An Excel spreadsheet or two demonstrating loans vs. savings
January 16, 2010 1:04 PM
I used to do excel really well, but not nowadays. And I am taking care of a baby so I just cannot focus on it. I need someone to make me a spreadsheet comparing the value of borrowing vs. saving in two specific situations.
The first one involves borrowing $40K for 15 years at 5% vs saving $40K. This one is pretty straightforward.
The second one is borrowing $140K at 5% for 20 years, and assuming the interest is tax deductable figure account for the credit from taxes. This payment is covered by rental income but the property taxes are not, and we have only rec'd the payment 50% of the time for the first 5 years. This is a rental house that I need to show the real cost of in summary.
Basically what I am trying to do is show mathematically with the specific $ amounts why these loans/situations are bad for our financial plan. I need to show the true cost of borrowing this money vs. what we could create if we saved the same money instead. I have been trying to explain this to my husband with little success and I think he needs to see the numbers, not just hear impassioned pleas.
I would like to speak with whoever is going to do this work on the phone - this is the general gist of it, but I would like to explain the two scenarios in detail so the work can be as accurate as possible. It needs to look good, like a presentation. I want to talk from this spreadsheet. You are instrumental in making my case. If I am wrong, that is fine, but we need to make the decisions based on real numbers.
Please hope me, this will be cheaper than marriage counselling!
payscale: $20 per hour (negotiable)
job type: contract
The first one involves borrowing $40K for 15 years at 5% vs saving $40K. This one is pretty straightforward.
The second one is borrowing $140K at 5% for 20 years, and assuming the interest is tax deductable figure account for the credit from taxes. This payment is covered by rental income but the property taxes are not, and we have only rec'd the payment 50% of the time for the first 5 years. This is a rental house that I need to show the real cost of in summary.
Basically what I am trying to do is show mathematically with the specific $ amounts why these loans/situations are bad for our financial plan. I need to show the true cost of borrowing this money vs. what we could create if we saved the same money instead. I have been trying to explain this to my husband with little success and I think he needs to see the numbers, not just hear impassioned pleas.
I would like to speak with whoever is going to do this work on the phone - this is the general gist of it, but I would like to explain the two scenarios in detail so the work can be as accurate as possible. It needs to look good, like a presentation. I want to talk from this spreadsheet. You are instrumental in making my case. If I am wrong, that is fine, but we need to make the decisions based on real numbers.
Please hope me, this will be cheaper than marriage counselling!
payscale: $20 per hour (negotiable)
job type: contract
This job has been filled.