Are you ready to tackle your mortgage and pay off that house? How awesome would that feel? Sinking Funds are here to help! The Mortgage Sinking Fund Chart will give you the visual motivation to pay extra principal on your mortgage each month!
Mortgage Sinking Fund Chart
There are multiple ways you may choose to use the Mortgage Sinking Fund Chart and they are all the right way!
- To pay extra principal each year.
- To save for a down payment on a home and decrease your mortgage amount.
- To track the pay off of your mortgage.
In the example outlined below, we will show how to use the Mortgage Sinking Fund Chart to pay extra principal on your mortgage each year.
Mortgage Sinking Fund Chart Supplies
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How To Use The Mortgage Sinking Fund Chart
- Gain access to the Mortgage Sinking Fund Chart below!
When you print, I suggest using Card Stock for durability.
2. Determine how much EXTRA you want to pay towards your mortgage this year, and write it on the Goal line.
3. Record the date you plan to achieve your goal.
4. Divide your saving goal by 10.
5. Write each increment on the lines shooting off the graphic with the smallest on the bottom. If you plan to pay an extra $5,000, you would write $500 on the bottom line, $1,000 on the next line, etc.
6. As you pay extra on principal, color in the lines! Each increment consists of 10 lines to fill in. If you plan to save $5,000 and each increment represents $500, each line would represent $50. For every $50 you pay, color in a line.
7. Make your EXTRA Principal Payments a part of your monthly budget! If you would like to pay $5,000 in 12 months, you need to incorporate $417 a month into your spending plan.
Your mortgage may seem HUGE and daunting but breaking it down into smallish principal chunks will help you take years off your mortgage!
Gain access to the Mortgage Sinking Fund Chart here!