge a monthly fee and THEY make your payments. Do you want “someone else” to access your money? It’s a little scary.

CMG/ Macquarie/ Home Ownership Accelerator: These types use the interest cancellation effect of a line of credit. This is a good thing. You can halve a mortgage using this system. You need to refinance their accounts, which can be a costly undertaking. From what I understand, your check, your mortgage and your line of credit are all mixed together at a variable interest rate. There is an annual recurring fee. If you save years and thousands, these costs are ultimately negligible. I still don’t like the idea of ​​someone else having so much control over my financial situation. Its good. Is there anything better?

Sydney Financial Group has a program that claims to pay off a mortgage in half the time or less. Again, they combine your checking and savings into one account which is held in a HELOC. They have online software that asks you to make additional payments each month to your first mortgage company. This quickly begins to eat into your main balance and eliminates very large amounts of interest. Sydney will set up your heloc herself, and then her $3,500 fee will be taken from that heloc to get you started. When I asked them about the guarantees, they told me if I followed the program it would work, but no guarantees.

United First Financial has marketed a similar program which is starting to catch on. They reportedly spent 4 years and millions of dollars creating intuitive software that combines the best ideas from Australia and Europe and the US banking industry. Their product, called The Money Merge Account, is a remarkable tool that provides a personalized and flexible plan for each user. The user is guided by the software to pay off their 30-year mortgage and other debts in 8 to 11 years on average. United First says no refinancing is necessary, no increase in monthly payments and no lifestyle changes. They conducted a beta test on 400 homes in Denver, Colorado with a 97.4% success rate. Everyone seems to be very happy with the product. MMA also costs $3500, and it is also suggested that this fee be paid from your heloc, where the interest waiver and cash flow pays for it without any additional monthly payments.

MMA doesn’t touch your money or pay your bills for you. MMA provides a real-time financial “dashboard” that shows you where you are headed as well as the true cost of miscellaneous purchases and deposits. Your payment date increases or decreases with each deposit or withdrawal. MMA is transferable to your next property, and all updates are automatic and free. U1st projects each year until payment for you, and they guarantee that the performance (if you follow the software) or your money is 100% refundable.

These are all good tools presented by reputable companies. They all have the ability to pay off your mortgage faster and put you on the path to financial freedom at a faster pace. You will, of course, have to decide which program is best for you, and I’m sure more programs will appear on the scene as these ideas become more widely known to the public. I’ll be sure to keep an eye on things and report on new ventures and plans as they develop in this exciting category.

Finally, ordinary people can access a level of financial wisdom that was not available to them before. So don’t refinance or fall victim to scams that want access to your accounts. Now is the time for you to take control. These ideas and products literally transform families from a model of debt into a new paradigm of wealth creation.

Think about what you can do with your monthly payments when they are no longer required to pay debts. Even a conservative investing strategy will amass huge amounts of cash when fueled by a steady flow of capital, like the flow out to pay interest on your home loan this month, and the next, and the next. , and the… Don’t let the banks make all the money. After all, you are the one working there.

Copyright (c) 2007 Marc Rosenbaum

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