First, I’d like to wish my readers a Happy Holiday Season, whichever specific holiday you plan to celebrate.
(My Money Merge Analysis Compilation, a PDF containing all of my MMA posts has been updated to be current through Part 32.)
That said, today is also Thursday and I thought it appropriate to offer my new readers who happened upon my blog in search of information regarding the MMA account a copy of my MMA spreadsheet. Until now, I’ve made it available only upon request and sent it via email. I did that both to track interest in the sheet and to follow up with the recipient to see if they made a decision. Now that I’ve given it out to well over 100 people, with only 3 telling me they still chose to buy into the MMA software, it’s time to make it available with no hassle. 
Above is a snippet from the sheet. Note, it follows the original MMA example, where the mortgage was a $200K, 6%, 30 year loan, and the client has $1000 in extra funds per month to shuffle through the system. The MMA agents brag about the dashboard putting everything you need at your fingertips. What I offer for $3500 less is to lose the graphics but allow the same important information to be updated in real time. The MMA system takes credit for a huge savings in the interest on your mortgage loan. It also requires you to enter your spending on a nearly daily basis. As you can see above, by putting your extra $1000 per month toward your mortgage, I show you that, by the end of just one year, you can save yourself nearly $50,000 of interest and have just under 25 years left on the mortgage. This is without the risk that the HELOC (Home Equity Line of Credit) may bring, and without the headache of daily attention to any program. Note, if you wish to refer to the sheet during the month, it’s certainly there for you. Change that $1000 to whatever number you wish, as the sheet performs the same function and will show you the impact on your mortgage of the $495 grill purchase or $200 pair of shoes. If that exercise helps motivate you, by all means, check the sheet.
There seems to be a bit more to say about this program, as there is no no end to the claims made by agents. So this series will continue into the new year. Again, a safe and happy holiday season.
Joe
(Note: I am happy to receive comments or questions regarding the sheet. I spent some time on it but I also respected the Einstein quote, “Everything should be made as simple as possible, but not simpler.” The agents, having very few, if any, respected advocates of their system, resort to using the quotes of famous people, Einstein included, to try to add credibility to their program. It’s not working.)
You as well, John. A very nice metaphor……
Joe,
Thanks for all your hard work at shining a flashlight into the roach infested world of MMA’s.
Happy holidays,
Joe,
I must be one of the 100 you sent this to about 6 months ago. I really appreciate it. I have sent it to quite a few friends so hopefully they have visited your web site also.
Do you have this same spreadsheet for a 15 year amortization or can this one modified for one?
Thanks,
Mark in Naples
I enjoyed the Einstein quote (I can’t count how many agents’ sites and slide shows I’ve seen him quoted in…) Also, your spreadsheet reminds me of the Loan Amortization template that comes with Excel. Have you seen it? For those interested, if you select “New…” then “Templates On My Computer” then the “Spreadsheet Solutions” tab, you will find a nifty Loan Amortization template. And it is free, too.
Although some of your readers may not be as comfortable with spreadsheets as others, they can rest assured that this “exercise” is to shine the flashlight on the incorrect statement that “the MMA is the fastest way to zero”.
Mark – thank you for the kind note, I’m updating the sheet to show a 15 year mortgage, and sent you a draft copy. Final version will be posted hear shortly after the new year.
Late – I’ve seen the excel template versions. The one larger feature mine added is to show the “interest canceled” on a running basis. I also make the extra principal payments as easy to enter as possible. I created my version in response to “you can’t do this on your own” which so many agents spout.
Of course, the sheet, any sheet, is only for tracking purposes. You can make prepayments and just be kept up to date when your bank sends the annual mortgage statement at tax time. Thank you for visiting!