E:\My Documents\Total Repay\Total Repay System\Consultant Forms\Seminar

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HOW CAN YOU BEAT THE BANKS?

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E:\My Documents\Total Repay\Total Repay System\Consultant Forms\Seminar

  1. 1. DO YOU OWN YOUR HOME – OR DOES YOUR LENDER?
  2. 2. FOR MOST OF US, THE MORTGAGE IS THE LARGEST DEBT WE WILL EVER HAVE!
  3. 3. On average our clients learn to: Pay off their 30 year loans in 8-14 years! Without making Higher Monthly payments
  4. 4. No Mortgage Payment? What could you do?
  5. 5. MORT – GAGE Pledge Until Death! mort·gage (mōŕgij) n. [[ OFr – mort, dead + gage, pledge]] 1 to pledge (property) by a mortgage 2 to put an advance claim on / to mortgage one’s future/
  6. 6. The Cost of a $200,000 Mortgage @ 6% (Is It or Isn’t It 6% ?) Year Total Paid Principal Interest Balance 1 14,389 2,456 11,933 197,543 2 28,778 5,036 23,714 194,936 10 143,892 32,628 111,263 167,371 20 287,784 91,992 195,791 108,007 30 431,677 200,000 231,677 0
  7. 7. Compare the Options Total Principal Principal $200,000 & Interest & Interest Repay Fortnightly Monthly YEARS TO BE DEBT 12 YEARS 25 YEARS 30 YEARS FREE $97,637 $184,367 $231,677 INTEREST PAID
  8. 8. YOU HAVE CHOICES!! REGULAR CHEQUE ACCOUNT We Pay Deposit Income For Mortgages • Cheques Household • Service Fees Cheque Acct Living Expenses • Money orders Earns • Travelers cheques • Bounced cheques Credit Cards, etc. 0% Interest Miscellaneous INTEREST ONLY 2 ND MORTGAGE Deposit Income/ Benefits Make Payment Mortgages • Simple Interest Income • Interest Only Lowers Living Expenses • Pre-Approved Limit Balance – Credit Cards, etc. • Purchasing Saves $$ Power (interest) Miscellaneous
  9. 9. John & Jane
  10. 10. What’s In A Home? Value $400,000 1st Mortgage $200,000 Payment/Month $1,200 Principal/Month $200
  11. 11. Fixed 1st Mortgage 1st Year Balance $200,000 Yearly Principal $2,500 $197,500 Sub Total
  12. 12. Example: Consumer Debt Debts That Could Be Consolidated Loans (car, etc.) Amt. $20,000 Pymt. $750 Cards, etc. Amt. $30,000 Pymt. $500 $50,000 Pay Off Total $1,250 -$250 Line of Credit $50,000 $1,000 6% Payment $250 Interest Only 2nd Mortgage Bal. $50,000
  13. 13. Income & Expenses Income $5,000 Expenses $4,000 Left Over $1,000
  14. 14. LINE OF CREDIT AS THE CHEQUE ACCOUNT Start Balance $50,000 Payment / Income -5,000 Balance 45,000 Expenses +4,000 Balance Month One 49,000 Surplus 1st mo. $1,000 Payment / Income -5,000 Balance 44,000 Surplus 2nd mo. $1,000 Expenses +4,000 12 Month $12,000 Balance Month Two 48,000 2nd Balance $38,000
  15. 15. Reducing the 1st Mortgage 1st Year Bal. $200,000 Yearly Prin. $2,500 Sub Total $197,500 From 2nd Mort $12,000 From the LOC Total Year 1 $185,500 Yearly Prin. Sub Total From 2nd Mort Total Year 2
  16. 16. Amortization Schedule Amortization Schedule For: John and Jane Property Address: 1324 Owe D’ Bank Way Loan Programme: Loan Amount $200,000 Interest Rate 6% Term 360 Months
  17. 17. Interest - - - - - - - - - - - - - - - - Monthly Payment- - - - - - - - - - - - - - - - - Remaining No Rate Payment Principal Interest Balance 1 6.0 1,199.10 199.10 1,000.00 199,800.90 2 6.0 1,199.10 200.10 999.00 199,600.80 3 6.0 1,199.10 201.10 998.00 199,399.70 4 6.0 1.199.10 202.10 997.00 199,197.60 5 6.0 1,199.10 203.11 995.99 198,994.49 6 6.0 1,199.10 204.13 994.97 198,790.36 7 6.0 1,199.10 205.15 993.95 198,585.21 8 6.0 1,199.10 206.17 992.93 198,379.04 9 6.0 1,199.10 207.20 991.90 198,171.84 10 6.0 1,199.10 208.24 990.86 197,963.60 11 6.0 1,199.10 209.28 989.82 197,754.32 12 6.0 1,199.10 210.33 988.77 197,543.99 14,389.20 2,456.01 11,933.19 13 6.0 1,199.10 211.38 987.72 197,332.61 14 6.0 1,199.10 212.44 986.66 197,120.17 15 6.0 1,199.10 213.50 985.60 196,906.67 16 6.0 1,199.10 214.57 984.53 196,692.10 17 6.0 1,199.10 215.64 983.46 196,476.46 18 6.0 1,199.10 216.72 982.38 196,259.74 19 6.0 1,199.10 217.80 981.30 196,041.94 20 6.0 1,199.10 218.89 980.21 195,823.05 21 6.0 1,199.10 219.98 979.12 195,603.07 22 6.0 1,199.10 221.08 978.02 195,381.99 23 6.0 1,199.10 222.19 976.91 195,159.80 24 6.0 1,199.10 223.30 975.80 194,936.50 14,389.20 2,607.49 11,781.71
  18. 18. Interest - - - - - - - - - - - - - - - - Monthly Payment- - - - - - - - - - - - - - - - - Remaining No Rate Payment Principal Interest Balance 25 6.0 1,199.10 224.42 974.68 194,712.08 26 6.0 1,199.10 225.54 973.56 194,486.54 27 6.0 1,199.10 226.67 972.43 194,259.87 28 6.0 1.199.10 227.80 971.30 194,032.07 29 6.0 1,199.10 228.94 970.16 193,803.13 30 6.0 1,199.10 230.08 969.02 193,573.05 31 6.0 1,199.10 231.23 967.87 193,341.82 32 6.0 1,199.10 232.39 966.71 193,109.43 33 6.0 1,199.10 233.55 965.55 192,875.88 34 6.0 1,199.10 234.72 964.38 192,641.16 35 6.0 1,199.10 235.89 963.21 192,405.27 36 6.0 1,199.10 237.07 962.03 192,168.20 14,389.20 2,768.30 11,620.90 37 6.0 1,199.10 238.26 960.84 191,929.94 38 6.0 1,199.10 239.45 959.65 191,690.49 39 6.0 1,199.10 240.65 958.45 191,449.84 40 6.0 1,199.10 241.85 957.25 191,207.99 41 6.0 1,199.10 243.06 956.04 190,964.93 42 6.0 1,199.10 244.28 954.82 190,720.65 43 6.0 1,199.10 245.50 953.60 190,475.15 44 6.0 1,199.10 246.72 952.38 190,228.43 45 6.0 1,199.10 247.96 951.14 189,980.47 46 6.0 1,199.10 249.20 949.90 189,731.27 47 6.0 1,199.10 250.44 948.66 189,480.83 48 6.0 1,199.10 251.70 947.40 189,229.13 14,389.20 2,939.07 11,450.13
  19. 19. Interest - - - - - - - - - - - - - - - - Monthly Payment- - - - - - - - - - - - - - - - - Remaining No Rate Payment Principal Interest Balance 49 6.0 1,199.10 252.95 946.15 188,976.18 50 6.0 1,199.10 254.22 944.88 188,721.96 51 6.0 1,199.10 255.49 943.61 188,466.47 52 6.0 1.199.10 256.77 942.33 188,209.70 53 6.0 1,199.10 258.05 941.05 187,951.65 54 6.0 1,199.10 259.34 939.76 187,692.31 55 6.0 1,199.10 260.64 938.46 187,431.67 56 6.0 1,199.10 261.94 937.16 187,169.73 57 6.0 1,199.10 263.25 935.85 186,906.48 58 6.0 1,199.10 264.57 934.53 186,641.91 59 6.0 1,199.10 265.89 933.21 186,376.02 60 6.0 1,199.10 267.22 931.88 186,108.80 14,389.20 3,120.33 11,268.87 61 6.0 1,199.10 268.56 930.54 185,840.24 62 6.0 1,199.10 269.90 929.20 185,570.34 63 6.0 1,199.10 271.25 927.85 185,299.09 64 6.0 1,199.10 272.60 926.50 185,026.49 65 6.0 1,199.10 273.97 925.13 184,752.52 66 6.0 1,199.10 275.34 923.76 184,477.18 67 6.0 1,199.10 276.71 922.39 184,200.47 68 6.0 1,199.10 278.10 921.00 183,922.37 69 6.0 1,199.10 279.49 919.61 183,642.88 70 6.0 1,199.10 280.89 918.21 183,361.99 71 6.0 1,199.10 282.29 916.81 183,079.70 72 6.0 1,199.10 283.70 915.40 182,796.00 14,389.20 3,312.80 11,076.40
  20. 20. REDUCING THE 1st MORTGAGE 1st Year Bal. $200,000 Yearly Prin. $2,500 Sub Total $197,500 From 2nd Mort $12,000 $12,000 From 2nd Mortgage Total Year 1 $185,500 Yearly Prin. $3,500 $47,979 INTEREST Sub Total $182,000 SAVING From 2nd Mort Total Year 2 $170,000
  21. 21. Interest - - - - - - - - - - - - - - - - Monthly Payment- - - - - - - - - - - - - - - - - Remaining No Rate Payment Principal Interest Balance 49 6.0 1,199.10 252.95 946.15 188,976.18 50 6.0 1,199.10 254.22 944.88 188,721.96 51 6.0 1,199.10 255.49 943.61 188,466.47 52 6.0 1.199.10 256.77 942.33 188,209.70 53 6.0 1,199.10 258.05 941.05 187,951.65 54 6.0 1,199.10 259.34 939.76 187,692.31 55 6.0 1,199.10 260.64 938.46 187,431.67 56 6.0 1,199.10 261.94 937.16 187,169.73 57 6.0 1,199.10 263.25 935.85 186,906.48 58 6.0 1,199.10 264.57 934.53 186,641.91 59 6.0 1,199.10 265.89 933.21 186,376.02 60 6.0 1,199.10 267.22 931.88 186,108.80 14,389.20 3,120.33 11,268.87 61 6.0 1,199.10 268.56 930.54 185,840.24 62 6.0 1,199.10 269.90 929.20 185,570.34 63 6.0 1,199.10 271.25 927.85 185,299.09 64 6.0 1,199.10 272.60 926.50 185,026.49 65 6.0 1,199.10 273.97 925.13 184,752.52 66 6.0 1,199.10 275.34 923.76 184,477.18 67 6.0 1,199.10 276.71 922.39 184,200.47 68 6.0 1,199.10 278.10 921.00 183,922.37 69 6.0 1,199.10 279.49 919.61 183,642.88 70 6.0 1,199.10 280.89 918.21 183,361.99 71 6.0 1,199.10 282.29 916.81 183,079.70 72 6.0 1,199.10 283.70 915.40 182,796.00 14,389.20 3,312.80 11,076.40
  22. 22. Interest - - - - - - - - - - - - - - - - Monthly Payment- - - - - - - - - - - - - - - - - Remaining No Rate Payment Principal Interest Balance 73 6.0 1,199.10 285.12 913.98 182,510.88 74 6.0 1,199.10 286.55 912.55 182,224.33 75 6.0 1,199.10 287.98 911.12 181,936.35 76 6.0 1.199.10 289.42 909.68 181,646.93 77 6.0 1,199.10 290.87 908.23 181,356.06 78 6.0 1,199.10 292.32 906.78 181,063.74 79 6.0 1,199.10 293.78 905.32 180,769.96 80 6.0 1,199.10 295.25 903.85 180,474.71 81 6.0 1,199.10 296.73 902.37 180,177.98 82 6.0 1,199.10 298.21 900.89 179,879.77 83 6.0 1,199.10 299.70 899.40 179,580.07 84 6.0 1,199.10 301.20 897.90 179,278.87 14,389.20 3,517.13 10,872.07 85 6.0 1,199.10 302.71 896.39 178,976.16 86 6.0 1,199.10 304.22 894.88 178,671.94 87 6.0 1,199.10 305.74 893.36 178,366.20 88 6.0 1,199.10 307.27 891.83 178,058.93 89 6.0 1,199.10 308.81 890.29 177,750.12 90 6.0 1,199.10 310.35 888.75 177,439.77 91 6.0 1,199.10 311.90 887.20 177,127.87 92 6.0 1,199.10 313.46 885.64 176,814.41 93 6.0 1,199.10 315.03 884.07 176,499.38 94 6.0 1,199.10 316.60 882.50 176,182.78 95 6.0 1,199.10 318.19 880.91 175,864.59 96 6.0 1,199.10 319.78 879.32 175,544.81 14,389.20 3,734.06 10,655.14
  23. 23. Interest - - - - - - - - - - - - - - - - Monthly Payment- - - - - - - - - - - - - - - - - Remaining No Rate Payment Principal Interest Balance 97 6.0 1,199.10 321.38 877.72 175,223.43 98 6.0 1,199.10 322.98 876.12 174,900.45 99 6.0 1,199.10 324.60 874.50 174,575.85 100 6.0 1.199.10 326.22 872.88 174,249.63 101 6.0 1,199.10 327.85 871.25 173,921.78 102 6.0 1,199.10 329.49 869.61 173,592.29 103 6.0 1,199.10 331.14 867.96 173,261.15 104 6.0 1,199.10 332.79 866.31 172,928.36 105 6.0 1,199.10 334.46 864.64 172,593.90 106 6.0 1,199.10 336.13 862.97 172,257.77 107 6.0 1,199.10 337.81 861.29 171,919.96 108 6.0 1,199.10 339.50 859.60 171,580.46 14,389.20 3,964.35 10,424.85 109 6.0 1,199.10 341.20 857.90 171,239.26 110 6.0 1,199.10 342.90 856.20 170,896.36 111 6.0 1,199.10 344.62 854.48 170,551.74 112 6.0 1,199.10 346.34 852.76 170,205.40 113 6.0 1,199.10 348.07 851.03 169,857.33 114 6.0 1,199.10 349.81 849.29 169,507.52 115 6.0 1,199.10 351.56 847.54 169,155.96 116 6.0 1,199.10 353.32 845.78 168,802.64 117 6.0 1,199.10 355.09 844.01 168,447.55 118 6.0 1,199.10 356.86 842.24 168,090.69 119 6.0 1,199.10 358.65 840.45 167,732.04 120 6.0 1,199.10 360.44 838.66 167,371.60 14,389.20 4,208.86 10,180.34
  24. 24. REDUCING THE 1st MORTGAGE 1st Year Bal. $200,000 Yearly Prin. $2,500 Sub Total $197,500 From 2nd Mort $12,000 $12,000 From 2nd Mortgage Interest Savings Total Year 1 $185,500 $47,979 From Amortization Yearly Prin. $3,500 Sub Total $182,000 $32,825 Savings 2nd Year From 2nd Mort $12,000 Total Year 2 $170,000 $80,804
  25. 25. THE SOLUTION • We evaluate client’s total consumer debt • We calculate the exact split for your 1st Mortgage and Line of Credit to maximise savings. • Use your LOC like your current household cheque account to avoid interest and simplify your finances. • Should your loans need restructuring, we are always there to assist.
  26. 26. “Many companies will give you a mortgage …. We show you how to get out of one!”
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