How do I calculate benefits of paying my mortgage more frequently
I wish to determine the impact of paying my motgage say weeky or fortnightly
by dividing my monthly repayment accordingly and remitting my payments more frequently. Regards Paul |
How do I calculate benefits of paying my mortgage more frequently
Hi Paul,
Maybe this template is of use to you http://office.microsoft.com/en-us/te...CT011377171033 -- Kind regards, Niek Otten "Propertyman" wrote in message ... I wish to determine the impact of paying my motgage say weeky or fortnightly by dividing my monthly repayment accordingly and remitting my payments more frequently. Regards Paul |
How do I calculate benefits of paying my mortgage more frequently
"Propertyman" wrote:
I wish to determine the impact of paying my motgage say weeky or fortnightly by dividing my monthly repayment accordingly and remitting my payments more frequently. There are two issues he Excel formulation, and the pros and cons of accelerated payment schedules (weekly, biweekly and semimonthly). I will attempt to help with the Excel formulation question because I am not personally familiar with the mechanics of accelerated payment schedules, and there is some ambiguity or dubiousness in the explanations that I find on the web. But I do suggest that you do a Google search for "accelerated mortgage payments" or "biweekly mortgage payments" (without quotes) and read some of the items. This time, be sure to go beyond the first page of Google results. Some of them bring up points beyond the numerical comparison, as well as a heads-up about some business practices that you might want to question lenders about. |
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