Mortgage Calculator
The mortgage allows for you to calculate how long you have until financial freedom from your mortgage (assuming you have one). Given there can be significant monetary savings in the form of reduced interest payments in paying off your mortgage early.
Paying off your loans not only saves you money, but it also helps you increase your preparedness with respect to personal disasters, having less bills due every month can be a great life saver in times of job loss.
It is important to mention that before you attempt to pay off your mortgage you should have some extra payments for your mortgage, and other bills saved up in your savings account. It would be very ironic to have started to pay down your loans and then to only lose your job and end up not having enough liquidity to cover your expenses in the time of a personal crisis.
There is a school of thought that says if you have started to pay down your mortgage, if you come to a rough patch with your job or have some major cost come up that you can use the equity that you have built up in your home by making extra payments on your mortgage to cover these expenses. I do not subscribe to this idea of thought.
In the cells in the spreadsheet of D5 through D10 you can enter in the specifics to your mortgage. And then everything is then calculated out below.
Feel free to Contact Us with any questions about the spreadsheet.
Note: PreppingBlog.com nor Prepper Outfitters LLC is not divesting financial advice, you should consult with a financial adviser or lawyer before making any financial decisions.
