SayStart.com | Part 2: Mortgage Payoff

— Slide 2: Using Your BLOC to Paydown Mortgage —

Paying Down Your Mortgage FAST!

Now Let's Get Serious

How about over the next year, go ahead and make $5,000 mortgage payments every time your BLOC balance falls below $1,000

Now let's see how much you can save if you managed your BLOC as follows:

BLOC Account Starting Credit Line Balance: $60,000
Month	BLOC Activity	Advances from BLOC	Payments to BLOC	Balance Owned
Sep Beginning Balance				$2,794

Sep	Total Activity	$4000	$5362	$1,432
Oct	Total w/ Mortgage Pay	$9000	$5362	$5,070
Nov	Total Activity	$4000	$5362	$3,708
Dec	Total Activity	$4000	$5362	$2,346
Jan	Total Activity	$4000	$5362	$984
Feb	Total w/ Mortgage Pay	$9000	$5362	$4,622
Mar	Total Activity	$4000	$5362	$3,260
Apr	Total Activity	$4000	$5362	$1,88
May	Total Activity	$4000	$5362	$536
Jun	Total w/ Mortgage Pay	$9000	$5362	$4,174
Jul	Total Activity	$4000	$5362	$2,812
Aug	Total Activity	$4000	$5362	$1,450

Year Activity		$63,000	$64,344	$1,450

So What Do You Have

By making the four $5,000 consecutive payments on your mortgage balance, and using your discretionary income to keep your BLOC balance low, you would see the approximate numbers:

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:		$284,814
Interest Savings (approximately):		$62,700
Mortgage Paid Off:		26 years

Annual BLOC Interest Charges (assuming $3500 avg. daily balance at 8%):		$280

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.

final review notes in the next slide

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[view] SL2: Paying It Down Fast
[view] SL3: Multiple Payments
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Paydown mortgage