SAVING A CLIENT MONEY ON A 15-YEAR MORTGAGE

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SAVING A CLIENT MONEY ON A 15-YEAR MORTGAGE

While doing the normal routine accounting work, a client asks me about the difference in payments on different mortgages. The client intends to stay in this house indefinitely, so I ask if he has considered a 15 year mortgage. He hasn't given it much thought because of the higher monthly payment it would require. I switch to Lotus on my Palmtop, load my Mortgage Interest Comparison spreadsheet (MRTG-INT.WK1=) and compare the difference in actual interest dollars paid over the life of a 15 year and a 30 year mortgage. I press (F10) and instantly have the information displayed as a graph.

Mortgage Interest Comparison : Graphic

This makes it easier to see that the total amount of money spent on a 30-year loan is more than twice that spent on a 15-year loan. The graph makes the point more effectively than just numbers and is a very effective way to present financial information.

Mortgage Interest Comparison Shown By Year: Graphic

I only have to enter the amount of the loan in cell B7, and the interest rate in cell C7. All other lines are calculated based upon this first line entry. The columns in the spreadsheet represent the following: Years = the length of the loan term; Loan = the principle amount of the mortgage; Int = the interest rate of the loan; Pmts = the monthly payment amount for the mortgage portion only (excludes payment amounts for real estate taxes and insurance); Incrm Pmt = the difference of the total payment amount compared to a 30 year mortgage; Total Int = the total interest paid over the life of the mortgage (field shown in graph).

Now the client wants to know how the different mortgage payments would impact his personal tax return. I call up my Individual Tax Planner spreadsheet . We review the projections and I have an answer for him. Providing answers when my client asks them is the real power of the Palmtop computer.

After I finish my work with this client I record the time spent and a description of the work done, on TimeSlips, the program I use for time and billing. I installed TimeSlips (Ver.3.4) by copying the main files from a desktop to my Palmtop. TimeSlips has a smaller remote package that can interface with a desktop version. I plan on getting the remote packages for my Palmtop and my staff to facilitate the billing process.

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