Home Mortgage Early Payoff Calculator

Recently my home property tax went up. Because of this increase my Escrow was actually in the negative and needed to be caught back up. The bank in which I have my home loan through was gracious enough to give me a couple of options. I could either send them a check for the amount in which I was in the negative or if I didn't do anything they would just increase the amount of money required to go into Escrow every month for the next twelve months. This increase would pay back the amount that I was in the negative as well as cover the new estimated amount to cover my taxes at the end of the year. So, my payment went up.

I tell you all this to say that I realized there is a fault in the Home Mortgage Early Payoff Calculator that I built in Excel. I built it so that you enter in your Escrow amount, but did not make it so that you could change that amount anytime during your home loan. Well, I'm not sure what I was thinking. Of course taxes are going to go up and change my monthly escrow payment. My insurance may even increase or decrease from time to time also affecting my escrow payment. Well, I am sorry and I apologize to you folks out there on the information superhighway. I gave you a calculator that wasn't going to work for you very long. Like a McDonald's Happy Meal toy. And I'm no Ronald McDonald. I'm no clown. I don't hang out with burger burglars or large purple unidentified living objects. As a matter of fact, Jodi and I are still holding strong on our McDonald's boycott. I don't remember the exact date, but it's been around two and a half years. I'm getting off the subject.

So, I modified my original calculator and have put it up for download in the "Downloads" drop down menu found above. Please, download it and accept my apology. You will find that the escrow box is now a full column that allows you to adjust it's figure as your real escrow amount changes with time. Enjoy. And good luck on the early payoff!

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