September 29, 2020
4 MINUTE READ
Everyone wants to save money. More money in the bank means security, comfort and opportunity.
You know you want to save more money but it feels like there isn’t much wiggle room in your current plan. And if a financial “guru” tells you to cut back on your morning coffee one more time your head might explode.
I’m going to let you in on a little secret about saving money. Focus on reducing the big expenses in your life. The top expenses for Americans are housing, transportation and food. Housing is the biggest expense by far. By focusing on these three big areas you can save yourself hundreds of dollars every month. Now we’re talking saving thousands of dollars a year. Not skimping on your two dollar coffee on Monday morning.
Today I’m going to share 4 home loan calculators you can use to reduce your housing expenses. These mortgage calculators can be used by anyone. They’re free and simple to use.
I’ll share what each calculator does and tell you what that could mean for your financial plan. All of these home loan calculators are available at dinkytown.net. They are free to use.
When people find their dream home they usually want to stay in it. If you’re in a home you want to stay in for a long time then you might want to look into bi-weekly mortgage payments.
Bi-weekly payments allow you to sneak in an extra mortgage payment a year. This might not seem like a lot at first but over time the amount of interest you save can be a large amount of money. #Winning.
Plus most people get paid bi-weekly. So your bi-weekly mortgage payments can line up nicely with your paycheck.
If you already have a mortgage make sure to check with your lender before you start paying bi-weekly.
Click here to use the bi-weekly mortgage payment calculator.
This mortgage calculator shows you how much quicker you can pay off your mortgage by making a larger payment every month.
Much like a bi-weekly mortgage payment the savings is in the interest. If you pay your mortgage off early that is less money in interest you have to pay. The numbers are big. We’re talking thousands of dollars. And this could be achieved just by paying an extra one hundred dollars a month on your mortgage.
Play with this calculator and see for yourself.
Click here to use the mortgage payoff calculator.
When interest rates are low you want to use this calculator to see if there is potential to save some money by refinancing.
There are two calculations you need to run to see if refinancing your home loan makes sense. The first one is to see if you can decrease your monthly payment and save on interest. That’s exactly what this mortgage calculator does.
You can play with the interest rates and length of the loan to see what kind of results you get. With low interest rates it’s not unrealistic to save yourself hundreds of dollars a month and thousands in interest over the life of a loan.
But you’ll never see this type of savings if you don’t run the numbers and see for yourself.
Click here to use the refinance interest savings calculator.
There’s no free lunch when refinancing your home loan. I wish there was. But there isn’t. There are costs associated with getting a new home loan. Sometimes people pay them up front and out of pocket. Other times people prefer to roll the costs into the loan, also known as a “no-fee” or “no-cost” refinance.
However, you can still save big despite the costs. A simple break even analysis will tell you if refinancing your mortgage makes sense. My recommendation is to use this refinancing calculator along with refinance interest savings calculator. This will give you the full picture of how much money you could save in total with reduced payments and interest.
Click here to use the mortgage refinance break even calculator.
Use these home loan calculators for yourself and run the numbers!
Instead of worrying about cutting a small expense from your monthly budget focus on reducing expenses in the big three areas. Fifteen minutes of playing with these home loan calculators could save you tens of thousands of dollars. That’s a big savings win!