No, the program does not tell you just put all you discretionary income towards your mortgage, it’s a lot smarter than that, however it needs to know a few things. First you tell it your income, expense and mortgage. Now the program knows your budget so it will never leave you broke and at the same time it will use the HELOC and take even more than $1000,00 to pay off big chunks of your mortgage now it will not do this every month, it will also tell you when to pay your mortgage, you will put all your income in the HELOC, a HELOC is like a credit card and a check book in one, you can take out and put in, the program those that for you and you pay your expenses (bills) with your HELOC. Your HELOC stays at 0 as much as possible, remember your income goes in there, no you do not pay more interest remember question 2 and the answer.

Basically what you are doing is floating money in order to offset the interest you would normally pay (the 2 questions I asked earlier) and pay a lot less interest (from the HELOC) saving you thousand and paying off you mortgage sooner. This is about saving and about time, think about it why is it that making X amount of money calculated per year, answer because it is calculated also on the quality of life or how long you live. Imagine in 10 years no mortgage and the equity on your home after those years.

By the way if you are paying escrow (having the bank pay for you tax and insurance) call them today and ask them to stop and pay it on your own. This way you can use that money (invest if you wish in an ING) instead of the bank holding it and you making nothing, think about it.

Its not about if you are good with math or not, its about what you just said and is an easy misconception that I also had. Remember the HELOC you are only paying $41.67 in interest regardless the fact that the HELOC rate is higher than your mortgage rate, in the life span of your mortgage rate you will spend thousands in interest which dwarfs the amount you are will spend with the HELOC, ask any financial advisor regarding how HELOCs work, the equation I gave you is correct. You are no fool, you are asking the right questions.

E101 said:Yes you are correct with answer 1, you will save a lot! As for answer number 2 I did not mention a rate, so at lets say a rate as high as 10% you will pay only an interest of $41.67, (LOAN AMOUNT*INTEREST %/12) this is how HELOC works as appose to a 30 year fixed mortgage loanE101, HELP! I just called my bank and they said, with my 5% mortgage, if I prepaid this amount earlier that I would only save $20.84 for the month. That means I spend $41 to save $21???

I am so confused

E101 said:No, if you take out everything (let say a $70,000 loan) you will have to pay that back and you can’t do that and if you pay the minimum then yes you will pay high interest for a long period of time which will only compound your problem already. Let me give you more about a HELOC; HELOC stand for Home Equity Line Of Credit, much like a credit card, you get a credit of $70,000 of which you do not have to use it all right away, but what you use you pay interest, so if you take out $5,000 to pay a chunk of your mortgage and then use your income to pay it back your HELOC will be at $0 and you would only owe the interest of 47.61 which most of us can pay, no problem. The key is to pay it back and the program guides you when and also how much. Without a program you can miss things up, forget to pay, loose track, not sure how much to pay and when to optimize your savings. The program will always show you a real time picture of how much time you will have to pay off your loan, if you decide to put more in, you will see your time to pay drop, if you put less in you will see it increase, its like having a personal account. Yes some will argue, I can do that, but the truth is most people will not and again the calculations that the programs does for you also is worth every penny saved, we are talking about thousands of dollars.What if I just add the additional $41 to my payment on my mortgage every month?

You do not get it . . . see how the MMA works. Go back to the questions 1 and 2 and think about it better yet really to go a financial advisor and just ask about question 1 and 2 and go from there. his thread is called “looking for the truth” you do not have to agree with it but know what it is and say what it is before you disagree or agree.

Go back to the questions 1 and 2 and think about it better yet really to go a financial advisor and just ask about question 1 and 2 and go from there.

IRA roth, 401K will not even come close to what you will save in paying off your mortgage within 10 years or less. If you are going to invest, invest in real estate, find a real good finacial advisor (it will cost you) and have him invest a good amount of your money in a good and investment.

How do you get a cult out of an MMA program? Please explain.

Did you see my 2 questions yet, see if you can answer them correctly.

Ignorant.. Do you know how the MMA works? If you did you would not be calling other people ignorant. Would you like me to tell you?

Why do you say it is a scam when you do not know nothing about it, so it seems from your reply.