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Mortgage VS Home Equity Line of Credit Custom Daily Spreadsheet

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Spreadsheet compares HELOC to Mortgage as a strategy to pay down debt

*** Digital Download: Apple Numbers and Microsoft Excel ***

What is the tipping point in using a Home Equity line of credit (HELOC) to pay down your mortgage? This spreadsheet will help you analyze your options.

To use the chart simply enter the Original mortgage value, APR Mortgage Rate and the length of the amortization in months (full term of the mortgage) in Canada and the United States it is usually 300 months (25 Years) or 360 months (30 Years).

This chart can handle monthly, semi-monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated bi-weekly payments. The payment is calculated automatically and the chart is built to show a visual representation of the amount of time to pay off the loan.

Finally enter the last payment date and the remaining value of the mortgage. Then enter the value of an extra payment and everything else fills in automatically.

We now can see how much interest will be paid on the mortgage from now until the mortgage balance reaches zero.

To compare the potential use of a HELOC to pay off the loan, simply enter the amount to transfer from the HELOC to the mortgage and the rate of the HELOC interest. 

The spreadsheet has 2 sheets:

Quick Calculator - Compares equal payments to either a mortgage only or to combined debt mortgage/HELOC scenario to determine which one would outperform in terms of interest savings.

Custom - Daily tracking spreadsheet that calculates interest savings utilizing a HELOC as a bank account to help keep the debt as low as possible while still continuing to make mortgage payments.


*** Enter Values into cells that have a WHITE background colour only***


This chart is good for loans up to 360 months in length and can accommodate variable extra payments each month to track a mortgage or predict how soon a mortgage can be paid off and compares the daily interest charged for both a mortgage loan and a home equity line of credit.

Check out the video demo here:


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