Using Your Home Equity as a Bank

— Slide 3: Your BLOC Has Become a Great Tool —
Making Multiple Payments to Payoff Your Mortgage

Now Let's Take This a Step Further

If you were to use your BLOC to make consecutive lump-sum payments of $5,000 every 4th month until your mortgage was paid off, you would see the approximate results as follows:

Please Note: these numbers are assumptions based on discretionary income remaining fixed. A true life example may show more or less discretionary income. The numbers may be different depending on your individual circumstance.

Mortgage Loan Rate Term
$300,000 6.00% 360 Months
Monthly Payment (no lump-sum payments): $1,798.65
Total Interest to be Paid after 360 months: $347,514
Mortgage Paid Off: 30 years
Interest Paid after making lump-sum payments: $164,445
Interest Savings (approximately): $183,069
Mortgage Paid Off: 14.1 years
Download this spreadsheet to run your own numbers.

FREE Download (MS Excel Worksheet)

If you have MS Excel - or other type program - use this amortization schedule to analyze your own payment and payoff numbers.

Need More Information

We have a complete demonstration on how you can payoff your mortgage loan FAST using your HELOC.

The demonstration Includes a review of an online system that can help manage and project your payoff amounts

click here for the presentation

 

Download this spreadsheet to run your own numbers.

FREE Download (MS Excel Worksheet)

If you have MS Excel - or other type program - use this amortization schedule to analyze your own payment and payoff numbers.

 

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