I need an excel expert that understands finance and mortgages to create a custom mortgage reduction program in excel.
The program will allow the user to enter their mortgage information including the type of mortgage(P&I, Adjustable Mortgage, ARM).
The user will also enter information from a Home equity line of credit(HELOC) which will be used as a tool to pay down their mortgage. The program will compare the time to pay off the original mortgage to a projected time using the HELOC to pay off their mortgage sooner with the interest savings through the HELOC by depositing their income and savings into the HELOC.
They will borrow from their HELOC to apply to their mortgage. The program will calculate deposits and expenses in and out of the HELOC and calculate the monthly interest incurred and the savings from depositing their income into the HELOC.
The user will be able to update their HELOC from their statement every month and see the effect it has compared to the projected pay off time.
The program will have a payment schedule and two reports showing the interest and time savings.
In summary this program will calculate the savings in time and interest in using a HELOC as a tool to pay down a mortgage years sooner. I have the layout and need the formulas entered. This is just like a Money Merge Account in excel.