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Line of Credit vs Mortgage

  1. #1
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    Line of Credit vs Mortgage

    Hello Team,

    I am not sure if I am at the right forum to ask this question. Can some help me here or point me to the right place.

    We are buying a condo. We only need $60,000 more to be debt free. I want to create a spread sheet where i can calculate how much more it would cost me is both scenarios.

    1. We would get a Mortgage or a Line of Credit for 5 years (60 months).
    2. We want to pay it off as fast as possible. Monthly payments will range from $1,000 to $3,000.

    I would like to create a spread sheet where I can put in a starting value of 60K going down every month based on what I pay every month. A column for Mortgage rate and LOC rate. total interest paid for both Mortgage and LOC.

    Thanks for you help everyone.

  2. #2
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    Re: Line of Credit vs Mortgage

    A loan amortization schedule is fairly easy to build in Excel. A few tutorials found by putting "excel loan amortization" into my favorite internet search engine:
    https://www.wikihow.com/Prepare-Amor...edule-in-Excel
    https://www.excel-easy.com/examples/...-schedule.html
    https://templates.office.com/en-us/L...ule-TM03986974

    Those should get you started.
    Quote Originally Posted by shg
    Mathematics is the native language of the natural world. Just trying to become literate.

  3. #3
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    Re: Line of Credit vs Mortgage

    Thank you for a quick reply

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