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FIB - Scams 101
Re: $3500 for software to pay extra on your mortgage?
Posted By: Sue Copening In Response To: Re: $3500 for software to pay extra on your mortgage? (DaveB)
Date: Monday, July 9, 2007, at 1:16 p.m.(pst)
In Response To: Re: $3500 for software to pay extra on your mortgage? (DaveB)
>> If you make one or two principal payments a year you accomplish the
>> same thing. No software, no financial planner no problem...
>> Dave B
Great idea Dave... smart and lots of people do that.
Couple of problems with that though... most people don't HAVE the extra dough to do that... and if they did and needed that money back they don't have access to it.
This solves that problem.
Also.. what you are describing is the same as a bi-weekly plan. Those are great... they will knock 6-7 years off your mortgage.
Here is a snapshot of one of my real clients...
$200 a month in discretionary income.
Bi-weekly (extra payment ever year) - pay off in 24 years
and save $63,425 in interest.
$200 in monthly discretionary income applied to mortgage EVERY MONTH... they would do better... they would pay off in 22.75 years and save $82,781.
With the Money Merge Account they would pay off in 16.4 years
They would SAVE over $131,000 in interest.
We BEAT what they can do "on their on" by 6 years and $48,000.
Now look at the opportunity cost. They are paying off their mortgage 11.7 years early. If they took their mortgage payment and invested it, along with their $200 in discretionary income... at the end of 30 years instead of finally just having their house paid off... they would have over $316,091 ..if they invested at just 4%.
Of course, this is not just about paying off your mortgage... it is about building equity faster. Taking interest out of the banks pocket means you can do anything you want with it. Buy investment real estate, invest other places, etc.
Not at hard choice to make when you understand the math.
I embrace skeptics... my Dad was an Aerospace Engineer and highly analytical. I am also and have spent over 20 hours comparing this program to every other program I could find out there. It beat them all.
If you want to make your own comparison... have at it! I found it quite fun to do the research. Just have me do an Analysis for you. We do not need your personal info... or even your real name and address.
Then you can take that and see if you can come up with your own system to beat or match it. If you can... and it is as easy as this... I will send you a gift certificate at a restaurant near your home for lunch on me.
Click the link below to get my site.
Messages In This Thread
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