JamesHughbanks said: TO ANSWER YOUR QUESTION.... NO THE SAVINGS OF THAT AMOUNT IS NOT FROM THE SALARY AMOUNT ALONE. What you guys hopefully will get the is the software optimizes the largest payment from the HELOC to pay down front end loaded interest on the first mortgage. The earlier and larger amount I can do, the more I will cancel. The software is desined to get you to zero as quick as possible with the least amount of interest on the 1st and line of credit combined. Where have I heard this before: numerous shills said: front end loaded interest numerous shills said: hard to wrap your head around numerous shills said: interest cancellation
uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.Nice catch; I didn't understand what "2500 balance turning" means.
EricGo07 said: uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.Nice catch; I didn't understand what "2500 balance turning" means. I was puzzled initially by that statement (since UFF folks dont properly quote posts). But if you work the numbers out with 2500 biweekly, UFF comes out 2 months worse than simple pre-pay (even after accounting for 3.5k scam fee), it all makes sense. So much for all the "real-life scenarios."
uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.
Edit to add: 1. 2500 bi-weekly effectively assumes an extra paycheck of 5k per year or 416.67 per month. Applying this extra 416.67 per month to the mortgage results in a payoff in 5 years and 10 months (last payment of only 1465). 2. Assuming you start of with 3.5k in the hole (UFF scam fee), you can still pay it off in 5 years and 11 months by simple pre-pay (last payment of 3026). Your software optimizes every payment and pays it off in 6 years and 1 month. Great! I leave it up to you to calculate the rate of return on my 3.5k investment
1. UUUUGH! you guys just don't qiut with your crap The caluclations were made on 24 payments not 26................THERE, ARE YOU HAPPY NOW. I MADE A TYPO ON THE STATEMENT AT 2:00AM... EXCUSE ME FOR BEING TIRED!
2. here is the correct math on your statement, 200,000 - 5000 savings minus 3500 fee = net initial payoff from day one of $192,500. The payment is 2991.00 (1199.10 + 1800.90 discretionary)the interest rate is 6%. Normal payoff shows 78 months according to my HP 12C. I trust it because it is a calculator in the same way I trust the Money Merge Account Software becasue it is a calculator too, but on steroids.
verruckterBaum said: JamesHughbanks said: your salary float through your 3% checking account minus 15% tax is what gets you the $3.20 every two weeks. runb the numbers. That's all the more reason to use the HELOC or line of credit as your checking account. If i cancel out 7%, that really means I am earning 7 because I do not have to pay the 7% on the balance. Also, the 7% does not require any income tax AND the payment is deductible in most cases on the HElOC. THAT IS LIKE EARNING A GROSS RATE OF 9-10%
You have it backwards and and do not understand the way tax deductions work.
Because interest paid on a HELOC is (usually) deductible, that means the effective rate is more like 4%-5% on a 7% HELOC, not 9%-10%.
But mortgages (for primary residences) are also deductible, so I'm not sure what your point is at all.
The comparison is for the amount of cash flow running through the HELOC. YES tax deductions run the other way as you stated. This comparison is this: If i was going to get the same net dollar effect on my investments, what interest raet do I have to earn gross on my money to net the effective yeild? So if i get 7% in the HELOC as interest (If I float my money there, and there is a balance of debt, I cancel out at 7%. IS THAT NOT THE SAME AS EARNING IT SINCE I CANCELLED OUT THE 7% I Contracted to pay on the debt? Since the 7% on the HELOC could be deductible, there is a tax benefit that could be translated into an interest rate required to earn on a taxable investment to eqaul the net of 7%. Then, since the HELOC interest is not taxed as income at the same time, there is return required on a taxable investment to equal that benefit. The point is this: If I owe debt and cancel out that debt interest some way, I am effectively earning that rate of interest on the debt, since I eliminated the contracted interest. That makes my money more prductive than sitting in a taxable savings account at 3%. Is it now more clear for you?
uutxs said: EricGo07 said: uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.Nice catch; I didn't understand what "2500 balance turning" means. I was puzzled initially by that statement (since UFF folks dont properly quote posts). But if you work the numbers out with 2500 biweekly, UFF comes out 2 months worse than simple pre-pay (even after accounting for 3.5k scam fee), it all makes sense. So much for all the "real-life scenarios."
All my figures are are you requested. income on the 15th and the 30th of each month. no more no less
I cannot beleive how you people want to pounce on ANYTHING.
uutxs said: EricGo07 said: uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.Nice catch; I didn't understand what "2500 balance turning" means. I was puzzled initially by that statement (since UFF folks dont properly quote posts). But if you work the numbers out with 2500 biweekly, UFF comes out 2 months worse than simple pre-pay (even after accounting for 3.5k scam fee), it all makes sense. So much for all the "real-life scenarios."
see above, all calcs were made on 24 weeks not 26. typo error on my part in the statement made, calculations of imput in the software are correct.
delzy said: JamesHughbanks said: TO ANSWER YOUR QUESTION.... NO THE SAVINGS OF THAT AMOUNT IS NOT FROM THE SALARY AMOUNT ALONE. What you guys hopefully will get the is the software optimizes the largest payment from the HELOC to pay down front end loaded interest on the first mortgage. The earlier and larger amount I can do, the more I will cancel. The software is desined to get you to zero as quick as possible with the least amount of interest on the 1st and line of credit combined. Where have I heard this before: numerous shills said: front end loaded interest numerous shills said: hard to wrap your head around numerous shills said: interest cancellation
Need I say more?
CAN YOU SAY: CLOSED END LOAN ... explain to me the principles of a closed end loan AND THE STRUCTURE OF THE AMORIZATIONS SCHEDULE WITH IT in your own words, if you do not like mine or other UFF agent terms. EXPLAIN TO ME YOUR DEFINITION OF INTEREST CANCELLATION OF A CLOSED END LOAN.... WRAP YOUR HEAD AROUND....WELL ..LET'S SEE IF YOU CAN OR NOT PLEASE TELL ME YOU HAVE SOMETHING WOTHWHILE TO SAY ON THIS?
JamesHughbanks said: again, anything of substance to say or just hot air If you'd bothered to post anything of substance, instead of simply repeating the tired and thoroughly debunked "ideas" (and I use that term loosely) in the previous 125 pages of this thread (plus the many pages of sister threads), then maybe I'd bother. If you'd read any of those previous 125 pages, you'd see my contributions (including hosting pics of an actual UFF workup, maybe you'd like to send me some more to host?)
Instead, the many other regulars here are doing a more than adequate job of exposing your lies, misstatements, and phony math.
The only service you're doing is keeping this thread near the top of Google searches, where people can find out about this scam.
JamesHughbanks said: delzy said: JamesHughbanks said: TO ANSWER YOUR QUESTION.... NO THE SAVINGS OF THAT AMOUNT IS NOT FROM THE SALARY AMOUNT ALONE. What you guys hopefully will get the is the software optimizes the largest payment from the HELOC to pay down front end loaded interest on the first mortgage. The earlier and larger amount I can do, the more I will cancel. The software is desined to get you to zero as quick as possible with the least amount of interest on the 1st and line of credit combined. Where have I heard this before: numerous shills said: front end loaded interest numerous shills said: hard to wrap your head around numerous shills said: interest cancellation
Need I say more?
CAN YOU SAY: CLOSED END LOAN ... explain to me the principles of a closed end loan AND THE STRUCTURE OF THE AMORIZATIONS SCHEDULE WITH IT in your own words, if you do not like mine or other UFF agent terms. EXPLAIN TO ME YOUR DEFINITION OF INTEREST CANCELLATION OF A CLOSED END LOAN.... WRAP YOUR HEAD AROUND....WELL ..LET'S SEE IF YOU CAN OR NOT PLEASE TELL ME YOU HAVE SOMETHING WOTHWHILE TO SAY ON THIS?
Are you going to post your figures or not, or do you not have anything of substance as you like to say. Without you posting hard numbers, there is no substance at all...
JamesHughbanks said: 2. here is the correct math on your statement, 200,000 - 5000 savings minus 3500 fee = net initial payoff from day one of $192,500. quoted for epic failure. It's plus 3500 fee, not minus.
JamesHughbanks said: So if i get 7% in the HELOC as interest, I cancel out at 7%.Just think about how much interest you could cancel with a 20+% interest HELOC!!! Im sure there are plenty of banks to help you out as well.
JamesHughbanks said: All my figures are are you requested. income on the 15th and the 30th of each month. no more no less
I cannot beleive how you people want to pounce on ANYTHING. Fact is, numerous UFF shills/agents have done this in the past and you are yet to post month by month transaction numbers. So dont blame us for that.
James, my calcs show that prepayment way will pay off all debt in 1 day using no income. there, it's 73 months better than yours. I will not post numbers.
Crazy, eh? That's how dealing with you is. You say you can do the whole thing in 30 minutes, but you spent HOURS dancing around showing the numbers, mainly because they don't exist.
Now, some obvious mistatements you've made:
6.07 yrs pay off time running the numbers out for 6 months.6 months? that's all you'll show? thought it took 30 minutes to do the whole thing? no, you need to run the whole thing. plus, there is no way in heck you can acheive those numbers. $20,000 in total interest over 6 years? you are smoking some good stuff. I'd bet you my house (paid off, mind you) those numbers are wrong. (hint: check your discretionary income value used)
If I was able to execute the transactions for the whole time period, the payoff period would be be 15 to 25% better than these.15-25% better? a common misinterpretation of data by UFF agents. UFF corporate has said most users are 10-20% better than their analysis. UFF agents have come to believe that the analysis is conservative. it is not conservative at all. the real performance is getting real, changing nubmers (income goes up over time in general, and people can lower expenses). ANY change in income and expenses equally (really more) benefits someone making prepayments (hint: MMA is really nothing more than prepayments with a negligible savings in float)
what bank currently has a 3% checking account available? there is a whole thread here dedicated to 5%+ checking accounts. mine used to pay 6, now i get 5%. at 3%, i was being VERY generous actually.
The reason I asked for 7% is because that is the interest I will recieve on my checking account I am using for this. Remeber, I am using the equity line as my checking asccount. um, no, this will be the rate you be charged. see loans charge interest. liquid accounts give interest. wow, this is a new "top ten" for UFF mis statements. you can AVOID 7% by paying, but not get it.
Also, the 7% does not require any income tax AND the payment is deductible in most cases on the HElOC. THAT IS LIKE EARNING A GROSS RATE OF 9-10%??? No, the gross rate is 7%. The effective rate is 7% minus 15% of that. So you don't understand taxes, interest calcs, and how the system works. Nor do you understand what "post your money movements" means. what else could you be missing?
2. here is the correct math on your statement, 200,000 - 5000 savings minus 3500 fee = net initial payoff from day one of $192,500. oh, basic math. you PAY the $3500 fee, not get paid for it, so +$3500, not -$3500.
now, for arguements sake, 73 month payoff is a $5000 prepayment in the first month, plus $1800.90 in every month (including the first).
show your numbers, snake oil salesman. we know they are wrong. basic math shows that to be true.
Your monthly payment will be $ 1199.10 The following mortgage would result for 2007 : Prepayment Time : $ 8500.00 : Principal $ 191500.00 Dec: Principal: $ 2042.50 Interest: $ 957.50 Balance: $ 189457.50 --------------------------------------------------------------------------------
Where the final summary is Monthly Payment: $ 1199.10 Total Interest:$ 231676.38(No pre-payment) Total Interest:$ 39739.35 (As given) SAVINGS: $ 191937.03 Total Interest Saved, 23.50 Years shorter loan 2007 Interest $ 957.50 2008 Interest $ 10678.64 Ending Balance Dec 2008: $ 164136.12 Average Interest Each Month: $ 110.39
JamesHughbanks said: uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.
Edit to add: 1. 2500 bi-weekly effectively assumes an extra paycheck of 5k per year or 416.67 per month. Applying this extra 416.67 per month to the mortgage results in a payoff in 5 years and 10 months (last payment of only 1465). 2. Assuming you start of with 3.5k in the hole (UFF scam fee), you can still pay it off in 5 years and 11 months by simple pre-pay (last payment of 3026). Your software optimizes every payment and pays it off in 6 years and 1 month. Great! I leave it up to you to calculate the rate of return on my 3.5k investment
1. UUUUGH! you guys just don't qiut with your crap The caluclations were made on 24 payments not 26................THERE, ARE YOU HAPPY NOW. I MADE A TYPO ON THE STATEMENT AT 2:00AM... EXCUSE ME FOR BEING TIRED!
2. here is the correct math on your statement, 200,000 - 5000 savings minus 3500 fee = net initial payoff from day one of $192,500. The payment is 2991.00 (1199.10 + 1800.90 discretionary)the interest rate is 6%. Normal payoff shows 78 months according to my HP 12C. I trust it because it is a calculator in the same way I trust the Money Merge Account Software becasue it is a calculator too, but on steroids. As kamalktk pointed out, its 200,000 - 5,000 + 3,500 = 198,500. Monthly payments are 1199.1+1800.9 = 3000 (not 2991). Another couple typos I am sure. Why dont you post the monthly transaction details WITHOUT TYPOS first and then we can discuss.
how about you start simple and just post the PDF from the analysis you ran. should be simple enough, we've seen them all before. at least that will put to rest what (wrong) inputs you really used.
JamesHughbanks said: THE IS FROM HCH PUBLISHERS ON LINE MORTGAGE CALCULATOR THESE ARE YOUR NUMBERS
YOUR PAYOFF SHOWS 6.5 YEARS
We are perfectly capable of using the many freely available mortgage calculators on the web. Show us YOUR numbers (transaction details). Still waiting!
JamesHughbanks said: uutxs said: EricGo07 said: uutxs said: JamesHughbanks said: I USED A 2500 BALANCE TURNING EVERY 2 WEEKS UGHH, NOT AGAIN. $5000 per month is NOT the same as $2500 every two weeks. Semi-monthly is not the same as bi-weekly. $5000 per month = 60k annually = 60/52 = 1153.85 weekly = 2307.69 every two weeks.Nice catch; I didn't understand what "2500 balance turning" means. I was puzzled initially by that statement (since UFF folks dont properly quote posts). But if you work the numbers out with 2500 biweekly, UFF comes out 2 months worse than simple pre-pay (even after accounting for 3.5k scam fee), it all makes sense. So much for all the "real-life scenarios."
see above, all calcs were made on 24 weeks not 26. typo error on my part in the statement made, calculations of input in the software are correct.Huh ? Are you trying to say 24 *pay periods* a year ? I think it is quite impossible to know what annual salary your calculator is using, because you do not know yourself. Post the six month running figures, and then we will all know.
Similarly wrt to the $3500 UFF fee. Have you set up the comparison so that it is it taken off the DIY approach, added to the UFF home loan balance, or added to the UFF HELOC balance. Your 6 month data will tell the tale.
Next, try not to forget that on salary deposit day in the UFF approach, all the salary has been spent on day #1 to offset the HELOC debt. This is a $2500 difference from DIY you must account for.
Lastly, I suggest we ignore tax considerations for the moment. You do not understand them. As was pointed out to you earlier, the offset savings (the famed 6% of the home loan rate, ignoring HELOC interest debt) is REDUCED by the marginal tax rate for people who itemize their home loan interest. That will always be true; whether the HELOC interest is deductible is a ymmv. So at best, taxes are a wash, but sometimes they hit UFF harder than DIY.
Years To Pay Off Final Payoff 6.083 7/2014 ABC Bank Overview Account Number Interest Rate Maximum Available Current Balance Available Balance 4321-9876 7% $60,000.00 $5,182.96 $54,817.04 Date CK NUM Payee C Payment Deposit Balance 5/30/2008 Direct John $2,500.00 $5,182.96 5/28/2008 Credit Card $2,000.00 $7,682.96 5/15/2008 Direct John $2,500.00 $5,682.96 5/13/2008 1st Mortgage $1,199.10 $8,182.96 4/30/2008 Direct John $2,500.00 $6,983.86 4/28/2008 Credit Card $2,000.00 $9,483.86 4/15/2008 Direct John $2,500.00 $7,483.86 4/13/2008 1st Mortgage $1,199.10 $9,983.86 3/30/2008 Direct John $2,500.00 $8,784.76 3/28/2008 Credit Card $2,000.00 $11,284.76 3/15/2008 Direct john $2,500.00 $9,284.76 3/13/2008 1st Mortgage $1,199.10 $11,784.76 2/29/2008 1st Mortgage $6,101.80 $10,585.66 2/28/2008 Credit Card $2,000.00 $4,483.86 2/28/2008 Direct John $2,500.00 $2,483.86 2/15/2008 Direct John $2,500.00 $4,983.86
calvinandhobbes said: how about you start simple and just post the PDF from the analysis you ran. should be simple enough, we've seen them all before. at least that will put to rest what (wrong) inputs you really used. I agree. All the confusion regarding your calculation and annual salary can be cleared up by posting the analysis and the first 6 months you simulated with respect to how much HELOC you took out, etc. Once you've done this, what 10 real-life situations are you proposing to factor in the calculation?
CALVIN'S CHALLENGE - SHOW HOW THE MONEY MERGE ACCOUNT IS BETTER THAN MAKING EXTRA PAYMENTS EACH MONTH TO THE PRINCIPLE
SINCE NO ONE WOULD POST YOUR AMORIZATION SCHEDULE WITH AN ONLINE CALCULATOR, I DID IT FOR YOU TO SEE AND YOUR PAYOFF DATE IS 6.5 YEARS
THE MMA PAYOFF DATE AT THE END OF 7 MONTHS IS 6 YEARS. (1ST MORTGAGE, HELOC, AND 3500 SOFTWARE COST IS PAID OFF) WHAT IS INTERESTING TO NOTE IS THAT THE 1ST MONTH ON THE MMA WAS ALSO 6.5 YEARS ON THE PROJETIONS. ONCE THE PROJECTIONS ARE ACTUALLY EXECUTED, THE SUPER CHARGED MONEY MERGE ACCOUNT SOFTWARE CONTINUES TO DROP THE PAYOFF MORE EACH MONTH THROUGH THE VARIOUS FLOATS,INTEREST CANCELLATION AND OPTIMAL TIMING AND AMOUNT OF PRINCIPLE PAYMENTS TO THE MORTGAGE . THE NUMBERS ARE THE NUMBERS.
SO LET'S TAKE A LOOK AT THE RESULTS
THE MMA SAVED A MINIMUM OF 6 MONTHS OF PAYMENTS AND DISCRETIONARY MONEY OUTPUT
6 X 2991 = $17,946
WHAT RATE OF RETURN EACH YEAR DO I NEED TO EARN ON $3500 TO MATCH THE SAVED PAYMENTS = 27.55% AGAIN I ASK, ARE ANY OF YOU RECEIVING THAT TYPE OF RETURN ON YOUR INVESTMENTS WITH LITTLE OR NO RISK?
NOW, IT'S TIME TO RUN THE OTHER SCENARIOS THAT MAKE IT ALMOST IMPOSSIBLE TO TRACK AND KNOW WHAT TO DO WITHOUT THE MONEY MERGE ACCOUNT
JamesHughbanks said: THE MMA PAYOFF DATE AT THE END OF 7 MONTHS IS 6 YEARS. (1ST MORTGAGE, HELOC, AND 3500 SOFTWARE COST IS PAID OFF) WHAT IS INTERESTING TO NOTE IS THAT THE 1ST MONTH ON THE MMA WAS ALSO 6.5 YEARS ON THE PROJETIONS.
Yes, it does show that after 7 months, there are 6 years remaining. This just happens to be 1+ months LONGER than simple prepayment (the same as calculated on the first month).
You are aware that 7 months + 6 years doesnt equal 6 years, right?
JamesHughbanks said: THE MMA PAYOFF DATE AT THE END OF 7 MONTHS IS 6 YEARS. (1ST MORTGAGE, HELOC, AND 3500 SOFTWARE COST IS PAID OFF) You are aware that 6 years 6 months is less than 6 years 7 months, right?
JamesHughbanks said: YOUR PAYOFF DATE IS 6.5 YEARS
delzy said: JamesHughbanks said: THE MMA PAYOFF DATE AT THE END OF 7 MONTHS IS 6 YEARS. (1ST MORTGAGE, HELOC, AND 3500 SOFTWARE COST IS PAID OFF) WHAT IS INTERESTING TO NOTE IS THAT THE 1ST MONTH ON THE MMA WAS ALSO 6.5 YEARS ON THE PROJETIONS.
Yes, it does show that after 7 months, there are 6 years remaining. This just happens to be 1+ months LONGER than simple prepayment (the same as calculated on the first month). Maybe that is also a typo! Just as not accounting for HELOC interest in his post. Give James a chance to correct his typos and not pounce on him
uutxs said: delzy said: JamesHughbanks said: THE MMA PAYOFF DATE AT THE END OF 7 MONTHS IS 6 YEARS. (1ST MORTGAGE, HELOC, AND 3500 SOFTWARE COST IS PAID OFF) WHAT IS INTERESTING TO NOTE IS THAT THE 1ST MONTH ON THE MMA WAS ALSO 6.5 YEARS ON THE PROJETIONS.
Yes, it does show that after 7 months, there are 6 years remaining. This just happens to be 1+ months LONGER than simple prepayment (the same as calculated on the first month). Maybe that is also a typo! Just as not accounting for HELOC interest in his post. Give James a chance to correct his typos and not pounce on him
ChemEngGuy said: You are aware that 7 months + 6 years doesnt equal 6 years, right?
JamesHughbanks said: THE MMA PAYOFF DATE AT THE END OF 7 MONTHS IS 6 YEARS. (1ST MORTGAGE, HELOC, AND 3500 SOFTWARE COST IS PAID OFF) You are aware that 6 years 6 months is less than 6 years 7 months, right?
JamesHughbanks said: YOUR PAYOFF DATE IS 6.5 YEARS
ACTUALLY IT IS THE BEGINNING OF THE 7TH MONTH WHICH MAKES IT THE END OF THE 6TH. EQUAL IN YOUR EYES
HERE ARE THE 10 DIFFERENT SCEANRIOS THAT WE NEED TO ADD TO THE EQUATION:
1. INCOME IS A TWO PERSON INCOME - STILL 5000 --1250 EACH ON THE 15TH AND 30TH PAYMENT. NOW CHANGE ONE OF THE INCOMES AND RAISE IT BY $50 PER PAY PERIOD AND CHANGE TO BI-WEEKLY. THE EFFECTIVE DATE OF THE CHANGE IS THE FIRST FRIDAY IN FEBRUARY. THE EXTRA MONEY FLOWS THROUGH. GIVE ME YOUR PAYOFF DATE
2. NOW CHANGE THE BUDGET TO ACCOMADATE A SAVINGS OF $150/MO ON A PERMANENT BASIS STARTING IN MONTH 4 DATE
3. NOW ADD IN ADDITIONAL EXPENSES FOR A PERIOD OF 8.5 MONTHS IN THE AMOUNT OF $900 STARTING IN MONTH 8. B]GIVE ME YOUR PAYOFF DATE
4. NOW SHOW DEPOSITING AN ADDITIONAL AMOUNT TO PRINCIPLE IN MONTH 10 IN THE AMOUNT OF 3500B]GIVE ME YOUR PAYOFF DATE
5. NOW SHOW A EMERGENCY WITHDRAWAL OF $20,350 from wherever you want savings, HELOC etc. SHOW THE TRUE COST O SPENDING THAT MONEY INSTEAD OF LEAVING ON THE MORTGAGE B]GIVE ME YOUR PAYOFF DATE
6. NOW SHOW BUYING A CAR FOR 12,000 with 4.99% interest for 60 months starting in march of 2010. show what effect that has on when you will be debt free on the 1st mortgage and all other debt B]GIVE ME YOUR PAYOFF DATE
7. NOW SHOW ONE OF THE INCOME EARNERS LOOSING A JOB IN JUNE OF 2010. TELL ME WHEN ARE THEY GOING TO BE OUT OF MONEY?
8. NOW SHOW ME WHEN THEY WILL BE OUT OF MONEY IF THEY DROP THEIR MONTHLY EXPENSES BY $500/MONTH
9. NOW SHOW WHEN THEY WILL BE PAID OFF IF THE INCOME EARNER STAYS HOME WITH THE KIDS FOR 19 MONTHS AND THEN GOES BACK TO WORK FOR 25% LESS THAN WAS MADE BEFORE AND ONLY GOT PAID ONCE A MONTH ON THE 1ST. B]GIVE ME YOUR PAYOFF DATE
10. NOW SHOW ALL THESE SCENARIOS IF THE HELOC INTEREST RATE WAS 18.6% FROM DAY ONE B]GIVE ME YOUR PAYOFF DATE
THIS IS THE INSTANT VITAL INFORMATION THAT THE MONEY MERGE ACCOUNT CAN GIVE YOU BY THE CLICK OF A MOUSE
SIMPLE SCENARIOS LIKE WHAT WE ALL JUST RAN IN NOT REALISTIC. THIS TYPE SCENARIO IS WHAT REAL LIFE THROWS US. NOW IT IS YOUR TURN TO CALCULATE THESE NUMBERS AS REQUESTED
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