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Calculate fair payments when different payments on mortgage
What am I lacking?
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- Joined: Mon Mar 02, 2020 4:33 pm
Re: Calculate fair payments when different payments on mortgage
Clearly your companion must be on board with this till the mortgage is paid off, which could possibly be many years. Take into account should you speed up funds in your half, repay your digital half mortgage forward of time, and within the meantime your companion’s investments in “different belongings” go poof, they usually determine to make paying off their half of the mortgage your drawback.
However as a mathematical train, positive, that is an easy drawback to unravel.
Re: Calculate fair payments when different payments on mortgage
We might re-cast when both one hits the half method mark
Not so vital for this hypothetical state of affairs.
Re: Calculate fair payments when different payments on mortgage
You needn’t observe principal contributions. Right here is an illustration of 1 technique to do it with a $100K 30-year mortgage at 6%. (Makes use of the Excel PMT, FV, and PV features.)
Code: Select all
Row Col A Col B
2 Price 6.000%
3 Years 30
4 Mortgage 100,000
5 My share 50%
6 My payoff years 16
7 Whole month-to-month pmt 599.55 =PMT(B2/12,B3*12,-B4,0,0)
8 My month-to-month pmt 405.72 =PMT(B2/12,B6*12,-B4*B5,0,0)
9 Associate pmt 16 yrs 193.83 =B7-B8
10 Stability 12 months 16 68,035 =FV(B2/12,B6*12,B7,-B4,0)
11 My current worth 50,000 =-PV(B2/12,B6*12,B8,0,0)
12 Associate PV 50,000 =-PV(B2/12,B6*12,B9,B10,0)- Row 6: 16 – Variety of years you wish to repay your half.
- Row 7: $599.55 – The whole month-to-month cost over 30 years.
- Row 8: $405.72 – You pay this portion every month for 16 years.
- Row 9: $193.83 – Associate pays this portion every month for 16 years.
- Row 10: $68,035 – The steadiness of the mortgage after 16 years. Associate is accountable for all of this. ($599.55 every month for 14 years pays it off.)
- Rows 11 & 12: Verify that current values of your and companion’s funds equal your shares of the mortgage.
Re: Calculate fair payments when different payments on mortgage
tonyclifton wrote: ↑Fri Sep 13, 2024 8:36 pm
Are you enterprise companions or life companions? If life companions, how does paying off half a home make sense? The sheriff will promote the entire home in case your life companion doesn’t pay on their half.If enterprise companions, possibly repay your half after which purchase the opposite companion out?
I do not want a life coach.
Re: Calculate fair payments when different payments on mortgage
#Cruncher wrote: ↑Fri Sep 13, 2024 8:07 pm
You needn’t observe principal contributions. Right here is an illustration of 1 technique to do it with a $100K 30-year mortgage at 6%. (Makes use of the Excel PMT, FV, and PV features.)Code: Select all
Row Col A Col B 2 Price 6.000% 3 Years 30 4 Mortgage 100,000 5 My share 50% 6 My payoff years 16 7 Whole month-to-month pmt 599.55 =PMT(B2/12,B3*12,-B4,0,0) 8 My month-to-month pmt 405.72 =PMT(B2/12,B6*12,-B4*B5,0,0) 9 Associate pmt 16 yrs 193.83 =B7-B8 10 Stability 12 months 16 68,035 =FV(B2/12,B6*12,B7,-B4,0) 11 My current worth 50,000 =-PV(B2/12,B6*12,B8,0,0) 12 Associate PV 50,000 =-PV(B2/12,B6*12,B9,B10,0)
- Row 6: 16 – Variety of years you wish to repay your half.
- Row 7: $599.55 – The whole month-to-month cost over 30 years.
- Row 8: $405.72 – You pay this portion every month for 16 years.
- Row 9: $193.83 – Associate pays this portion every month for 16 years.
- Row 10: $68,035 – The steadiness of the mortgage after 16 years. Associate is accountable for all of this. ($599.55 every month for 14 years pays it off.)
- Rows 11 & 12: Verify that current values of your and companion’s funds equal your shares of the mortgage.
That is unbelievable! Thanks! Will digest this weekend!
