本帖最后由 匿名 于 2018-7-6 11:49 编辑
This is how I use 6 years to pay back my $590,000 loan.
Between 2013 - 2018, interest was varied, so I used 4.7% as an average (fix, refix at different rates and using different amounts etc and with different banks for 6 years period)
Monthly payment is $9420.00 ( on average is $2355.00 a week)
Total interests paid to the banks: $88,241 ( less some cash back while changing banks for about $7k)
Source of income: Salaries (husband & wife with 1 child) & rental incomes
Sacrifices: heaps, lonely journey.
Family budget: we don't earn a lot, our family weekly budget is $600- $800 for food & expenses. We drive humble cars, child goes to state school nearby ( used 2nd hand uniforms). Our rental property portfolios have grown in value (Assets rich- humble cash flow). We pre-cooked meals, pack lunches etc are our weekly activities. Shopped at paknsave, TWH, purchased valued meals (from groupon, treatme)
Current Status: The banks have now converted my loan and securities (rentals) to revolving credit (available & unused) for $1.74 million and ready to use anytime, which is 50% bank's valuation on our overall rental properties. Family house is now mortgage free.
Next Mission: With good leverages ($1.74 million in hand), we can now invest and re-invest when the time is right again.Different strategy applies to different time and different era, for the next few years I won't be using the same strategy.
This is a mere record of my closing chapter and the beginning of a new chapter.
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Further Notes : 1) The background is before 2013, there was a loan of $1.4 million for properties acquired prior to 2013.
The Loan was reshuffled and paid back after one rental property was sold and left with $590,000. This writing is reflecting the payment of my balance $590K.
2) Some wonder why I didn't invest more after 2013 and focus on the mission to pay back? Well, that is a different story I will write one day. Different people have different priority and strategy, been different is a lonely journey.
3) Look like skykiwi has now locked this page.
| Period | Repayment Amount | Principal Paid | Interest Paid | Accumulative Principal Paid | Accumulative Interest Paid | Principal To Pay | | Year 1 Period 1 | $9,420 | $7,109 | $2,310 | $7,109 | $2,310 | $582,890 | | Year 1 Period 2 | $9,420 | $7,137 | $2,282 | $14,246 | $4,593 | $575,753 | | Year 1 Period 3 | $9,420 | $7,164 | $2,255 | $21,411 | $6,848 | $568,588 | | Year 1 Period 4 | $9,420 | $7,193 | $2,226 | $28,604 | $9,075 | $561,395 | | Year 1 Period 5 | $9,420 | $7,221 | $2,198 | $35,825 | $11,274 | $554,174 | | Year 1 Period 6 | $9,420 | $7,249 | $2,170 | $43,075 | $13,445 | $546,925 | | Year 1 Period 7 | $9,420 | $7,277 | $2,142 | $50,352 | $15,587 | $539,647 | | Year 1 Period 8 | $9,420 | $7,306 | $2,113 | $57,659 | $17,700 | $532,340 | | Year 1 Period 9 | $9,420 | $7,335 | $2,085 | $64,994 | $19,785 | $525,005 | | Year 1 Period 10 | $9,420 | $7,363 | $2,056 | $72,358 | $21,842 | $517,641 | | Year 1 Period 11 | $9,420 | $7,392 | $2,027 | $79,750 | $23,869 | $510,249 | | Year 1 Period 12 | $9,420 | $7,421 | $1,998 | $87,172 | $25,868 | $502,827 | | Year 2 Period 1 | $9,420 | $7,450 | $1,969 | $94,622 | $27,837 | $495,377 | | Year 2 Period 2 | $9,420 | $7,479 | $1,940 | $102,102 | $29,777 | $487,897 | | Year 2 Period 3 | $9,420 | $7,509 | $1,910 | $109,611 | $31,688 | $480,388 | | Year 2 Period 4 | $9,420 | $7,538 | $1,881 | $117,150 | $33,570 | $472,849 | | Year 2 Period 5 | $9,420 | $7,568 | $1,851 | $124,718 | $35,422 | $465,281 | | Year 2 Period 6 | $9,420 | $7,597 | $1,822 | $132,315 | $37,244 | $457,684 | | Year 2 Period 7 | $9,420 | $7,627 | $1,792 | $139,943 | $39,037 | $450,056 | | Year 2 Period 8 | $9,420 | $7,657 | $1,762 | $147,600 | $40,799 | $442,399 | | Year 2 Period 9 | $9,420 | $7,687 | $1,732 | $155,287 | $42,532 | $434,712 | | Year 2 Period 10 | $9,420 | $7,717 | $1,702 | $163,005 | $44,235 | $426,994 | | Year 2 Period 11 | $9,420 | $7,747 | $1,672 | $170,753 | $45,907 | $419,246 | | Year 2 Period 12 | $9,420 | $7,777 | $1,642 | $178,530 | $47,549 | $411,469 | | Year 3 Period 1 | $9,420 | $7,808 | $1,611 | $186,339 | $49,161 | $403,660 | | Year 3 Period 2 | $9,420 | $7,839 | $1,581 | $194,178 | $50,742 | $395,821 | | Year 3 Period 3 | $9,420 | $7,869 | $1,550 | $202,048 | $52,292 | $387,951 | | Year 3 Period 4 | $9,420 | $7,900 | $1,519 | $209,948 | $53,811 | $380,051 | | Year 3 Period 5 | $9,420 | $7,931 | $1,488 | $217,880 | $55,300 | $372,119 | | Year 3 Period 6 | $9,420 | $7,962 | $1,457 | $225,842 | $56,757 | $364,157 | | Year 3 Period 7 | $9,420 | $7,993 | $1,426 | $233,836 | $58,184 | $356,163 | | Year 3 Period 8 | $9,420 | $8,025 | $1,394 | $241,861 | $59,579 | $348,138 | | Year 3 Period 9 | $9,420 | $8,056 | $1,363 | $249,918 | $60,942 | $340,081 | | Year 3 Period 10 | $9,420 | $8,088 | $1,331 | $258,006 | $62,274 | $331,993 | | Year 3 Period 11 | $9,420 | $8,119 | $1,300 | $266,125 | $63,575 | $323,874 | | Year 3 Period 12 | $9,420 | $8,151 | $1,268 | $274,277 | $64,843 | $315,722 | | Year 4 Period 1 | $9,420 | $8,183 | $1,236 | $282,460 | $66,080 | $307,539 | | Year 4 Period 2 | $9,420 | $8,215 | $1,204 | $290,676 | $67,284 | $299,323 | | Year 4 Period 3 | $9,420 | $8,247 | $1,172 | $298,923 | $68,457 | $291,076 | | Year 4 Period 4 | $9,420 | $8,279 | $1,140 | $307,203 | $69,597 | $282,796 | | Year 4 Period 5 | $9,420 | $8,312 | $1,107 | $315,516 | $70,704 | $274,483 | | Year 4 Period 6 | $9,420 | $8,344 | $1,075 | $323,861 | $71,779 | $266,138 | | Year 4 Period 7 | $9,420 | $8,377 | $1,042 | $332,238 | $72,822 | $257,761 | | Year 4 Period 8 | $9,420 | $8,410 | $1,009 | $340,649 | $73,831 | $249,350 | | Year 4 Period 9 | $9,420 | $8,443 | $976 | $349,092 | $74,808 | $240,907 | | Year 4 Period 10 | $9,420 | $8,476 | $943 | $357,569 | $75,751 | $232,430 | | Year 4 Period 11 | $9,420 | $8,509 | $910 | $366,078 | $76,662 | $223,921 | | Year 4 Period 12 | $9,420 | $8,543 | $877 | $374,621 | $77,539 | $215,378 | | Year 5 Period 1 | $9,420 | $8,576 | $843 | $383,198 | $78,382 | $206,801 | | Year 5 Period 2 | $9,420 | $8,610 | $809 | $391,808 | $79,192 | $198,191 | | Year 5 Period 3 | $9,420 | $8,643 | $776 | $400,452 | $79,969 | $189,547 | | Year 5 Period 4 | $9,420 | $8,677 | $742 | $409,129 | $80,711 | $180,870 | | Year 5 Period 5 | $9,420 | $8,711 | $708 | $417,841 | $81,419 | $172,158 | | Year 5 Period 6 | $9,420 | $8,745 | $674 | $426,587 | $82,094 | $163,412 | | Year 5 Period 7 | $9,420 | $8,779 | $640 | $435,367 | $82,734 | $154,632 | | Year 5 Period 8 | $9,420 | $8,814 | $605 | $444,181 | $83,339 | $145,818 | | Year 5 Period 9 | $9,420 | $8,848 | $571 | $453,030 | $83,910 | $136,969 | | Year 5 Period 10 | $9,420 | $8,883 | $536 | $461,914 | $84,447 | $128,085 | | Year 5 Period 11 | $9,420 | $8,918 | $501 | $470,832 | $84,949 | $119,167 | | Year 5 Period 12 | $9,420 | $8,953 | $466 | $479,785 | $85,415 | $110,214 | | Year 6 Period 1 | $9,420 | $8,988 | $431 | $488,774 | $85,847 | $101,225 | | Year 6 Period 2 | $9,420 | $9,023 | $396 | $497,797 | $86,243 | $92,202 | | Year 6 Period 3 | $9,420 | $9,058 | $361 | $506,856 | $86,605 | $83,143 | | Year 6 Period 4 | $9,420 | $9,094 | $325 | $515,950 | $86,930 | $74,049 | | Year 6 Period 5 | $9,420 | $9,130 | $290 | $525,080 | $87,220 | $64,919 | | Year 6 Period 6 | $9,420 | $9,165 | $254 | $534,246 | $87,475 | $55,753 | | Year 6 Period 7 | $9,420 | $9,201 | $218 | $543,448 | $87,693 | $46,551 | | Year 6 Period 8 | $9,420 | $9,237 | $182 | $552,685 | $87,875 | $37,314 | | Year 6 Period 9 | $9,420 | $9,273 | $146 | $561,959 | $88,021 | $28,040 | | Year 6 Period 10 | $9,420 | $9,310 | $109 | $571,270 | $88,131 | $18,729 | | Year 6 Period 11 | $9,420 | $9,346 | $73 | $580,616 | $88,205 | $9,383 | | Year 6 Period 12 | $9,420 | $9,383 | $36 | $590,000 | $88,241 | $0 |
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匿名
发表于 2018-7-4 17:29:53
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