hey /biz/
I wrote this little calculator on MATLAB that takes your income and property and shows your total assets through time.
>pics are for my current situation (just bought a $600k house)
I'll try your scenario if you give me the following parameters (any parameter that you DON'T give me, I'll just use the default).
>Salary before tax or anything (if multiple incomes, give me each one)
>Salary increase each year (default: 1%)
>What percent of each salary goes into 401k (or IRA)? (default: 0%, i.e. you have no 401k or IRA)
>Percent yearly growth of 401k or IRA (default: 5%)
>Value of any property you own or are paying
>Property appreciation per year (default: 1%)
>Property loan down payment and interest rate (default: 10% and 4%, respectively)
>How long will it take to pay this loan (default: 30 years)
>Monthly non-mortgage total expenses (default: $3000)
There are a bunch of other parameters but it's too complicated to ask for those.
Also, let me know if you have any questions or suggestions to make it better.
>>1459450
>our income
>>1459450
>info on the house loan... i'm assuming it will appreciate from $600k to $900k in 30 years, which is not unreasonable at all.
>on the right is a break out of the monthly mortgage payment
I've been looking for something like this. If you could make it web based maybe you could monetize it.
>Salary before tax or anything (if multiple incomes, give me each one)
$50k anual net
>Salary increase each year (default: 1%)
1%
>What percent of each salary goes into 401k (or IRA)?
10%
>Percent yearly growth of 401k
7%, I'm optimistic.
>Value of any property you own or are paying
House 1: $200k paid in full
House 2: $50k equity , $150k owed. Will be paid in full in 9 years.
>Property appreciation per year (default: 1%)
1%
>Monthly non-mortgage total expenses (default: $3000)
$2000
thanks anon!
>>1459572
>since you said $50k net, I put your gross income at $70k so after taxes and 401k/IRA it goes to $50k
>let me know if this is not right
>>1459572
>I lumped in both properties into one worth $400k of which you have paid $250k and intend to pay the remainder in 9 years. It's exactly the same
>I am not taking into consideration that part of the mortgage payment is tax deductible, i'll add this to the calculator soon.
>>1459572
>I assumed you have about $50k in savings right now
>It seems like you're going to slowly eat through those savings in order to pay off the loan faster to avoid wasting money on interest later. Good idea, but be careful not to run out of cash.
>>1459572
>here's your net worth if you refinance that shit into a new 30 year loan
>you have less at the end but you live more comfortably
R8 H8
>>1460024
CANCEL THAT... sorry
>There's an error on the net worth chart linked above (i accidently gave you $300k in savings)
>pic related is correct, if you refinance you will be in the red for a while... there is no comfort here, only pain
>>1459450
OP here,
Btw, I forgot to add, when you give me your parameters, also give me how much money you currently have in liquid cash savings. I will assume that this is in some savings account with such a shitty interest rate that it is negligible.
>>1460012
fml... this one is also wrong... i am not properly including the equity of your properties in the net worth chart
>pic related is now correct (i hope)
>this is why i want to test it with different people's scenarios and iron out the kinks
>>1460025
brah, can you give me your information (asked in the OP) so i can calculate your shit
>>1460012
Sorry forgot to mention the property with the mortgage is a rental and is currently breaking even. It will cash flow after being paid off. Figure $12k per year profit.
>>1459450
This is pretty fuckin' rad, good work.
>house
Congrats!