So if you only make that minimum payment,
that’s listed on there lo and behold you’re not going to pay down any
principal. So, it’s back-to-school season and
parents across the country are rejoicing. Time to go back and buy some school
supplies, probably involves a calculator or two, so we’ve got some suggestions on
calculators that you might want to add to your life. That’s right a lot of
people have been taking on home equity debt lately, or they have existing debt
and they have no idea about when they’re gonna pay it down. So it’s time now where
we kind of figure out how long is it gonna take to pay down that debt, and you
know using some inputs with the calculator we can easily calculate that
now and get yourself on a financial plan. Yeah we like to see people doing
improvements to their home we like to see people improving the value of an
asset that’s all great but, if we lose sight of how long it’s gonna take us to
pay it off how much interest were actually gonna pay for that improvement
and ultimately what it does to our monthly budget we very well might put
ourselves in a worse situation than if we’ve not done it at all. Yeah home equity lines of credit are really interesting because they’re floating
rates of debt commonly so they can go up and down as interest rates go up and
down, they’re on a 15 year chassis most of the time and you’re only really
required to do interest only payments. So if you only make that minimum payment
that’s listed on there lo and behold you’re not gonna pay down any principal.
It puts people in a situation where they have full sense of security they
can afford the payment but they don’t really realize that it’s actually never
gonna pay itself off, so using some of the calculators that we provide are a
great way to be able to understand exactly how long it’s gonna take for you
to pay that down that’s exactly right so get it a little bit better handle on
your debt when it’s going to be paid off. what your interest rate is and consider
your options. We’re happy to sit down with anyone to kind of plan out some
debt management there and to go through and make sure that your financial plan
is on track if you like this please share with other people and also check
out our podcast Gimme Some Truth on iTunes and SoundCloud

Home Equity Loan Calculators
Tagged on:         

Leave a Reply

Your email address will not be published. Required fields are marked *