There is a mortgage strategy variously described in different corners of the internet where a mortgage is refinanced… and payments stay steady. For this strategy, a borrower is currently paying some monthly payment, and will continue to pay the exact same monthly payment after their mortgage is refinanced. The benefits are usually explained as an acceleration of mortgage payments and a “guaranteed investment return”. You may find yourself in a situation where you are considering this form of accelerated mortgage payments. Is it worth it? Let’s run the numbers and find out!
Read the rest of this entry »Refinance Your Mortgage and Pay the Same Amount? A Calculator to Determine if it’s Worth It!
On October - 5 - 2011
Should You Refinance Your Mortgage? A Calculator to Help You Decide!
On October - 2 - 2011
Conceptually, it’s easy to grasp why and when you should refinance your mortgage. In practice, inertia is the main reason people hold back from refinancing. With that in mind, we present these mortgage calculator which will allow you to see how your current mortgage will compare with the mortgage you are considering. Perhaps if the math is enticing, you’ll shop around? Enjoy!
We’d like to thank Hugh Chou for compiling the equations that we needed to create this calculator, and Ironman at Political Calculations for providing the calculator framework.
Read the rest of this entry »Carnivals, Week of July 20th
On July - 20 - 2009
Our article “Jevon’s Paradox, and More Ado About Gas Taxes” was featured in the OneMint Economy and Your Finances Carnival. Go check out the carnival, and the OneMint blog.
“Debt: Invest in Yours” was a featured article at LivingAlmostLarge, which is hosting the 201st Carnival of Debt Reduction. The site’s host, LAL, poses an excellent question, however: “…if you pay off debt with a windfall, how do you know you won’t do it again?” If you know the answer, post a comment over there.
“Putting a Mortgage in Reverse” is included in the 74th edition of the Money Hacks Carnival, over at Suburban Dollar. Check it out!
Read the rest of this entry »When in Doubt… Sue Yourself!
On July - 16 - 2009
Before I read this article, I could not imagine a scenario which would lead a company to sue itself. Yes; you read that correctly. Wells Fargo is suing itself in Florida in order to facilitate the foreclosure of a property in which it has multiple liens.
Read the rest of this entry »Break in Case of Emergency
On June - 21 - 2009
A commonly heard refrain in the personal finance world is ‘Keep 3 months of living expenses in an emergency fund!’ If fact, this is heard so much it’s almost become a mantra for people taking control of their finances for the first time. Where does this ‘3′ come from? Why do you keep it? All this and more will be answered, read on…
Read the rest of this entry »Debt: Invest in Yours
On June - 17 - 2009
If you come into money, don’t ignore paying down debt as an option. Oftentimes paying down debt can save you much more money than you can earn with another option. Additionally, paying off a loan in full will increase your future cash flow. Read on for a look at debt as an investment and a closer look at tax-equivalent yield.
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