Get Smarter About Your Mortgage (Calculator Spreadsheet + Video)

Many people secured traditionally low mortgage charges for our houses prior to now decade. We now discover ourselves content material with a 4% price or higher as our house values proceed to rise. 

Our household refinanced to a 20-year mortgage in September 2020 at 2.75%. That price has eradicated our need to maneuver. 

With a low price and cheap month-to-month cost, we’re pleased 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 like the prospect of not having a mortgage sometime, ideally once I totally retire. 

So, I all the time wish to know the place our mortgage stands in the present day. 

On-line mortgage calculators are irritating as a result of they’re primarily for brand spanking new loans and are splattered with advertisements making an attempt 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 present mortgage.

You may 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 aim to pay it off early by a particular age or date, the video reveals you easy methods to use the Aim Search operate in Excel to search out the month-to-month further mortgage cost quantity wanted to make it occur. 

Should you 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 matters with out a number of screenshots.

Extra individuals are consuming video content material lately, 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 photograph through DepositPhotos used underneath 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 together with his spouse and three kids. Learn extra.