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FIB - Scams 101
Re: $3500 for software to pay extra on your mortgage?
Posted By: Jim G In Response To: Re: $3500 for software to pay extra on your mortgage? (JimmyDaGeek)
Date: Tuesday, October 30, 2007, at 3:22 p.m.(pst)
Morgage Interest is Simple Interest. Not an opinion. It's a fact.
>> Uh, JimG
>> You are flat-out wrong here. Both the HELOC and mortgage calculate
>> interest in similar ways.>> The mortgage takes the yearly interest rate and divides it by 12. That
>> value is applied to your outstanding balance each month and that is the
>> interest you pay.>> A HELOC takes the yearly interest rate and divides it by 365 and
>> applies it to the outstanding balance each day. This interest is added up
>> at the end of the month and that is the interest you pay. Another way of
>> calculating the interest that gives you the same result is to calculate
>> the average daily balance, multiply that by the daily interest rate, and
>> multiply that by the total number of days in that month.>> Therefore, the trick to saving money using the HELOC is to make sure
>> that the average daily balance is a low as possible.>> The problem I have with MMA and other sofware is that the maximum
>> amount of principal that you can save using this HELOC shuffle is a single
>> month's excess payment. Each time your money comes in, the balance is
>> reduced. Each time you pay a bill, the balance is increased. You are, in
>> effect, kiting the money you paid from the HELOC. If you had any real
>> "discretionary income", you could simply pay it immediately on
>> your mortgage, and not run it through the HELOC.
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