More help: https://www.teachexcel.com Excel Forum: https://www.teachexcel.com/talk/microsoft-office?src=yt How to find the interest and principal payments on a fixed rate loan in excel. This tutorial will walk you through using the PPMT() and IPMT() functions in excel in order to find out how much of a monthly payment on a loan actually goes to pay off the loan amount and how much is just an interest payment. More free excel stuff such as macros, tutorials, articles, etc. go to: TeachExcel.com
Views: 466488 TeachExcel
Learn to budget, beat debt, & build a legacy. Visit the online store today: https://goo.gl/GjPwhe Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirmation=1 Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Views: 473421 The Dave Ramsey Show
Too many Americans stay in debt longer than necessary simply because they don’t understand the relationship between principal payments and simple interest. Figure out your mortgage options here: https://goo.gl/1up9dK SUMMARY In this video, Meagan from Bakersfield, California, calls Dave to talk about principal payments on her home mortgage. She is currently in Baby Step 2—paying off her debts using the debt snowball method. As she begins to think about her mortgage, she asks Dave, “How do principal payments work?” Dave breaks it down with a simple interest calculation. Take the interest rate of your mortgage, divide it by 12 months, and then multiply it by the outstanding balance that month. That will give you the interest charged for that specific month. The rest of your payment goes to principal. To break it down further, Dave gives a simple interest calculation example. He explains that your mortgage payment will stay the same each month, but as you pay more on the loan, you’ll begin to see more of each payment going toward principal and less going toward interest. This simple interest calculation is a basic way to understand how principal payments work and outlines a way to pay off your mortgage fast! RESOURCES Want to estimate your monthly mortgage payment? Check out our Mortgage Calculator: https://www.daveramsey.com/mortgage-calculator To learn more about the Baby Steps and how you can start knocking out your debt, visit our site: https://www.daveramsey.com/baby-steps Have other questions about mortgages? We’ve answered them here: https://www.daveramsey.com/blog/mortgage-questions THE DAVE RAMSEY SHOW The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country! Watch video profiles of people just like you as they call in from Ramsey Solutions to do their debt-free scream live. The show streams live on YouTube M–F from 2–5pm ET! Watch here: https://www.youtube.com/channel/UC7eBNeDW1GQf2NJQ6G6gAxw
Views: 93976 The Dave Ramsey Show
This Excel tutorial shows how to calculate the interest and principal payments on a loan. Watch more at http://www.lynda.com/Office-2007-tutorials/excel-2007-creating-business-budgets/65719-2.html?utm_medium=viral&utm_source=youtube&utm_campaign=videoupload-65719-0202 This specific tutorial is just a single movie from chapter two of the Excel 2007: Creating Business Budgets course presented by lynda.com author Curt Frye. The complete Excel 2007: Creating Business Budgets course has a total duration of 1 hour and demonstrates how to use Excel spreadsheets to track cash on hand, and how to project income and expenses based on scenarios Excel 2007: Creating Business Budgets table of contents: Introduction 1. Managing Cash on Hand 2. Calculating Loan Repayments 3. Budgeting Using Financial Statements 4. Managing Budgets 5. Defining Alternative Budget Scenarios Conclusion
Views: 20160 LinkedIn Learning
How to use the help function for financial calculations or functions? How to calculate the monthly payment (PMT) for a loan? How to calculate the interest payment for a particular month (IPMT)? How to calculate the principal payment for a particular month (PPMT)? If you want to take get a deeper understanding of Microsoft Access, take a look at http://learn.kaceli.com Copyright notice: These videos may not be downloaded or distributed in any way without permission from Sali Kaceli. Contact me if you have such a need.
Views: 35958 Sali Kaceli
FMES#5 With a reducing Balance Loan, calculating the amount of principal and interest paid with a single payment
Views: 655 Tempeste Mathematics
Basic Finance: A loan of $50,000 is given with a term of 30 years at 8% interest. The monthly payment is $366.88. For the first three payments, (a) calculate the balance on the principal after each payment, and (b) split the payment into the amounts paid on the principal and interest.
Views: 51802 MathDoctorBob
Almost all accounting and financial professionals are aware of Excel's PMT function, used to calculate the periodic payment when given the principal, interest, and term. Instead of needing to know the payment amount, what if you needed to know the amount of interest expense included in a specific payment or the principal included in a specific payment? For these calculations, use the IPMT and PPMT functions, as described in this tip.
Views: 1783 K2 Enterprises
At certain stages in your property portfolio, you really should be paying the banks more interest through an Interest Only Loan. In this How To Session, Ben explains exactly when this stage is and when never to switch to only to Principal and Interest.
Views: 3141 Empower Wealth Advisory
A loan’s actual balance, excluding the interest owed for borrowing, is called the principal. This is the original amount borrowed from the lender that needs to be repaid, in addition to all the other costs of borrowing that amount (interest, insurance, and taxes). The principal is paid monthly over the term of the mortgage. Principal balance is the amount left to pay on a loan. As you pay this balance, you’re earning more equity on your house. However, mortgages (even fixed rate loans) are designed in a way that your initial monthly payments distribute more funds towards interest than principal. In order to pay off the loan sooner, gain equity on the property, and avoid paying too much interest, many borrowers choose to pay extra towards the principal balance every month, called “prepayments.” It is estimated that making one additional monthly payment every year can cut down the term of the loan by five years. When taking on a mortgage, it helps if you understand exactly how your money is being allocated in order to make the most use of the loan. The structure of your payments will determine the final cost you’ll incur and how long it will be until you finally own your home.
Views: 49 FHAdotcom
Using the formula for simple interest to find the principal, the rate or the time. This video is provided by the Learning Assistance Center of Howard Community College. For more math videos and exercises, go to HCCMathHelp.com.
Views: 260083 HCCMathHelp
Check out my Blog: http://exceltraining101.blogspot.com This video show how to calculate the cumulative principal or interest payment on a loan. There are two examples shown: one using the built in functions (CUMIPMT and CUMPRINC) and the other using the table feature in Excel. P.S. Feel free to provide a comment or share it with a friend! #exceltips #exceltipsandtricks #exceltutorial #doughexcel
Views: 3552 Doug H
http://advanceexcel.rf.gd/ This is a loan calculator in MS excel. Very easy to create in Excel. The loan calculators available in market does not take part payments done in calculation. No worry after seeing this you may create a loan calculator in 5 min. Learn and enjoy!!!!!!!!!!!! For Excel videos, subscribe my channel. MS Excel 2000,2002, 2007, 2013 Please check my following videos: Automatically Convert numbers to words in Microsoft Excel 2003, 2007, 2010 in Hindi https://www.youtube.com/edit?o=U&video_id=xxZx5xr4PfU Separate Duplicate Rows in Ms Excel 2000, 2003, 2007, 2013 https://www.youtube.com/edit?o=U&video_id=RwjCZRojHfI Automatically Convert numbers into Words (Hindi) - Add a new formula in Excel easily https://www.youtube.com/edit?o=U&video_id=qnYee-k6CgA vlookup in excel in Hindi https://www.youtube.com/edit?o=U&video_id=WFUiCics-ss Payroll System in Excel in Hindi - create/Print salary slip https://www.youtube.com/edit?o=U&video_id=NDbdbvOcnbs Attendance Management with Dashboard in excel in Hindi https://www.youtube.com/edit?o=U&video_id=XklI5loyJFg How to use financial functions in MS Excel https://youtu.be/FiWw7Cj9JlI
Views: 646 Amita Goel
Interest Only vs Principal and Interest loans can have a huge impact on your cash flow and can mean the difference between a property paying for itself and then some and you having to find money to keep the property afloat. Resources Related To This Episode Property Tools - http://propertytools.com.au On Property Membership - http://onproperty.com.au/membership Treat Property Investing Like A Business - http://onproperty.co.au/527 How Changes In Interest Rates Can Affect Cashflow - http://onproperty.com.au/533 ING Mortgage Calculator - https://www.ing.com.au/home-loans/calculators/repayments.html Compare Interest Rates - http://ratecity.com.au http://onproperty.com.au/538 - Visit the site for a full transcription and downloadable audio version of this video. ------------------------- SEE POSITIVE CASH FLOW PROPERTIES http://onproperty.com.au/membership
Views: 1200 On Property
Giving some tips on financing! I talk about the simple concept of Principal and interest payments! This advice can be applied to all types of loans whether car, Motorcycle ,or Mortgage loans! Avoid paying extra money in interest by making early principal payments! My name is Night rider and i am a new motovlogger riding a Hayabusa! Subscribe and Comment
Views: 13323 Night Rider
Interest only loans vs principal and interest loans. What are the pros and cons of each type of investment loan and what is going to be best for you? Interests-only loans versus principal and interests loans, which is better for property investors and what sort of loan should you choose? Hey, I am Ryan from OnProperty.com.au, helping you find positive cash flow property. This is a decision that a lot of property investors need to make. What sort of loan should they get? Should they get an interest-only loan where they are just paying the interest and not paying down any debt? Or should they get a principal and interest loan? It is a big decision to make so I want to talk about some of the positives and the negatives of both types of loans so you can make a decision for yourself. First, let me put out a disclaimer to say that I am not a mortgage broker, mortgage advisor, accountant or tax advisor so just take this as general education and this is not specific to your situation. This should not be considered financial advice or mortgage advice. I hope that that helps. So first, let us have a look at the difference between the two loans: what do they mean; what is the difference the interest-only and the principal and interest loan. An interest-only loan is a loan where you only pay the interest created on that loan. So let us use a very simplified example. Let us say we get a loan for $100,000 to purchase a property at 6% and this works out to 0.5% per month and so let us say per month we are getting charged $500 in interest on this loan. We would then pay the bank $500 in interest each month and the loan would never change. It would always be $100,000 and they charge us $500 interest which we would then pay. And so the loan goes to $100,500 then it goes back to $100,000. So you are just paying the interest on the loan, you are not paying off any of the principal, which is the loan amount. ------------------------------------------- http://onproperty.com.au/324 - View the full transcription and audio version of this episode. http://onproperty.com.au/free - See real positive cash flow property listings
Views: 7617 On Property
Thanks to all of you who support me on Patreon. You da real mvps! $1 per month helps!! :) https://www.patreon.com/patrickjmt !! Compound Interest Example - Find Starting Principal. Here we are told that an account accrues interest semiannually at a rate of 4.25%. If the account has a total of $6,000 after 90 months, what was the starting principal?
Views: 83060 patrickJMT
http://www.painlessfinancialtraininggroup.ca/ The payments you make on a loan are not a deduction. The only part of the payment you can deduct is the amount of the interest. For example - if you are claiming vehicle expenses, only include the interest portion of your car loan payment in the calculation. If you claim home expenses you can deduct the mortgage interest you pay, not the entire payment. You should ask your bank for the statement which shows how much interest you pay on each loan so that you deduct the proper amount on your tax return.
Views: 3970 Debi Peverill
The reasons behind why you should pay interest only on your property investment loans.
Views: 3141 William Sederino
How to record loan interest expense alongside principal on a loan payment. NEWQBO.COM BLOG Subscribe our YouTube Channels: http://youtube.com/VPController/ http://youtube.com/NewQBO/ Like us on Facebook: http://facebook.com/QuickBooksQBO/
Views: 7463 QuickBooksQBO
Accounting for troubled debt restructuring by restructuring principal amount and interest payments by forgiving early year payments and requiring later year payments on interest, determining a loss (bad debt expense) on restructuring by comparing the pre-structured carrying amount to the present value of restructured cash flows, based on the present value of restructured cash flows the effective interest rate is calculated using a financial calculator, using the new effective interest rate the interest revenue is calculated and the loan is amortized thru the allowance for doubtful accounts (contr revenue account), example is On 12/31/20X1 Bank-B enters into a debt restructuring agreement with Corp-A, which is experiencing financial difficulties, Bank-B restructures a $1 mil Loan receivable issued at par (interest is paid to date), note restructured by: 1-Reducing principal obligation from $1,000,000 to $900,000, 2-Note has 4-yrs remaining, maturity date to 12/31/20X5, 3-Pay current interest rate at 12%, stated rate on note (Current market IR for loan of this nature is 14%), 4-Pay only the 3rd & 4th year of interest payments at 12% (Interest payments for 1st and 2nd years are not required), detailed accounting by Allen Mursau
Views: 3044 Allen Mursau
During this video I give a detailed breakdown of total debt amount, interest, and payoff date. I touch on what I need to contribute to my loans each month to make sure I hit my goal of being debt free in 12 months. -~-~~-~~~-~~-~- Please watch: "Mid-Year Debt Check In // I paid off $43,000 in 6 Months" https://www.youtube.com/watch?v=WiQPoPKPqi4 -~-~~-~~~-~~-~-
Views: 849 Lewis Pike
Mortgage Broker Fiona Nadaya from Yellow Brick Road St Marys, provides her tips on paying down your principal and interest loan. We are happy to discuss your finance and retirement needs. For more information please call the office on 02 9623 4351 or email [email protected]
Views: 633 Yellow Brick Road St Marys
Download Mortgage Calculator here: https://www.buyexceltemplates.com/products/georges-excel-mortgage-loan-calculator-spreadsheet https://www.buyexceltemplates.com Mortgage calculator with amortization schedule in Excel. Home loan mortgage calculator spreadsheet template that provides mortgage comparison such as 30 vs 15 year mortgages, amortization schedules, variable extra principal payments and charts. Mortgage calculator can help calculate monthly payment, total interest costs (borrowing costs), and years to pay off loan debt related to taking out a new mortgage after purchasing a home or refinance of an existing home mortgage loan. Just enter the total loan amount, annual interest rate or current interest rate and length of loan in terms of years such as a 30 year mortgage. Instead of creating or figuring out how to create an amortization table, it provides a full amortization schedule that shows a running loan balance and breakdown of payment between interest and principal on a monthly basis. Mortgage calculator helps with calculations related to how to pay off mortgage early. Easy to use mortgage prepayment calculator and simple to use mortgage payoff calculator. This is only for fixed rate mortgages and not for variable interest rates, adjustable rate mortgages (ARM) and not for interest only mortgages. It does not factor in down payments, private mortgage insurance, PMI, discount points, insurance, property taxes, doc stamps or other closing costs. Compare with free mortgage calculators and online mortgage calculators. Georges Excel Mortgage Loan Calculator is Microsoft Excel templates that is delivered by digital download. Mortgage calculator spreadsheet is compatible with Windows PC computers running Excel 2007, Excel 2010, Excel 2013, Excel 2016 or Office 365. Excel mortgage calculator is compatible with Mac computers running Excel 2016 for Mac or Office 365. Excel Home loan calculator is not compatible with Google Sheets (Google Spreadsheets) http://www.georgesbudget.com http://www.georgesbudget.com/calculators-excel-web-apps/mortgage-amortization-extra-payments.html ----------------------------------------------------------------------------------- Follow me on Social Media! Pinterest - https://www.pinterest.com/exceltemplate Facebook - https://www.facebook.com/buyexceltemplates Google Plus - https://plus.google.com/+Georgesbudget-ExcelTemplates Twitter - https://twitter.com/iexceltemplates Youtube - https://www.youtube.com/user/georgesbudget -----------------------------------------------------------------------------------
Views: 5661 Georges Budget - Excel Templates
Watch more How to Buy a Car videos: http://www.howcast.com/videos/399308-How-to-Calculate-Car-Payments You've just seen the car of your dreams, but you're not sure if the price is right. In a few steps, you can calculate your potential car payments and decide if you'll be able to afford a new ride. Step 1: Convert the interest rate percentage to a decimal Convert your loan's interest rate to a decimal number by dropping the percent sign and dividing the number by 100. Step 2: Divide decimal number by 12 Divide the interest rate on your car loan by 12. Write this number on a piece of paper. Step 3: Multiply by your car loan principal Multiply the number by the loan's principal amount -- the total amount of your car loan. Write this number down, as it will be used in your final calculation. Tip Remember to subtract any down payment you might make from the new car's purchase price when figuring out the principal amount. Step 4: Add 1 plus the interest divided by 12 Recall the number you got from dividing the interest rate by 12 in step 2. Add 1 to this number. Step 5: Multiply sum by itself, using number of payments as exponent Take the sum from step 4 raised to the power of the number of months included in the term of your loan. For example, if you will make 36 monthly payments, multiply the sum from step 4 by itself 36 times. Step 6: Calculate 1 divided by this sum Calculate 1 divided by the result from step of your multiplication. Tip Round this number to the nearest hundredths place to make it easier to work with. Step 7: Subtract sum from 1 Subtract this number from 1. Jot this number down for use in your final calculation. Tip Avoid the math by using car payment calculators found on many auto dealer and bank websites. Step 8: Divide the first number by the second Divide the number from step 3 by the number from step 7 for your final monthly car payment. Think about whether this will fit into your monthly budget. If so, you might want to ride off in that dream car. Did You Know? The Smithsonian Institute has been collecting cars since 1899, and has more than 60 cars in its collection, including a 1913 Model T Ford and a 1903 Cadillac.
Views: 210753 Howcast
Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Principal” Principal is a term used when talking about debt and loans. The principal is the initial amount of loan which has to be repaid, and this is separate from any interest payments. For example, the face value of a bond is the principal of that bond payments are interest-only until maturity as the issuer does not pay off any of the principal until maturity, but only pays the interest due. There are several ways that the term principal is used in finance. So be sure to take into account the context used. These include: 1. The amount borrowed or the amount still owed on a loan, separate from interest. 2. The original amount invested, separate from earnings. 3. The face value of a bond. 4. The owner of a private company. 5. The main party to a transaction, acting as either a buyer or seller for his/her own account and risk. By Barry Norman, Investors Trading Academy
Views: 3148 Investor Trading Academy
Gold Coast School of Real Estate, Florida's leading real estate school presents how to amortize loan payments. This will help you calculate payments based on principal and interest and is useful when working as a real estate agent. Learn more by visiting us online.
Views: 36982 Gold Coast Schools
http://bestcreditrepaircompanys.com/ Owning a home is a classic American dream. Unfortunately, in today's society consumers have become complacent with 30-year mortgages and paying hundreds of thousands of dollars in interest. We've complied tips from 5 industry experts on why it's important to pay a mortgage off quickly and how to can pay off a mortgage quickly. Follow these steps and you'll be ahead of 98% of the population.
Views: 1016578 Best CreditRepairCompanys
SUMMARY: In the above video I reveal a powerful strategy that is practically available to all, but is known and fully understood by a very few. If one takes the time to learn and implement this method of eliminating debt, one may find themselves pleasantly surprised of how quickly their home mortgage, auto loans, student loans or business loans can be completely paid off. This strategy is known as Velocity Banking and in the video I will demonstrate how Velocity Banking can be used to pay off a 30 year home mortgage in just 5-7 years without sending double payments to the bank or changing one’s current level of income. RECAP OF THE VIDEO: I start off by creating a scenario of a financial situation by taking an average household net income in the United States combined with some of the basic monthly expenses: home mortgage, minimum payment on a credit card, car payment and living expenses which include groceries, utilities, gym membership… Once all expenses are identified and subtracted from the net monthly income it is important to understand the impact of cash flow, the difference between a loan and a line of credit, how the interest of a loan and a line of credit is calculated, and how monthly payments on a mortgage are dispersed between interest and principal paydown. To help demonstrate these differences I create tables and an amortization graph. As I go on to unveil the main differences I also identify the biggest reason why nowadays most homeowners are unable to payoff their home mortgages due to the unstrategic use of home refinancing. By this point having had identified the difference between a loan and a line of credit I can reveal the benefits of utilizing a line of credit to pay off a home mortgage in 5-7 years. This is where I get into the Velocity Banking strategy which incorporates an unaccustomed method of moving one’s entire monthly paycheck into a line of credit instead of the accustomed checkings and savings accounts. By adopting this method one can leverage a line of credit to free up cash flow, gain cash back rewards, build credit history and improve credit score, but the greatest leverage created is the thousands if not hundreds of thousands of dollars in interest savings. KARL'S MORTGAGE CALCULATOR APP: https://itunes.apple.com/us/app/karls-mortgage-calculator/id1025852681?mt=8 Android version: https://play.google.com/store/apps/details?id=com.drcalculator.android.mortgage ★☆★ SUBSCRIBE TO MY YOUTUBE CHANNEL FOR VIDEOS ABOUT REAL ESTATE AND BUSINESS ★☆★ ► Velocity Banking & Real Estate Investing Course - Please email me at [email protected] for more information. ★☆★ CONNECT WITH ME ON SOCIAL MEDIA ★☆★ FACEBOOK: https://www.facebook.com/Laura-Pitko-1464576883611081/ INSTAGRAM: https://www.instagram.com/laura_pitko24/ DISCLAIMER: I (Laura Pitkute) am not a financial advisor, real estate broker, a licensed mortgage broker, not a certified financial planner, not a licensed attorney, and not a certified public accountant, therefore please consult with a competent professional prior to engaging in any financial strategies. Not everyone will experience 100% success rate by using this strategy as it requires a commitment to keep applying this strategy over time until the desired result is achieved. I (Laura Pitkute) do not promise or guarantee any specific outcomes and/or results from the use of this strategy.
Views: 2963054 Laura Pitko
Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 5337 Candus Kampfer
In order to calculate the interest amount of loan payment in Excel, the IPMT function is used and PPMT function is used to calculate the principal amount. In this Hindi tutorial video of MS Excel 2016/2013/2010/2007 for beginners, both of these functions have been explained in a simple way. Excel me loan payment ka interest amount pata karne ke liye IPMT function aur principal amount pata karne ke liye PPMT function ka upyog hota hai. MS Excel ki is hindi video me in dono functions ka upyog saral taike se samjhaya gaya hai. एक्सेल में लोन पेमेंट का इंटरेस्ट अमाउंट पता करने के लिए IPMT function और प्रिंसिपल अमाउंट पता करने के लिए PPMT function का उपयोग होता हैं | MS Excel की इस हिंदी वीडियो में इन दोनो फंक्शन्स का उपयोग सरल तरीके से समझाया गया है | How to solve Quiz & Exercise : https://goo.gl/F9STne Quiz: https://goo.gl/forms/ukYcmM2Gs5g4Djei2 Exercise: https://goo.gl/Rkrqbf Exercise File: https://goo.gl/FT3hjd Subscribe : https://goo.gl/tm11cl MS Excel Playlist : https://goo.gl/eyP8qU All Playlist : https://goo.gl/Y6wlrR Website :http://www.gyanyagya.info/
Views: 14651 Gyanyagya
Shows how to compute interest and principal for a set of monthly payments using the IPMT and PPMT functions of Excel 2010 Follow us on twitter: https://twitter.com/codible
Views: 10068 Codible
Skr Learning Point:- Excel workbook download link-https://1drv.ms/x/s!AlQePSvGN5UngTwPI8g5RlRqpXGW How to calculate loan EMI and loan interest Payment. How to calculate the principal amount. How to calculate interest in the monthly running balance.
Views: 827 SKR Learning Point
Paying off your mortgage in 5 to 7 years can help you change your life. Find out your mortgage options here: https://goo.gl/1up9dK SUMMARY In this video, Dave shares how to pay off your mortgage early. Dennis in Charlotte, North Carolina, just bought a house with a 30-year mortgage and a 3.6% interest rate. He’s considering refinancing to a 15-year mortgage and taking his money out of mutual funds in order to pay off his mortgage fast. Dave suggests refinancing to a 15-year mortgage to reduce Dennis’ interest rate, which would save him money in the long run. This means Dennis could pay off his mortgage in 5 to 7 years! If you want to get serious about paying off your mortgage early, you have to commit to paying a little extra on your regular payment in order to put a dent in your principal balance. Adding even just one extra payment each year can take years off your mortgage! RESOURCES Use Dave’s Mortgage Payoff Calculator to see how fast you can pay off your mortgage: https://www.daveramsey.com/mortgage-payoff-calculator Get some ideas on easy ways to cut costs and pay off your mortgage in 5 to 7 years: https://www.daveramsey.com/blog/how-to-pay-off-mortgage-early Have other questions about mortgages? We’ve answered them here: https://www.daveramsey.com/blog/mortgage-questions THE DAVE RAMSEY SHOW The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country! Watch video profiles of people just like you as they call in from Ramsey Solutions to do their debt-free scream live. The show streams live on YouTube M–F from 2–5pm ET! Watch here: https://www.youtube.com/channel/UC7eBNeDW1GQf2NJQ6G6gAxw
Views: 131383 The Dave Ramsey Show
This video from Next Level Purchasing's online class "Finance For Strategic Procurement, Part I" (http://www.nextlevelpurchasing.com/finance-procurement.php) shows how to use a few of Excel's features to easily set up a spreadsheet that calculates monthly loan payments and principal balance after each payment for the life of the loan.
Views: 85655 Next Level Purchasing Association
Get this model: http://www.smarthelping.com/2018/06/loan-payback-optimizer-excel-model-how.html Explore more of smarthelping's models: http://www.smarthelping.com/p/excel.html Ride along with me as I build this loan repayment optimization model from scratch. The gist is that you can see how much money you can save and how much sooner you will be debt free if you plan to allocate a certain cash amount on top of the regular principal compared to just paying all the loans back on their normal principal and interest amortization schedules. The cool thing is you can compare the difference and see at what time the extra payment amount starts to roll through the other loans based upon your assumptions. Overall, this complexity was difficult to deal with but the underlying concept that is being shown is pretty straightforward. Plenty of charts and visuals as well. Loan payback calculators are super difficult to optimize!! as you will see.
Views: 244 smarthelping