What is payment period, and why is it equal 100 in this mortgage table?

user67265Oct 07, 2018

Here’s the table: I think the payment period is a month, but I don’t understand why it’s 100. The image is taken from this Excel exercise:...

Future value vs total amortized cost of a loan

VivekOct 07, 2018

My goal is to determine the total cost of a mortgage loan (principle + interest for 30 years) I assumed that the future value(FV) of a loan is the total amortized cost...

Where can i find a historical chart of equity vs mortgage percentage of home values?

Michael dOct 07, 2018

Let’s say that a home is worth 1 million dollars according to current estimates. If the owner has $800k in mortgages his home equity is 20%. Are there any charts...

What are some motivating ways to track performance of paying back a loan?

DaveOct 07, 2018

I have a mortgage right now and I am motivated to pay it off as fast as possible. I have thought of a few key performance indicators that I store in a spreadsheet and...

Multiple credit cards for one debt?

SpicyWeenieOct 07, 2018

Scenario: A person owes $30,000 in school debt to a single entity. The person also has THREE credit cards. Each month, the person pays $500 using credit card 1 towards...

Is it better to use cash when cards offer discounts

ShaheerOct 07, 2018

I am new to budgeting and managing my own finances and have a simple question. Is it better to use cash when credit or debit cards offers discounts. The city I live in,...

Can lenders legally reopen accounts without permission from all parties?

hack3rfxOct 07, 2018

I recently closed a credit card account that I possessed with an ex-spouse. My concern is that the aforementioned ex will have the ability to reopen the account with my...

Do I need a debit card if I already have a credit card?

ispiroOct 07, 2018

As far as I’ve read, a credit card is generally better than a debit card. (Please correct me if I’m wrong.) My question is should I also have a debit card?...

How to properly use a credit card

AleOct 07, 2018

I am a first time owner of my own credit card. I got it with the purpose of building my credit to be able to receive loans for cars/house and things of that sort. I have...

Can I pay my student loan with a credit card?

KellenOct 07, 2018

As far as I can tell, it’s not possible to pay off student loan debt with a credit card. I’m currently making payments through Great Lakes borrowing...