Mortgage Loan

Understanding how to calculate Credit Card Interest





This is a requested video as a follow up to my first video titled, “How to pay off your 30 year mortgage in 5-7 years”. After that video I have received a lot of questions and a few requests asking to explain how to calculate the interest that is associated with the line of credit that is used to pay down the home loan. This video will provide you with the formula to be able to calculate simple interest, create a spreadsheet for your amortized loan, calculate the interest savings, and determine the best financial approach to reach your financial goals.

LINK TO VIDEO : “How to pay off your 30 year mortgage in 5-7 years”

KARL’S MORTGAGE CALCULATOR APP:

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DISCLAIMER: I (Laura Pitkute) am committed to providing the highest level of information that is legal and ethical to the best of my knowledge, however during this video I am not practicing law nor should anyone rely on the content shared as legal advice, but rather it would be in everyone’s best interest to consult COMPETENT legal professionals before implementing any of the shared strategies.

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9 comments

  1. If you take advantage of 0% apt credit cards thru the process you can perhaps save some interest from the credit card.

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  2. If someone had no debts would it be a great idea to use the strategy to be able to contribute maximum contributions each year in your IRA or Roth IRA (RRSP and TFSA in Canada)You could borrow in the line of credit at the end of the year just before tax seasons ends. You would get the tax deductions a month later after filling you income tax and could use that to repay the loan made on the line of credit even quicker.

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  3. You are explaning the strategy as clearly as humanly possible. Great work. Some viewers might need more then one view to get the hang of it. With the strategy you explained I also use a cash back credit card for living expenses that get paid in full in the line of credit at the end of each month. I'm able to knock off another 100$ of the mortgage principale every 3 months with the cash back.
    Awesome job by the way and great math too.

    Reply
  4. Can you make videos about how to grow your money ?

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  5. Thank you very much for your helpful video. By the way, what is the name of the App for calculate the interest, principal, amount, etc.? If you don't mind, could you please write down the name of the App? Again, thank you very much.

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  6. 😎very insightful video.

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  7. Your very clever , I don't believe some people are responsible enough to have a credit card, I use mine for everything attached to a rewards / points system and the difference is I pay off the total amount off every month.It does cost me a rewards fee but I get that back multiple times over,plus I use amex which gives me double rewards.Win win for me but for others its could be a problem.

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  8. Excellent video. Very helpful. Thank you very much!

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  9. Thank you loved the info and your beautiful!!!!

    Reply

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