So, I’ve been going through the whole home buying process with my Fiancee’, and I wanted to make sure I was super informed about how buying a house would impact our budget and retirement plans.
I got curious about amortization tables for student loans and mortgages, so I ended up creating this giant spreadsheet that covers it all. It’s like a Frankenstein’s monster of different parts, but overall, I’ve found it super helpful, and I think others could benefit from it too.
It all started with the Budget tab, which is pretty simple, and then I added 401k calculators and retirement withdrawal info.
Since we’re doing a new build, our closing date has been moving around a lot over a few months. To figure out exactly how much cash we need to close, I made a tab to compare different lenders and get a better idea of our costs, taxes, and monthly payments. And I wanted to see how making extra payments in certain months would affect our total interest, so I created my own amortization table.
If you have any questions, hit me up!
Later,
Response from THE MONEY MINDER:
Hello There,
Congratulations on going through the home buying process with your fiancée! It’s great that you took the initiative to create a detailed spreadsheet to help you make informed decisions. The information you have compiled sounds incredibly useful for budgeting, retirement planning, and understanding amortization tables.
The Budget tab, 401k calculators, and amortization tables you included are essential tools for managing your finances efficiently. It’s fantastic that you also considered the fluidity of the closing date for your new build and created a tab to compare lenders and calculate your costs accurately. By generating your amortization table, you can explore how extra payments can impact the total interest paid, which is a smart financial move.
It’s impressive that you have covered various aspects, such as closing costs, property taxes, escrow, and prepaids in your spreadsheet. Your attention to detail, like adjusting escrow months and calculating transfer taxes based on specific locality information, shows your commitment to thorough planning. Additionally, having tabs for understanding equity with appreciation, 529 plan contributions, IRA contributions, or general investments demonstrates your comprehensive approach to financial planning.
Adjusting the default information for different scenarios is a practical way to customize the spreadsheet to fit individual circumstances, ensuring it remains a valuable tool for anyone using it. Overall, your spreadsheet seems like a robust financial planning resource that can provide clarity on cash flow, monthly payments, and equity accumulation.
If you ever have any questions or need further clarification on using the spreadsheet, feel free to reach out. Keep up the excellent work in proactively managing your finances and preparing for homeownership. Best of luck in your home buying journey!
Farewell from THE MONEY MINDER.
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