The Debt Tracker DELUX
- How much is ALL your debt is costing in interest charges every month?
- Your TOTAL monthly payment for ALL your debt?
- How ALL your debts Measure up to your total assets? – i.e. – your Debt to Asset Ratio?
- The best way to manage your debt to pay the least money out in interest?
- Your debt payoff date?
- Your mortgage loan to value percentage (LTV%)?
- How much you COULD Save RIGHT NOW by switching high interest debt onto 0% or lower interest?
Our new workbook – The Debt Tracker Delux – will help you out with all these problems…………
The debt tracker delux does all the things that the debt tracker standard did PLUS a few really important extras……..
This sheet has 4 main components:
- The Debt Tracker Summary Page (with a sample sheet)
- The Mortgage Calculator
- A debt payoff calculator (if you pay off X more each month how long will it take you to get out of debt)
- Work out my interest (put the payments in off your credit card statement and it will tell you what annual interest you are paying)
Mortgage Calculator
For many of us our mortgage is by far the biggest expense, a house is probably the most expensive thing we will ever buy and it takes the longest time to pay off.
In-fact it takes so long that it’s sometimes easy to forget that we are actually trying to get to a point where we don’t have a mortgage anymore. People often re-mortage to pay off debts without really considering that the piper needs to be paid at some point down the line.
If you have ever been bored enough to actually study your annual mortgage statement, you may have been shocked by how much of your monthly payment went towards the interest charges.
I mean mortgages are traditionally a super low rate loan right? Why not use it to fund short term debt?
But when you see all together in one place AND you look at it over the long term, you realise just how much of your hard earned cash is going towards….well – nothing really!
Don’t get me wrong, I think having a mortgage is a wonderful thing, especially if you can use the money NOT tied up in your house to invest in something that makes you MORE than the interest charged on your mortgage. (see my post on using debt to make money for more clarification on this).
This entire Debt Tracker Deluxe workbook has been designed to help you make a detailed catalogue of ALL your debts and credits in one place to enable you to restructure them so that you pay out as little as possible in interest ever month and therefore pay down your overall debt faster (less interest = more of your money goes to paying off the capital)
As part of this, the mortgage calculator is a super simple version of the much more complex versions you can find online (see HERE for some online ones). It’s purpose is to help you work out (approximately) how much interest you are paying and what a re-mortgage might look like for you.
This short glossary of terms should help you navigate through the world of mortages – just in case it’s all new to you.
The white boxes on the worksheet need you to add numbers into them, the grey ones are calculated automatically.
These simple calculators will show you your expected mortgage balance after 12 months, your LTV (loan to value rate) i.e. how much of your home you still owe the bank for and how much cash is in your asset.
Debt Payoff Date
It always looked so complicated when I tried to work out how long it would take me to get debt free, especially as I had so many cards at so many different rates.
So I made an extra sheet that links into the main summary page.
Here you can see how trying different methods to pay down your debt will impact how long it takes you to become debt free.
It will even show you how much just a few extra £/$ every month can make a massive impact on how soon you can be FREE!!
The debt tracker delux does all the things that the debt tracker standard did PLUS a few really important extras……..
How to work out your interest % from your credit card statement
If you’re having some trouble filling in the summary sheet because you can’t find where on the statement they have hidden the ACTUAL interest rate, use this.
This will help you work out approximatly how much interest they are charging you annually and therefore help you to see which one of your credit cards or loans is costing you the most.
Doing this means that you can pay off the most expensive one 1st and save a ton of cash!
Don’t beleive me? Take a look at this case study on the difference it can make if you pay expensive debts 1st.
