Hands up if this video gave you even more adulting anxiety 🙋🏻 TIMESTAMPS 00:00 How to Calculate Monthly Payments 00:33 Intro to Mortgage Calculator Template 00:58 Monthly Payment for Fixed-Rate Loan 02:33 Calculate Monthly Interest Payments 04:55 Double Check Your Calculations 05:49 How Interest Rate affects Total Interest 06:17 How Extra Payments affect Total Interest 07:05 Pro Tips for this Mortgage Calculator
@JosePacheco-js7wn
Жыл бұрын
🙋♂
@JeffSu
Жыл бұрын
@@JosePacheco-js7wn 😂😂
@xyrusbuchanan7522
Жыл бұрын
The template is not found on Google sheets
@JeffSu
Жыл бұрын
@@xyrusbuchanan7522 which link did you use?
@xyrusbuchanan7522
Жыл бұрын
I clicked the link on the website
@mickfromsyd6064
Жыл бұрын
Jeff after my parents spending 30 minutes trying to explain it and me not getting it. I found your video and now teaching them 👏🏻 cheers mate
@JeffSu
Жыл бұрын
Glad to hear it my friend 😁
@nickbetzold5623
Жыл бұрын
Hey Jeff, I haven't read all the comments (someone probably already pointed this out) but you verbally added Total Interest to calculate Total Principal in the second row for Total Principal. But the formula you entered was correct. Great service you're providing to home buyers! As a retired investment banker who joined his wife as a Realtor, I used to use Excel all the time, but have had relatively little need over the last 20 years. I say this to say you are not only helping home buyers, you're also helping an old dog like me save the mental energy needed to figure out how I would lay this out for my potential clients. Hat tip to you, and just so you know, and I would be glad if you beat me to the punch, we need to create a spreadsheet that goes the next step and can compare the real economic consequences of the 3 different scenarios (payment options) the lender offers after our offer to the seller has been accepted, including different interest rate buy-downs. Peace, --N
@JeffSu
Жыл бұрын
Glad to see you vouch for this 😁
@JS-dr4tw
2 ай бұрын
Great video! Trying to teach my young children how loans work before they're adults
@JeffSu
2 ай бұрын
That's an excellent idea
@LuisjmGil
Жыл бұрын
Maaan you are make us more rich for free. Hope everybody can see that. Big hug and thank you so much.
@JeffSu
Жыл бұрын
I hope so too 😇
@denniskaluzhni5255
Жыл бұрын
Hey Jeff, Great video as always! Just quick note that when dividing the percent by 12 it's not very accurate - for better results add 1 (for 103.3%) and root the number of months (or add to the power of 1/12) and then subtract 1. I know it's a bit complicated at first, so maybe that's why you made it simpler :) Keep up the great work!😁😁
@JeffSu
Жыл бұрын
Hi Dennis! Yes thank you for this feedback! I didn't want to dive into all the equations and math and just let the PMT formula do its thing 😂
@meliketasdelen123
Жыл бұрын
Isn’t 3.3% semi annual rate? You first need to calculate the effective annual rate then calculate the monthly rate
@dumontwilliams5098
3 ай бұрын
Jeff you are a master at your craft
@JeffSu
3 ай бұрын
I'd like to think so 😏
@itskristieali
Жыл бұрын
Amazing video, learned so much and learned more about excel on top of that. Thank you so much!!
@JeffSu
Жыл бұрын
Thanks so much Kristie! Glad to hear it 😁
@Ben-rc9br
Жыл бұрын
Google sheets*
@urmomsh0use
Жыл бұрын
Idk why you'd make us do all the formula stuff when you're the one creating the template. It made a ton of extra work for no reason
@JeffSu
Жыл бұрын
Hi Brian, thanks for the feedback 😁. The template is there to help you get started, but since the numbers are different for everyone (i.e. my principal amount is different from yours), users would need to make adjustments and changes as well!
@nikhilgoyal007
8 ай бұрын
thanks. Monthly interest is (1 + Ann rate) ^ (1/12) -1 . It is very close to the Ann rate / 12 but here it is causing your monthly payment to be $10 more than it needs to be :)
@JeffSu
8 ай бұрын
Oh great point!! 😁
@nhitc6832
6 ай бұрын
the difference is just so minuscule that most banks will just divide by 12
@arabianseagull
Жыл бұрын
absolutely excellent Mr. Jeff Su. Thanks 🙏
@JeffSu
Жыл бұрын
You're very welcome 😁
@Andrea_Dong
Жыл бұрын
Jeff entering the personal finance space I see 👀 Congrats on the apartment by the way! I love your interior! It looks very minimalistic :>
@JeffSu
Жыл бұрын
Hahahaha just wanted to share an essential life skill I wish I had learned in college LOL. And thank you! I picked out the colors myself 😁
@Andrea_Dong
Жыл бұрын
I agree that it’s essential to know this stuff! It’s definitely eye opening and really emphasizes how major the effect of a 1% increase in rates is 😅 Gotta always negotiate down! As a finance major, I was taught to calculate this using the good ol’ BA II Plus financial calculator but your template does a nicer job of presenting it I’d say :3 And it’s a nice choice of colors! Considering the color pallet of your dual monitor setup, it’s definitely cohesive ^-^ Any chance of an apartment tour some time in the future? :p
@vvvinsanity
Жыл бұрын
Boosted my productivity level by 932% bro
@JeffSu
Жыл бұрын
Not 933%?
@gaureya6123
7 ай бұрын
I like the word you said " Automagically" calculated.👍😀
@JeffSu
7 ай бұрын
Hahaha thank you! Hopefully you like the rest of the video too 😂
@mlgen7
Жыл бұрын
This is just brilliant. I needed something like this. I would really like to vote for variable rates too... It has been 2 years now with fixed and recently had to fight with the bank to get a decent deal considering the inflation. So payments (rates) change from October.
@JeffSu
Жыл бұрын
How much are they increasing your rate Vivian?
@gracejones5763
28 күн бұрын
Jeff, this is awesome. Love it. Very easy to understand. One question, what if it's base on a variable rate instead of fixed? let's say 2 years in, rate increases and 3 years in, rate reduces. How to adjust accordingly?
@QuebecTest
Жыл бұрын
Super useful. Thanks 👍
@JeffSu
Жыл бұрын
You're very welcome 😁
@rets34xleopard
5 ай бұрын
This is the video that solved it for me. Great stuff!
@JeffSu
5 ай бұрын
No problem 😁
@hengytb
Жыл бұрын
damn I bought a house earlier this year and I did my own mortgage calculator sheet, but after watching this video realizing how primitive my sheet was haha, needs an adjustable/LPR base video urgently Jeff, your video always creates great value in my life.
@JeffSu
Жыл бұрын
Hahaha well 80% of the value from calculators are just the monthly payment aspect, since that basically tells you whether you can afford the mortgage. Will do the variable rate one down the line 😁
@ShannonFranklin-dy9ik
Жыл бұрын
Thank you so much for this video. It was very instructive.
@JeffSu
Жыл бұрын
You're very welcome Shannon!! 😁
@simopr09
Жыл бұрын
PMT is a badass formula !
@JeffSu
Жыл бұрын
It is! Super super powerful 😁
@Adilumer123
3 ай бұрын
WELL DONE JEFF!!!
@JeffSu
3 ай бұрын
Thanks!!!!
@jillpelkey4312
Жыл бұрын
Would love an adjustable rate calculator!
@JeffSu
Жыл бұрын
Thanks for letting me know! 😁
@gayanmaduranga6364
5 ай бұрын
කඩවත❤ 🎉
@dads_random_projects
10 ай бұрын
Great video. Download link for template doesn’t seem to be working. Not to worry tho you video was very clear and I have followed along to create my own version. Thank you! Now to work out the benefits overpaying will have for me 😅
@JeffSu
10 ай бұрын
Which link are you using?
@jasondhindsa6774
8 ай бұрын
Jeff, can you please do a video on how to create the same spreadsheet for a variable rate mortgage?
@JeffSu
8 ай бұрын
I might in the future!
@shreeramvenkatesan1658
8 ай бұрын
I'm surprised this video does not have many more views
@JeffSu
8 ай бұрын
I know right?
@joserivera7349
6 ай бұрын
Great tutorial.
@JeffSu
6 ай бұрын
Thank you!
@valentinerobby6576
4 ай бұрын
hi Jeff, thank you very much for the assistance. much appreciated. Hey Jeff, I need a copy of this template to follow through. thanks
@JeffSu
4 ай бұрын
It's in the description
@prolettrifonova4167
Жыл бұрын
The adjustable-rate one, please :) also it will be interesting to share details around the negotiating with the bank. Thank you
@JeffSu
Жыл бұрын
Gotcha, will do down the line 😁
@gaureya6123
7 ай бұрын
Just watched your video, and I already subscribed to your channel. Great tutorial, Easy to understand even for a beginner level. But it was a tad too fast for me. OK. I did not watch Ali's video. But when I put the numbers he used, I got the same PMT$8485.24. Is it correct or wrong?
@JeffSu
7 ай бұрын
It's correct!
@timothygraham8348
Жыл бұрын
Such a great video. I love how you taught us all of the PMT formulas. I didn't know how to use them before. Random question for you. Is there a way to have the sheet auto-remove all the rows at the bottom once the balance hits $0? I'm guessing this ties into the MIN/MAX functionality or an IF=$0/THAN stop populating rows below formula with an extra step.
@JeffSu
Жыл бұрын
Yea I'm not sure Timothy 😂. Let me know if you ever find out!
@jiamingshen6906
Жыл бұрын
Great Video! Really appreciate it.
@JeffSu
Жыл бұрын
Thank you 😁
@walrus-splice-renewable
11 ай бұрын
Great video, just what I needed! Thank you very much!
@JeffSu
11 ай бұрын
You're very welcome 😁
@tarsila_kruse
Жыл бұрын
This is super useful! Thank you Jeff!
@JeffSu
Жыл бұрын
You're very welcome 😁
@benasleo
Жыл бұрын
Yeah, it would be nice to get an adjustable interest calculator as my country does not offer fixed rate mortgages 🙏
@JeffSu
Жыл бұрын
Gotcha, thanks for letting me know Benas!
@misha.6634
Жыл бұрын
it's gorgeous. just try to understand how I can do work with variable monthly payment, but this spread is unbelievable simple as well unbelievable amazing.
@JeffSu
Жыл бұрын
Thank you Misha! Wait your interest rate changes month-by-month?
@misha.6634
Жыл бұрын
@@JeffSu no 😂 but I have option for my loan (not mortgage) when I pay extra money for one month, I can reduce my monthly payment for the next period. but the idea is very similar to the one you presented in video.
@JeffSu
Жыл бұрын
@@misha.6634 ahhhhhh got it
@liaaaan86
Жыл бұрын
Nice work and congrats on becoming a home owner! My wife and I have (in january 2023) been keeping our financials in google sheets for 10 years :O
@JeffSu
Жыл бұрын
Thank you Kristian, it feels weird but satisfying at the same time! Other than mortgage calculations I'm assuming you use Google Sheets for expense and savings tracking as well?
@liaaaan86
Жыл бұрын
@@JeffSu Startet out weith just Expenses and savings, but morphed into so much more.
@jasondhindsa6774
Жыл бұрын
This was an amazing video! I needed this spreadsheet! Thank you Jeff!
@JeffSu
Жыл бұрын
Nice! Are you taking out a mortgage too??
@jasondhindsa6774
Жыл бұрын
@@JeffSu yes, planning on moving soon!
@sposo
Жыл бұрын
thx jeff for this!
@JeffSu
Жыл бұрын
You're very welcome David 😁
@chypher
Жыл бұрын
great video Jeff, this is amazing! congrats for the new house ownership phase! :D
@JeffSu
Жыл бұрын
Thank you!!! Now I have to be mentally prepared for 20+ years in debt 😅
@zamora0417
Жыл бұрын
In a scenario where a loan is paid off early with extra payments applied to the principal (inconsistent times), do you know how to calculate the interest rate (not amount) paid after the loan is paid off? For example, if the term of the loan is 60 months with an interest rate of 6%, but someone paid it off in 50 months? This has proven difficult to find the answer to so any help is greatly appreciated.
@JeffSu
Жыл бұрын
But if you got a fixed interest rate loan, the interest rate won't change
@bogxd
Жыл бұрын
Haha, loving the humor
@JeffSu
Жыл бұрын
Thanks Bog! 😂 I'm planning to do another Mac apps video soon! Hope you're doing well!
@bogxd
Жыл бұрын
@@JeffSu I'm doing great!, Thanks for asking. Alright you've convinced me to turn on notifications xd
@sarahpayne1173
6 күн бұрын
Is it possible to set this up in a bi-weekly payment plan?
@MrBokkyboy
Жыл бұрын
You sitting and waiting for this one: the notion template is on the way 😅
@JeffSu
Жыл бұрын
LOL nahhhhhh 😂
@MrBokkyboy
Жыл бұрын
@@JeffSu hmm was worth the effort 🤣🤣🤣🤣. Still gonna use this so thanks brotha 👊🏽
@BlahBlah-gb6st
Жыл бұрын
Did you ever make the video on variable rates? I want to track my mortgage like you showed but the interest rate keeps going up randomly in South Africa.
@JeffSu
Жыл бұрын
Not yet!
@whiitly
10 ай бұрын
@@JeffSuneed one with variable rate pls 😭😭 my country doesn’t offer fixed rate mortgage🫠
@MrBokkyboy
Жыл бұрын
oke I have 2 questions if i may: 1 how can i change the currency from dollar to euro? 2 i have my mortgage for a few years now should i start with that date? i also have a 30 year plan. i think i should in order to see the full plan but just to be sure ;-)
@JeffSu
Жыл бұрын
1. Currency option is in the menu bar 2. You should start with your mortgage start date yes!
@rasheedrasheed6769
Жыл бұрын
Yo, thank you for helping me find my monthly payment for my imaginary house. 😂 thanks for real. One day, one day.
@JeffSu
Жыл бұрын
No problem! Here's an imaginary high five as well 😆
@valentinerobby6576
4 ай бұрын
Hey Jeff, l can't find the link. l need a copy of this template to follow through. Thank you.
@JeffSu
4 ай бұрын
It's in the description
@joemaldonado5740
Жыл бұрын
Genius ❤thank you 😊
@JeffSu
Жыл бұрын
You're very welcome 😁
@nealdiwu3359
Жыл бұрын
It’s awesome , thx 👏🏻
@JeffSu
Жыл бұрын
You're very welcome my friend 😁
@percybehrana123
Жыл бұрын
you killed it with this video. really well explained.
@JeffSu
Жыл бұрын
Thank you Percy! I'm glad I didn't make a mistake tbh 😂
@MikeFico998
Жыл бұрын
You’re assuming the mortgage compounds monthly… does it?
@JeffSu
Жыл бұрын
You mean the interest?
@TheEurymonae
Жыл бұрын
Amazing added value for your community. Thx alot! ;-)
@JeffSu
Жыл бұрын
Glad to hear it!! You're very welcome!
@kenjifox4264
Жыл бұрын
Maybe you could include other important fields: - home insurance - HOA (for those who have it) They would reflect a more accurate monthly payment.
@JeffSu
Жыл бұрын
Great points Kenji!
@wakefieldschooloftennis3479
Жыл бұрын
Great video thanks. Trying to create the doc from scratch but my laptop wont lock in a value (FN+ the interest rate)... any advice? thanks in advance
@wakefieldschooloftennis3479
Жыл бұрын
No worries all good .. thanks for a very useful piece of kit
@JeffSu
Жыл бұрын
Sorry mate, just saw this! Glad it worked out! What was the problem?
@123puppo
Жыл бұрын
Are you able to also include a down payment in this format? or is this more so taking the account of just the loan it self?
@JeffSu
Жыл бұрын
Technically you can just add an extra payment in the first month but yes this is mainly for the loan
@123puppo
Жыл бұрын
@@JeffSu when you do the extra payment for the mortgage, do you have to let the loaner know that you’re paying towards the principal? Or should that be a known thing? Thank you for taking the time out of your busy schedule to reply as well!
@JeffSu
Жыл бұрын
@@123puppo Yes you definitely need to let the loaner know!
@BasharAlkhalili
8 ай бұрын
Thanks!
@JeffSu
8 ай бұрын
No, thank YOU my friend 😁
@liaaaan86
Жыл бұрын
Did you ever get around to make the "adjustable rate" video?
@JeffSu
Жыл бұрын
Not yet! Too many ideas in the pipeline, and I just recovered from Covid 🤒
@liaaaan86
Жыл бұрын
@@JeffSu ah! Take your time coming back for Covid. For some, long covid is no joke.
@JozsefSorger
Жыл бұрын
Can you share the adjustable mortgage calculator too. That would be useful.
@JeffSu
Жыл бұрын
Will do in a future video 😁
@dhavalpatl2010
Жыл бұрын
Thank you
@JeffSu
Жыл бұрын
You're very welcome!
@KarlBradbury
Жыл бұрын
I'm on line 10 and putting your formula in Interest column. It continues giving me a % figure which is doesn't make sense. (24525.00%) instead of the interest amount. What am I doing wrong?
@JeffSu
Жыл бұрын
You need to change the cell formatting to percentage :)
@Patrimoine974
Жыл бұрын
Thank you. Great video. It is very useful
@JeffSu
Жыл бұрын
Glad to hear it! I wish I had known about some of these concepts wayyyy earlier in life haha
@salgueroro
8 ай бұрын
Great video ! Your example has 1 mortgage payment every month, I would like to know what to do if My mortgage payments are bi-wekly , 26 payments / year ? Thank you !!
@JeffSu
8 ай бұрын
You'd simply change the frequency
@TheMrjoecast
Жыл бұрын
awesome videos
@JeffSu
Жыл бұрын
Thank you Joe!
@sunkanmibero
Жыл бұрын
Big up to you and thanks 😊 🙏🏾 you. I flexible rate spreadsheet would be amazing 👏.
@JeffSu
Жыл бұрын
Got it, thanks for letting me know Ola 😁
@The_Jester
Жыл бұрын
What if you ask for more just to make extra high payments?
@JeffSu
Жыл бұрын
Wait what 😅
@The_Jester
Жыл бұрын
@@JeffSu @Jeff Su you paid 5.000 extra over 10 years (50k) to save 53k and finish the loan 5 years earlier. If you ask for 450k, and use 5k annually as you illustrated, you will save 25k and finish the loan 4 years earlier 😉 you would need to spend your annual bonus.
@tbpf4422
Жыл бұрын
great information but for a novice that video was explained at a level that reminded me of calculus in college :(
@JeffSu
Жыл бұрын
Sooooo too hard or too easy?
@timpiepho2181
Жыл бұрын
@@JeffSu too complicated and gone over too fast! Need to slow down the demonstration :)
@JeffSu
Жыл бұрын
@@timpiepho2181 Gotcha
@oliviamo425
Жыл бұрын
Hey mate, excellent video. I was hoping you can help with calculating refinancing to a new home loan considering the following: Refinance offer 1: Loan amount: $550k interest rate 5.04% cashback $4000 once off fee $250 ongoing annual fee $250 100% full offset account with starting balance at $80k Refinance offer 2: Loan amount: $550k interest rate 5.03% cashback $2000 once off fee $0 ongoing annual fee $0 100% full offset account with starting balance at $80k Which refinance offer will be provide the best savings?
@MadhushanMadhu-j9r
12 күн бұрын
Good
@JeffSu
11 күн бұрын
😁
@Lefty8723
Жыл бұрын
Great video!
@JeffSu
Жыл бұрын
Thank you my friend! 😁
@AlexanderWilliamSy
5 ай бұрын
How do you access it? for some reason, I couldn't open it
@JeffSu
5 ай бұрын
The link? you should be able to make a copy directly after signing into your google account
@user-gb7yp7nw7h
Жыл бұрын
Thank you so much.
@JeffSu
Жыл бұрын
You're very welcome Melody 😁
@annamarieg2526
Жыл бұрын
Is there a specific reason why I can’t edit the template after downloading?
@JeffSu
Жыл бұрын
Are you logged into your Google account? After you make a copy you should be able to edit your copy directly Annamarie :)
@edwinramm
Жыл бұрын
Hi Jeff Como estas, Very interesting Video, thanks
@JeffSu
Жыл бұрын
You're very welcome Edwin 😁
@okwonneezy3972
Жыл бұрын
how do you set up the adjustable Mortgage Calc
@JeffSu
Жыл бұрын
I might talk about that in a future video!
@zina.aziz.1990
Жыл бұрын
Jeff, what about if you have an offset account and your repayments are fortnightly haha. I can’t figure out how to factor that in 😂
@JeffSu
Жыл бұрын
So instead of monthly, it's every 2 weeks right? So basically 30 years * 12 months * 2, so that's 720 payment periods instead of 360. Hope that helps!
@akilaliyanage
Жыл бұрын
Jeff, would love to see the adjustable mortgage calculator
@JeffSu
Жыл бұрын
Gotcha, thanks for letting me know!
@MorrWorm8
Жыл бұрын
Did you ever make a Adjustable rate video?
@JeffSu
Жыл бұрын
Not yet!
@Ryan-uk8kz
Жыл бұрын
Any easy way to see how many months youve taken off your loan term with making extra payments?
@JeffSu
Жыл бұрын
Sure, just scroll down haha
@Ryan-uk8kz
Жыл бұрын
@@JeffSu Haha nice. I added a COUNTIF formula to count the number of cells between c10 and c369 that contain a value greater than 0. Now when I change the extra payments I can see how many months the payment(s) remove
@JeffSu
Жыл бұрын
@@Ryan-uk8kz that’s way smarter than my idea 😂
@jonasjago123
Жыл бұрын
Hey do you know a way for an 2 way sync between Outlook and google ?
@JeffSu
Жыл бұрын
What are you trying to achieve?
@stevieshift7171
Жыл бұрын
I downloaded your template? Could I essential just plug in my numbers to the template with your $400,000 loan and it be correct?
Жыл бұрын
Nice 👍🏼
@JeffSu
Жыл бұрын
Thank you José 😁
@collinl.179
11 ай бұрын
Can you help me figure out how the bank calculates my payment. I can't figure it out. I borrowed 5017.85 at 19.495 apr, 84 payments, i got the money on 9/8/23 , payments due each 20th with first payment made on 10/20/23 , last on 9/20/30. THey say my payment is 110.62, i can not figure it out. Please help. One thing i noticed is 84 payments could be 83 periods ... not sure how this figures. THanks cp
@nhitc6832
7 ай бұрын
there is the formula. Just google Amortization formula. Or just google Amortization calculator and plug in the numbers.
@sayednab
6 ай бұрын
Can you do one with variable rates?
@JeffSu
6 ай бұрын
I might do one in the future!
@sayednab
6 ай бұрын
@@JeffSu thanks! But I've a q regarding amortisation. Bank uses daily interest rate to calculate the interest for the given month. And interest rate changes multiple times in a month. Is there a workaround to this? I mean can i automate this in excel or python somehow? Also, the bank substract the whole payment from the closing balance and add interest rate and transaction cost for the upcoming month. Which is really odd tbh. I can provide you with the all the data if need to be. Thanks in advance.
@hussainal-nabhan7266
Жыл бұрын
I thought Mortage compounding frequency was semi-annually? Does this take into account compound interest?
@JeffSu
Жыл бұрын
Sorry not sure what you mean there, I make monthly mortgage payments on a variable rate mortgage (although this video is for a fixed-rate mortgage). Yes it does take into compound interest
@hussainal-nabhan7266
Жыл бұрын
@@JeffSu Hey Jeff, I used the PMT function on the BA II Plus financial calculator. I understand P/Y value must be set to 12 as payment frequency is monthly. But I thought mortgages are compounded semi-annually which would require C/Y value to be 2. If you are unfamiliar with financial calculators, I apologize. Here is the calculation I used: 2nd FN, P/Y set to 12 2nd FN, C/Y set to 2 (semi annually) N = 360 I/Y = 3.30 PV = -400,000 (to result in positive) FV = 0 CPT PMT = 1,746.877 My question is do mortgages use simple interest or compound interest calculations? Simple interest only charges interest on the remaining principal amount while compound interest charges on both remaining principal and accumulated interest amounts. This video appears to be simple interest with no compounding frequency. But I thought mortgages have a semi-annual compounding frequency?
@hussainal-nabhan7266
Жыл бұрын
@@JeffSu Another thing I would like to understand is how the portion of interest and portion of principal are divided. If my first few mortgage payments are 80% interest and 20% principal, won't that result in me paying more interest over-time as simple interest calculations are based on remaining balance of principal?
@nhitc6832
7 ай бұрын
Here in the U.S, almost all mortgages are compounded monthly. It would be nice if it's compounded semi-annually. We would save a lot of money in interest!
@mentalflow
Жыл бұрын
My mortgage bank has these features in their website
@JeffSu
Жыл бұрын
It's a plug and play calculator right? It might not show all the monthly payments and the breakdown between interest and principal? 😅
@mentalflow
Жыл бұрын
@@JeffSu It's not as convenient as your sheet. It allows me to make hypothetical changes such as more monthly payment/a lumpsum payment, and see how that impacts the payout schedule
@JeffSu
Жыл бұрын
@@mentalflow Got it, glad to hear this spreadsheet is still slightly useful 😅
@ache205
Жыл бұрын
Awesome video, new to the channel, how do you edit the Excel Sheet? It only lets me view it but not edit
@JeffSu
Жыл бұрын
Make a copy directly :)
@YianniAP
Жыл бұрын
Instead of the additional $5k payments towards your mortgage - consider taking that money and instead investing it in S&P500. At an average return of 10% a year, after 30 years your $50k will be $270k.
@thecreativespreadsheet4180
Жыл бұрын
Wouldn't it be closer to $600,00 after 30 years?
@YianniAP
Жыл бұрын
@@thecreativespreadsheet4180 I'm not sure! Probably, I just got confused with the math haha
@thecreativespreadsheet4180
Жыл бұрын
@@YianniAP Haha fair enough. Still a good point regardless
@JeffSu
Жыл бұрын
This is a GREAT point!!! I totally forgot to take opportunity cost into account!
@JeffSu
Жыл бұрын
You mean 600,000 right? 😁
@Avinaashification
Жыл бұрын
is there a quick way to check and ascertain if making an upfront payment during origination of the loan (say 20% down-payment) is better vs. paying the same amount, in 4 equal installments in Extra Payments?
@JeffSu
Жыл бұрын
Hey Avinash! Good question - This calculator doesn't take into account the down payment, since that by default wouldn't be part of the principal if that makes sense. Basically you would just compare a lower principal loan amount (aka after making the down payment) vs. a higher loan amount but paying it back in extra payments.
@melongstrike
10 ай бұрын
Not full story. Need to add taxes and insurance.. all calculated in monthly payment
@JeffSu
10 ай бұрын
Yea this is just the mortgage portion haha
@melongstrike
10 ай бұрын
@JeffSu yes this gave me anxiety... adulting stinks. Let's couple high interest rates and sellers asking for what can only be considered incomprehensible greed. It's bad, all bad lol
@Hishighness447
Жыл бұрын
Maybe next time just add the formal
@JeffSu
Жыл бұрын
What does "add the formal" mean?
@R0yalBeauty77
Жыл бұрын
The free download is no longer available.
@JeffSu
Жыл бұрын
I just checked, the link still works!
@R0yalBeauty77
Жыл бұрын
@@JeffSu interesting it did not open for me.
@JeffSu
Жыл бұрын
@@R0yalBeauty77 are you using chrome
@R0yalBeauty77
Жыл бұрын
@@JeffSu Yes and then I tried Edge with no success
@JeffSu
Жыл бұрын
@@R0yalBeauty77 Are you logged into Google?
@Sljocker900
3 ай бұрын
40000
@JeffSu
3 ай бұрын
wait what
@dumindathilak9383
2 ай бұрын
❤
@roj30001
Жыл бұрын
But that’s crazy cause if he were to make his regular payments month to month he would have paid $630,000 for a $400,000 house and ion like that
@JeffSu
Жыл бұрын
The horrors of interest rates 😂
@roj30001
Жыл бұрын
@@JeffSu how is the interest rate calculated to give that amount
@JeffSu
Жыл бұрын
@@roj30001 It's given from the bank
@roj30001
Жыл бұрын
@@JeffSu I know that I mean how it’s it calculated onto the 400,000 because it’s doesn’t seem like it’s a lump sum percent rate because 3.3% of 400,000 does not equal to 230,000 so how do the implement this 3.3% in the equation the amounts to you paying over half or the value of the loan more back to the bank
@nhitc6832
7 ай бұрын
yes. Banks are greedy! that's how they make money.
@eddiemiro7160
Жыл бұрын
Formula please.
@JeffSu
Жыл бұрын
You can make a copy of the spreadsheet Eddie, it's linked in the description 😁
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