Learn how mortgage amortization schedules play out for a 30 year mortgage. Easy way how to analyze the cost of your 30 Year Home Loan (30 Year mortgage) Free Downloadable Excel Amortization Schedule Template included. Statistically over 70% of home mortgages are 30 years mortgages. In this video you will learn many interesting facts regarding your 30 year mortgage. These facts and ratios will apply to any home loan regardless of the amount or the interest rate. Of course there are tax savings on mortgage interest paid, but those savings will be ignored for this analysis. We will be looking at the bare bones of a 30 year mortgage. You can run this same analysis for a 15 year mortgage.
– Do you know how much your 30 year mortgage truly costs you?
– Should you invest or pay off your mortgage early?
– How soon do you need to pay off your mortgage in order to save 50% of the interest on your mortgage?
– How soon do you need to pay off your mortgage in order to save 25% of the interest on your mortgage?
– This is a Quick way to analyze your mortgage
This is a quick analysis I did a few years back on my own mortgage and it truly opened my eyes to how costly holding on to a mortgage can be.
Links to interesting articles and downloadable content
The Free Microsoft Excel Amortization Schedule template can be found here: https://templates.office.com/en-us/Loan-amortization-schedule-TM10073881
Fed 30 year mortgage rates: https://fred.stlouisfed.org/series/MORTGAGE30US
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The information presented in this video is not to be taken as legal or tax advice. MKChip is dedicated to teaching financial literacy and subjects that matter so you can live your life uncaged!
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