World's Most Honest Mortgage Accelerator Review
HELOC Rate lower than Primary Mortgage (Part 2 of 2)

We are testing Mortgage Accelerator software from a company called StreamlineYourDebt. This software also has the ability to import your bank statement and recalculate paying off date accordingly. This feature is very nice; it allows users to see how large purchases or deposits will impact his pay off date. This feature is not shown in our screen shots. But you will fall in love with this feature once you begin to follow this software.

Step 5, How is primary Mortgage look
This is the amortization table when directed by the software.

Step 6, Summary page
The interest saving and paying off earlier, you should get it now. Let's check it in next section.

Final Step, How much do we saved using this method

This person has $1500 extra each month, we think it will be fair to say he will apply the $1500 into his primary if he doesn't have HELOC and knows nothing about Mortgage Accelerator.

Using the amortization in Excel from the Mortgage forum, we can calculate how soon he will pay off. The result is 183 payments, with total interest payment to the bank at $353,379. Click here for the populated spreadsheet for this calculation.

Take a close look at step 5, MA method takes about 181 payments, with total interest (not straight forward) 334109. Ops, I forgot the interest paid to HELOC, which is about $15341. Click here to see the populated spreadsheet for MA.

The total BONUS from Mortgage Acceleration is a 353379-334109-15341 = 34611. About 2k per year, not bad at all.

Why people still like Mortgage Acceleration

Put the money in a HELOC, most of it is available at any time. Put it directly into the mortgage and you can never get it back unless you refinance. In the example above, the HELOC Max is 50k, the person almost always have 20k of available balance you can get in an emergency.

Mortgage Acceleration Software helps a person see clearly what his financial situation is. It helps a person set his goal clearly. It helps promoting saving and preventing blindly spending too much money.

Any money saved is a good deal. By shuffling money between your accounts and squeeze out about 1 or 2 thousands dollars a year is still a good deal, isn't it? Although not as much as some existing Ads out there say.

Thank you for reading this far, join the Mortgage Forum and leave your comments about Mortgage Acceleration.