Mortgage or Other Debt Pay Off Planning
This calculator will help you set a pay off goal for yourself. The greatest financial planning tool is a solid plan to accelerate home mortgage pay off. This essential is most often ignored.
In the first 15 years of the life of a mortgage loan very little is actually applied to the principal of the loan. Only after 16 years you start making meaningful payments to the principal.
Almost invariably we all push the limit of our borrowing capability when buying our first home but to do the same as our incomes rise is nor all that prudent.
The prudent thing to do is to start making additional payments on our mortgage which will dramatically increase the payoff and result in incredible amounts of interest savings. In fact if your income growers by only 15 to 20 percent over time and you start paying a proportional amount towards your mortgage and only then get into investing in your retirement plan you will be well ahead of the game.
Use the mortgage pay off calculator for calculating other fixed term loans too such as car loans.