Should I Use PLASTIQ To Pay Off My Mortgage?

PLEASE BE ADVISED…Plastiq has raised their rates since the posting of this video…
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[@ajwangrading]

Omg. I think you may have just saved me hundreds of thousands of dollars. I'm giving you the biggest hug. You are brilliant!

[@VanntasticFinances]

#Hugs ❤️

[@bullpuppy7455]

If anyone is confused - She's teaching the principle in a loose and abstract way to get the point across, making a few minor mistakes here and there and leaving out a few critical details, but the underlying idea does appear to work. If you don't believe me: • Search youtube for how "How to build an Amortization table in EXCEL (Fast and easy) Less than 5 minutes". • Now build one yourself for a 250k mortgage at 3.5% interest, making sure the balance reaches $0 after 360 payments. • Build another one right next to it for 250k at 3.5% interest, making sure the balance reaches $0 after 360 payments. • Subtract an additional $10k when the first payment is made to the second amortization table. • Sum the total interest paid on both 250k mortgages. • Subtract the total interest paid on the 240k mortgage from the total interest paid on the 250k mortgage. The result -> You save $17487.14 in interest over the life of the mortgage, and you also paid off the loan 24 months early. And that's with just one 10k payment made right out of the gate. Once you pay down your CC, PLOC, Plastiq, or whatever you used to make that initial 10k payment you can turn around and plop another 10k onto your mortgage and save even more over the life of the mortgage.

[@cyndigreenwood3272]

This comment needs to be at the top.. soo many people don't understand with just one video. If she explained everything in every video, they would all be 4 hours long!

[@enoessien7641]

I love this discussion ....VB guy since '20 ...once the amortization vs simple interest light goes off its like found money!! Great Job!

[@mshill2406]

I just discovered you and I want to thank you for "showing the math" and making it as uncomplicated as possible. I like your style!

[@VanntasticFinances]

Thank you for watching!

[@datnohi8612]

I'm using Plastiq to pay my home completely off and also building savings at the same time, I'm chose to use my fidelity credit card with Plastiq it is a visa, so I could get the cash back to go towards my IRA, I currently owe 18k on my home, and I'm using 2 0 interest balance transfer cards for 2 years , once I pay the home off using the fidelity card I'm going to transfer the balance to my 0 interest cards , so fidelity will be paid in full, and will have to credit my IRA I'm also paying my property taxes this way so that money will go to my IRA, now I would not be doing any of this if I didn't have the money in the bank to cover what I'm doing with these credit cards, why I'm in the 800's club ...also sense I'm eliminating my high mortgage payment this will free up more of my income to pay down debt and build my bank account, if the cards are not paid off in two years I will transfer to another 0 interest balance transfer card , if I loose my job, the credit card payment is only 50 dollars a month at 0 interest vs the mortgage at 1200 a month I will be fine and want loose my home, now that's how you work velocity banking...work smarter not harder

[@upsetstoassets]

This is very smart I'm going to re read this until I understand it. Can you explain it simpler? Especially using your fidelity account??!! Im very intrigued

[@VanntasticFinances]

Excellent leverage of credit! Please keep me updated! Thanks for watching!

[@felicia_n]

I get this for the most part. My only question is what happens to the monthly mortgage payment. I am thinking it would still be required...yes? Just because I put a lump sum amount on the mortgage doesn't mean I won't still have a monthly payment. Is that accurate?

[@krisguidry6389]

❤❤❤❤ I What is a good time umagra

[@cys1964]

​@@felicia_nExactly

[@StreetCreditJuJu]

If I'm understanding correctly, sounds like if you can get a new card with 0% APR for the first 12 months you can save significantly more

[@VanntasticFinances]

There are SO many better avenues to pay off debt than making that amortized loan payment every month. Thanks for watching!

[@NEANABUG]

😳 but wait, if you make a $10k payment towards your principal this month, the bank is still going to be looking for their regular payment next month. While I understand the logic + math, we still have to have enough income to continue paying the regular mortgage payment AND the new $10k credit card bill. That's a major variable that should have been explained in the video. That monthly payment does NOT go away for YEARS (depending on your mortgage amount).

[@ceedee8953]

Don't worry about it. Plastiq doesn't work with mortgage or car loans anymore .

[@roylee6773]

Yeah that is what I thought too. So basically you can’t use the entire income to pay back the credit card and has to have a fund to sufficiently pay back the monthly mortgage as well, so that would be another $1100 a month. So if your monthly income is $5000 for instance, the money going into the credit card would be $3900 instead and this whole equation needs to be amended..

[@roylee6773]

Unless you find a way to pay the mortgage also using credit card which there isn’t, then income is split so…

[@RBruno-jh7np]

@@ceedee8953My car loan is being paid via Plastiq. Maybe depends on the lender.

[@vanishanand1]

Exactly, if you have capacity to save money after paying your mortgage ti pay off your credit card then just throw it into the mortgage principal straight. Make couple of extra payments to your loan every year 🧐

[@sushilkmalhotra2105]

$17,179 two year interest on total on $240,000, comparing 24 month, $4,450 interest on $10,000, You have to show different between 24 month interest on $240,000 and $250,000 to see the difference.

[@debrawarner6165]

17, 179.00 Is interest only with making regular payments. You still lower the balance to 240,000. With using the Credit Card you save 12000.00 in two years by making a direct payment from the CC to immediately lower your principle by 10g. By making regular payments is would take you 24 months to lower the balance by 10g on mortgage.

[@boburs78]

Lowering the mortgage balance won't decrease the mortgage payment amount.

[@negative74]

paying large chunks on your mortgage is better than just making double payments because of the acceleration of the interest to principal ratio. it's like hitting the fast forward button. Even if you only do it once you obtain a huge benefit from it. this is most easily discerned by looking at your monthly statement, you'll see the principal payment much higher in the interest lower like a balance scale

[@negative74]

i used plastique to pay off my mortgage in 3 years. i transferred the balances to 0 APR 12-18 mo cards. i was also doing the biweekly mortgage program (every little bit helps!) glad to be free of what was the largest monthly expenditure

[@debrawarner6165]

What was your mortgage balance?

[@negative74]

@@debrawarner6165 103,000

[@kevinsheehan5738]

Show your calculations on a spreadsheet otherwise, I might suspect you are telling porkies. Credit cards do not carry simple interest, it is compound interest. With most credit cards, you are only charged interest if you don't pay your bill in full each month. If you don't clear it in full every month, the credit card company charges interest on your unpaid balance and adds that charge to your balance. So if you don't pay off your balance in full the following month, you'll end up paying interest on your interest. This is how credit card balances can grow rapidly and sometimes get out of hand. If you don’t pay the full Credit card statement balance you will be charged interest on the remaining balance. Perhaps more importantly: When you carry a balance, your credit card issuer eliminates your grace period for the next cycle. That means that not only will you pay interest on the unpaid balance from the previous billing cycle, but you’ll also begin to rack up interest on new purchases immediately after you make them. The time it takes to restore your grace period through on-time payments of the full balance varies by credit card. You may need to pay your statement balance on time and in full for several consecutive billing cycles to get a grace period back. Credit card debt racks up so quickly that it will eat you alive because it is compound interest. It is financially illiterate to say that you are better off clearing a 3.5% loan with a 21% loan. The exact opposite is true.

[@dec1slh]

​@@kevinsheehan5738Did you miss the 0% part?

[@PeterJames143]

The problem is not that the interest is amortized, the problem is that the interest in a long loan will continue to grow and be capitalized and compound for the life of the loan. The first extra dollar of principle you pay is the last dollar of principle you would have paid in the life of the loan. If you have a 30 year loan at 8% interest and you pay back 1000 extra dollars of principle on day one it means you are paying back an amount that would have compounded to over $8,000. Amortization is just a prediction of compounding interest. You are short circuiting all those calculations by paying it back early. The simple interest you may pay in the short term on your line of credit is not going to have the chance to compound. You are going to pay back that principle in only a few months. If you let your simple interest compound for 30 years it will grow to be a monster also. It's disconcerting when the people advocating velocity banking get these details wrong. I'm not saying VB doesn't work, just saying it's not for the reason that amortized interest is worse than simple interest. It's because quickly repaid principle is better than compounded interest.

[@craigrider9822]

Yes, I think you're right, VB advocaters miss the point that 21% is always going to be more expensive than 3%. I'm not 100% sure of VB (yet) but it appears to be a method with some additional short-term costs to obtaining additional funds to Chunk Down (make additional principal payments) giving long-term savings. What you can pay extra now on the front end saves you on the back end of the loan. In the early days of a loan (300K over 25+ Years) an additional payment of as little as $30 can compound and equal the savings of a full payment on the back end of a loan.

[@PeterJames143]

@@craigrider9822 yes exactly. $1 compounds in 30 years at 8% to over $8. So if you pay $1,000 extra on day one you are prepaying what would be over $8,000 in payments down the road. Basically what I believe is there is no magic in amortization, the problem is compounding not amortization. An amount of money with 21% interest that never has the chance to compound will be much less than that same money compounding at 3% year after year.

[@aadenar2]

Useful information but reading these comments and it seems like a lot of people do not know how an amortization schedule works

[@VanntasticFinances]

Learning! Thanks for watching!

[@cyndigreenwood3272]

Seriously. And they don't understand that she does interest on the high side to show that you would save, even with max interest on the cards.

[@kennyfuruya2532]

I have a question about using Plastiq. If I pay my $3,200 monthly mortgage with Plastiq, and they charge 2.9% fee or $92.80 with my Capital One Venture X card, I will receive 6,400 bonus miles or $64. How does using Plastiq make sense financially? Thanks in advance

[@todddavis9426]

Love the work you’re doing! I got out of debt twice by just making extra payments. Velocity banking would have been faster.

[@gitarzzan1]

You still have to pay interest on the 240k balance. The $17k interest wasn’t on just a $10k balance…. It was for the $250k balance.

[@bullpuppy7455]

She's teaching the principle in a loose and abstract way to get the point across, making a few minor mistakes here and there and leaving out a few critical details, but the underlying idea does appear to work. If you don't believe me: • Search youtube for how "How to build an Amortization table in EXCEL (Fast and easy) Less than 5 minutes". • Now build one yourself for a 250k mortgage at 3.5% interest, making sure the balance reaches $0 after 360 payments. • Build another one along side of it for 250k at 3.5% interest, making sure the balance reaches $0 after 360 payments. • Subtract an additional $10k when the first payment is made to the second amortization table. • Sum the total interest paid on both 250k mortgages. • Subtract the total interest paid on the 240k mortgage from the total interest paid on the 250k mortgage. The result -> You save $17487.14 in interest over the life of the mortgage, and you also paid off the loan 24 months early.

[@bobbystajkowski6099]

We are using this same technique to pay off our new 30k car loan. We got a 0% 18 month introductory rate with cash back and a cash bonus after spending so much. We are using this card to chunk 5 k principal payments quarterly. By doing this we save 70 months of payments and save in the neighborhood of $3500 in interest.

[@VanntasticFinances]

EXCELLENT!!!!

[@cristiangabrielfeliz6324]

How do you pay your card loan through Plastiq?

[@bobbystajkowski6099]

@@cristiangabrielfeliz6324 plastiq charges you a fee to send a payment on your behalf. We just gave plastiq the necessary info and they charge that payment to your card and send the check to the car loan.

[@VanntasticFinances]

@@cristiangabrielfeliz6324 The same way if you’re paying off another credit card.

[@djtgrind]

Bobby, that's GENIUS!

[@MNTallGuy]

What she has not calculated is the interest that will continue to be paid on the $240,000. Of course, it will be lower than the $17,176.36 since the loan is lower by $10,000 (by 4%), but not enough to overcome the difference in higher fees paid on Plastiq for $10,000, plus the credit card interest rate. In addition, you may run into a cash flow crisis by making large payments on credit cards AND your mortgage. Another way to think of this...The amount you're "saving" over that 2 year period is the interest on $10,000 at 21% (plus the Plastiq fee) vs 3.50% on $10,000. That cannot be compared to interest on a $250,000 loan.

[@AeoNxSniping]

I guess when you pay that 10k to the principal with Plastique, you will than put your income in every month expenses come out including mortgage payment every month. When you have paid off the 10k you start over again. Right?

[@soulh4838]

Of course, during those months you're also making the regular payments on that mortgage, on top of knocking out $10,000 of the principal amount!!

[@mahoganychic841]

I don’t understand but I trust you lol. I will look at this more. I’m always figuring out ways to eliminate interest. Thank you for giving us your time and energy!

[@Ew00kie]

If you have 250k and you pay principle at 10k your new balance would be 240k and you would still be paying interest on 240k for the 24 months. So what would the interest be on 240k for 24 months and then you would have to add in your interest from your credit card and the fee into the new interest and then compare that total to the $17,176.36 that you had before you decided to use PLASTIQ. I don't understand how there are missing steps in the math that i am seeing. I mean you do still have to pay interest every month on your total mortgage that is still owed or do you not have to pay that interest?

[@brooksfire9580]

You're right. She compared apples and oranges. You still have the 240K interest, and if she would have added that to the 10k interest, it would show that the math doesn't add up.

[@cys1964]

​@@brooksfire9580Show us.

[@KDrop84]

It’s 21% is simple and only on 10 k Mortgage is 250k at 7% the entire loan amortized

[@jimthebudgetdude4871]

I am starting to dabble in velocity banking, but the missing piece of this video (unless I am not seeing something) is: unless you pay the mortgage off, you still pay that pmt plus the cc payment. The only way to move the money out to be lower is to recast the mortgage every time it gets ‘chunked’ so to speak

[@BeachComer]

I use it every month, yes don't like to pay the extra $$ but it sure helps me with extra CA$H flow!

[@jamafia97]

you still have to be paying you mortgage while paying back your credit card. That 10k plus 4k in interest that you paid extra over the 2 year period, if you had just put it directly to the principal you would still save big interest.

[@VanntasticFinances]

Continue to watch videos and the confusion will clear up. 4K in interest over 2 years is Tens of Thousands cheaper than the mortgage interest. Thanks for watching

[@jamafia97]

@@VanntasticFinances if I applied the 4k plus the 10k directly to principal that would still save you about 15k give or take in interest on your mortgage

[@VanntasticFinances]

@@jamafia97 you save $25k plus 3 years of mortgage payments

[@jamafia97]

​@@VanntasticFinancesIf you take 10k in credit card and 4k in interest over 24 months, that's 14k over those 24 months. Now divide that 14k by 24 which equals $583.33 per month. Because no one else is going to pay your bills for you, that money ($583.33/ monthly) will have to be repaid by you. Now if you plug $583.33 monthly into an extra payment calculator using $250k, 3.5% interest, after the first 24 monthly payments you will be at $225,762.24. (This all in 24 months) VELOCITY BANKING - If you go the other way and put the 10k down, my balance immediately drops to 240k which is good. (Roughly about 2 years off your amortization schedule) but the 24 months of payment after that will bring your balance down to roughly 230k. I came up with 230k because I did a 30 year term with 28 years remaining on schedule because the 10k lump-sum took 2 years off schedule. So, 240k balance remaining on a 30 year term with 28 years remaining on schedule at @ 3.5% shows that the next 24 months of payments would bring you to a balance of $230,624.31. 5k higher than if you were just making extra monthly payments. On the other hand I made an extra $583.33 payment per month and have a balance of $225,762 like I said before. Some one please be honest and try to follow my math and tell me where I messed up at if I did. Thank you. I think you save more by paying extra monthly payments directly to your mortgage principal vs using a credit card and having to repay the card with interest plus having to pay plastiq a fee. That extra money to the credit card would serve better by going straight to your mortgage principal.

[@Celticsfan10134]

You still have to make your monthly payment on the side as well.

[@VanntasticFinances]

Very Good!

[@tony1923]

Interest is not different for a mortgage... The reason a bank "makes" more money at the beginning is because you owe them the most when the balance is largest

[@7TUBER7]

This fails to take into account that you still have to pay interest at the same time on the remaining $240,000 mortgage balance. The error here is showing interest on two difference balances. Comparing apples with oranges and this is a dangerous premise.

[@seangarnham7834]

I agree. So really what this compares is a 10k chunk payment on the CC vs the mortgage. As you say once the 10k is paid toward the mortgage balance, and you're paying the CC off as illustrated, in the background and simultaneously the 240k mortgage still runs at the agreed plan.

[@joetrevino4551]

Agreed. Interst on the remaining 240k doesn't stop because you are paying the CC. To complete the equation she needs to calculate the interest on the 240k for the 24 months, add then that to the CC interest. On the positive side, the 240k mortgage would also be going down. So the balance should be 230k+ at the end of the 24mo

[@DigitalDesignsbyPJ]

The difference is it’s between amortized interest and simple interest.

[@BroadzWayTV]

250k minus 26,942.64 equals 223,057k… she lost me when she calculated that the balance in 2025 would be $240k after paying 1122.61 per month

[@cyndigreenwood3272]

She is showing what it would have been had you just paid the payments regularly. I think ALOT of people miss that. Yes after 24 months the mortgage balance would not be 240k because you were paying it down the entire time. It's very complicated math for a short video. You would have to figure each month's Interest vs Principle after the 10k was put down. AND which month did you pay said 10k? Was it month 11? Or was it month 220? Interest is calculated over 30 years, every month the interest and principle are different. Everytime you pay down Principle, the Interest changes. You have to really really scrutinize an Amortization Schedule to figure out how much you would actually be saving. And at some point it makes more sense to just continue regular scheduled payments but its way close to the end of the loan. Again, you would have to look at a regular schedule to figure that out. BUT again, every time you make Principle payments throughout the 30 year loan, it changes the percent of Principle to Interest. It also depends when you throw down extra Principle. Serious math.

[@scootermason2746]

Am I understanding that you can’t use VISA?

[@dsuttonhomes1975]

Hey on a didn’t video u said if you link your credit card to your checking account. And keep @ $0 balance, Could I make a payment & principle payment combined, let it hit the $0 checking account, and let it come off the linked credit card connected without any penalty’s or fee’s? Then take the money from my savings move to my checking account and make the credit card payment?

[@craigrider9822]

I'm from AU so things might be different compared to the US. I'm warming to the Velocity Banking Concept but I think some of the wording and examples are incorrect (from multiple VB YT videos). A 21% Simple Interest Loan is never cheaper than a 3% Amortized Loan but there seems to be an opportunity cost window by Chunking using VB. What might be helpful is a presentation of a spreadsheet showing three tables - an Amortization Schedule (Doing Nothing), another Amortization Schedule (with Chunking) and the VB Chunking Process. Otherwise I think the VB Concept looks fine for consolidating existing CC Debts.

[@cyndigreenwood3272]

It depends how deep someone is in thier own amortization schedule to whether or not a simple interest card would be cheaper than the amortized loan. Calculated tho, yes. Simple Interest daily is cheaper, especially if the 10k was paid off every few months. The only real way to know is doing the math yourself, and making your own amortized schedule to compare it to. You would have to have all your bills and calculate the interest on each one daily on whatever credit card you choose. And when your income would go in and what balance that would leave. Per day. She calculates interest on the max. It's a ton easier to calculate max than it is daily. Too many variables.

[@jack317]

I know youre right but i still dont see it. You still have an $1122/mo. payment and a cc payment. It seems like the 17k interest is still there plus 4300 interest.

[@debrawarner6165]

your putting your income in the credit card so your paying it down quickly with your income. Its not a fixed payment

[@cyndigreenwood3272]

The amortization schedule changes the ratio of interest and principle everytime you make extra payments.

[@djtgrind]

This video should be #1 trending video in Finance!

[@VanntasticFinances]

Wow! Thank you!

[@djtgrind]

@@VanntasticFinances You have to know this is GAME CHANGING!

[@VanntasticFinances]

@@djtgrind It certainly changed my game and now I want it to change everyone else’s, too. Thanks for watching!

[@djtgrind]

@@VanntasticFinances Thank You Once Again!

[@VanntasticFinances]

@@djtgrind My pleasure!

[@cjjohnson8207]

Ok I tried this I had a CC with a 1500. limit with a balance of 1450.00 I paid 1000.00 then tried to pay my other CCs and it can't be done. you are very miss leading.

[@VanntasticFinances]

…did you read the title of the video? PLASTIQ …that was how you would’ve paid other cards. Thanks for watching anyway.

[@cyndigreenwood3272]

? Tried to pay with what? And to whom? This statement is very obscure.

[@lag3432]

I'm kind of lost, how would using a credit card or plastiq opposed to paying mortgage directly monthly through the bank save money?

[@VanntasticFinances]

Please watch videos regarding Mortgages and the interest saved when using Lines of Credit. Thank you for watching!

[@thomaswong42]

Paying theortgage directly from your bank means you need to have the cash on hand which would save you on the cc interest, however, most people won't have $10k to chunk at their mortgage. Paying back the cc interest is still cheaper than paying front loaded loans, at least until the break even point.

[@andreskougl]

Paying extra on the mortgage principal is always the best option. These methods are for if you don't have the cash saved BUT have the cashflow to make next month's mortgage payment AND a new credit card payment.

[@cys1964]

​@andreskougl If you use that cc for Velocity Banking, you will not have to make a separate payment because you deposit (part of) your income into it, and that satisfies the monthly payment. So, you won't HAVE a "new payment".

[@tomneuberger2150]

I don't understand how you save the interest on the mort payment using plastiq because it doesnt matter where your payment comes from they are going to keep to their intrest schedule. How does paying from Plsatiq make their mortgage interest go away?

[@blacklight3330]

You will see interest saving. the key word (saving) in the back end of the mortgage loan. They will continue to charge interest and principle as if, it were on regular schedule. Where it differ is when you put a lump sum against the principle. They have to calculate from what or where your current principle is owe. Basically shorting the time left on the mortgage. Interest And percent=time

[@cyndigreenwood3272]

The interest is calculated on the principle. The ratio from Interest to principle changes everytime you make extra Principle payments. If you get a monthly statement, try it. Make an amortized schedule based on your current loan and double check to make sure the month you are in matches your statement. Next month throw a bit extra on the Principle and next statement should reflect a different principle to interest ratio than your amortization schedule you had previously made.

[@kevingray7855]

What’s the difference if you just paid the extra money you now have for that credit card payment on you mortgage instead

[@lashawndavisbarnett7u415]

What about just doimg a cash advance from the dredit card...fee is about same as Plastique charge

[@jamesdowis2346]

What about the interest on the 240k?

[@cyndigreenwood3272]

Depends on when the extra Principle was applied. Was it month 11 into the amortized loan or month 220? We don't know. She shows what it would look like completely fresh. The interest on the 240k doesn't matter in this case. You would have to had to pay it regardless if you used Velocity Banking or not.

[@joshshapiro5970]

You still have to make a mortgage payment

[@stecder2470]

can you pay your personal or business card with plastiq?

[@NickB1121]

If you make a $10k payment, you still must make the regular monthly payments, right? Or if you make a lump sum payment, do you simply not have to make the standard monthly payment?

[@makhailasharria]

Thank you for your time

[@VanntasticFinances]

Thank you for watching!

[@hedgefund996]

Amazing Educational Content 🎉🎉🎉

[@jamelappsolute457]

Love your videos, learning some great debt smashing processes. Thank you. So the 10K is a principle only payment to kill the interest in the beginning. Is this a process you would repeat every 2 years, until mortgage is 0 balance?

[@VanntasticFinances]

Thank you and yes. Take your monthly cash flow times 12 and that will tell you how much you will pay off in a year.

[@henrycrouser4273]

@@VanntasticFinances I understand the income would go into the credit card and reduce that balance quickly but you still have to make that monthly mortgage payment even though you made a large 10k chunk payment with the credit card. I get the savings in interest part doing it this way but where do the funds come from to pay the actual monthly mortgage payment that will still be the same amount if the income is going directly to the credit card? You would still have to come up with the money for the monthly payment each month until this process has been completed enough times to payoff the mortgage. The concept makes sense until I realized that the payment still has to be made each month. Can you help me understand this part? I am thinking the answer is deduct the mortgage payment from the income and keep in checking to pay mortgage and the rest of the income would go to the card

[@glamygirlie6829]

​@@henrycrouser4273Exactly. She explains this clearly in other videos.

[@TheRealistFan]

So,would I have my calculated monthly bills go in as the credit card payment every month? Mortgage+utilities=$3630 as the payment? With 1500 cash flow maybe going into my savings or investment account?

[@dorothydickinson2001]

if you have 3 cc with balance, do you transfer them to be on one card and use this method? Thank you so much for this information. Many Blessings

[@VanntasticFinances]

Yes, you can do that OR just do one at a time. Regardless, the strategy will work. Thank you for watching!

[@Joeangel70]

Can I use Melio so I can pay my auto loan with a credit card?

[@janetmilliner4892]

Are you able to make car payment on plastiq? Thanks for your knowledge, and I am glad I found your channel.

[@The_real_Toddington]

If you use your cc to pay your rent using plastic but you pay your cc right away does it still charge interest rates

[@rurquidi1]

But on this you still have to pay your monthly mortgage while paying off the 10K CC

[@ad6417]

Yes

[@cyndigreenwood3272]

Using Velocity Banking on a credit card is the only way to get out of the payments. But think about it.. when you make a payment onto a credit card.. isn't that payment amount available to you now to use as you will? The credit is revolving.. make a payment and that money is usable again. It's not a loan, where you money disappears for good. Which is why HELOC's are so powerful cause they work the same way. PLOC and BLOC too. Usually lower interest than credit cards but work in the same way. Revolving. Money in, money out.

[@JegtoDFW504]

So my home is with Chase and my largest credit card is with Chase. You mean I could do your debt velocity trick with Plastiq to have Chase pay Chase and save interest thousands over?

[@digitalgoonie]

Sounds like it… as long as it’s not a visa that you have with chase. Jamie Diamond would approve! 🤣

[@desmondhughes9143]

Again you are helping me!!!

[@chillinwmeg8833]

If I made 24 payments at a 3.5% rate I would only make a $7200 payment towards principal. My mortgage is $300 p/m principal. $$300 per month interest. + taxes & insurance. I don't get your math. But I sure would like to!

[@cyndigreenwood3272]

How do you have a set principle to interest rate? Doesn't sound like it's amortized to me.

[@victorperez78063]

Hi thank you for what you do. In this scenario, Dose the 10,000 from the plastic go to your principal or how does that work cause my understanding is that you can put 50,000 towards principal and next month you have to continue paying your mortgage at whatever rate you have! Please clarify this for me and again thank you.

[@CardonaEJ]

Question for you… If you pay $10,000 towards to your your mortgage with plastiq… wouldn’t you still have to make the monthly payments required by your mortgage company?

[@andrefedorchuk4269]

Hello Christy. My wife and I are making double payments for our house mortgage. One goes in to satisfy monthly loan payment, and the second one goes directly into principle payment only. Is it even worth for us to do velocity banking? I looked into Plastiq, and it seems to me that they have file for chapter 11 bankruptcy. This kind of scared me off. Is there anyone else that competes with Plastiq for same services? Thank you, Andre

[@chiefmessenger]

I am looking as well for alternatives for Plastiq in case they go under that does the same thing paying with credit card they send a check, thank you.

[@jamersonsavant8954]

How much is the interest on the 490k that u still are paying for every month. That is missing from this equation. I think that needs to be calulated

[@joelgroves7500]

Do you recommend paying off the $10k completely first or could you pay more of the mortgage when you get to let’s say the $5k mark, what would make the most sense?

[@VanntasticFinances]

Either way works. $5k chunks after initial $10k should offer a bit more interest savings.

[@justinhusbands8826]

Would you still make your regular monthly payments after you put the 10,000 dollar plastic payment or Would you just keep doing the 10,000 every 8 months or so?

[@ghova3972]

Wait but don't you still have to make mortgage payments along side the credit card payments?

[@VanntasticFinances]

Credit card payment is satisfied with income transfer. Yes, until mortgage is paid off, you do have to continue with payments.

[@djtgrind]

Yep, but this will work best with a card that has 0% APR for a specified time. So you can continue to make your mortgage payment but u make small payments on the card mentioned.

[@cys1964]

​@djtgrind But you don't have to make any payments on the card if you put your income on the card.

[@llm5673]

I’m so confused by plastiq! I purchased a vehicle got a loan from PNC Bank and then tried to use plastic to pay it off and they said they don’t do loans they don’t pay loans so I was actually in quite a pickle because that was my strategy for buying the car And I was able to do a balance transfer with a credit card but plastic did not help me at all! I was so pissed! That could’ve put me in a bad situation, so how exactly do you pay off a car loan with plastic? Why would they deny my request?

[@RBruno-jh7np]

Was it an auto loan? I know I can't use Plastiq for my personal loan. Auto loan, yes.

[@llm5673]

@@RBruno-jh7np Not for me! I was so pissed!! and of course you can't call them

[@srikantaiyar656]

Why would you pay the bank ahead of time - at no interest payment from the bank? I disagree with your concept - your process is another matter.

[@cyndigreenwood3272]

Your question doesn't make sense. If you don't understand the concept, how can you comment about the process? Lol

[@victorscarpulla2478]

Awesome Video !!! I will definitely try this. 😊

[@VanntasticFinances]

Thanks for watching!

[@odium3691]

This seems like a really complicated way of saying: "pay down the principal so not as much interest accrues over time"? Don't you still have to make the normal monthly payments along side your lump sum?

[@VanntasticFinances]

Yes, but you’re paying the loan off without adding any additional payments. Make sense?

[@sakethreddy4450]

@@VanntasticFinances thats true but we are pretty paying the interest amount of say 48 months of loan right? So whats the point of hurrying up when you know you pay the same amount

[@VanntasticFinances]

@@sakethreddy4450 when you’re taking your income and making extra payments…you’re losing your cash flow. With Velocity.. you always have cash flow available.

[@garyhuertas1735]

So…obviously you will still continue to make mortgage payments after you dump the 10k towards the principle ?

[@VanntasticFinances]

@@garyhuertas1735 Yes.

[@jennifergribbins4560]

Do you pay the 10,000 just starting on Herlong or do you cut a client to principal only?

[@TraumaChaplain]

On top of the money savings, how many months or years are you taking off / $10,000 chunk?

[@lineman508]

love your videos thank you

[@ilonakim5034]

What is PLASTIQ?

[@lewisverdouw6949]

How much do you charge for the consultation?

[@VanntasticFinances]

I have a 30-Minute free Phone Consult on Calendly link below...or website...vannfs.com Thanks for watching!

[@emojidinosaur7300]

did you sign up??

[@hddm3]

I have a question. If you Put the 10000 on the morgage payment will they still want a payment next month? How do you set it up or do they just figure you made a years worth of payments in one month? Thanks

[@brooksfire9580]

The mortgage company will still want you to make monthly payments. You need to make the $1,122.61 payments to your mortgage every month in addition to the $602 payment to the $10,000 loan. Your monthly payment would be $1,724.61 in the above scenario.

[@cyndigreenwood3272]

She didn't show velocity banking in this video. You would be paying down that 10k on the card with your income. Income in, expenses out. Thus lowering your interest on the card as well. It would not be $4450. That is the max it could be. She does the average daily balance on the high side but it would always be less. Depends on when your income goes in and what bills would and when they come out during the statement on the credit card. Too many variables to throw into a video.

[@RajeshGunda86]

If I’m sending 10K using plastique is it principal only payment or my 5 months payments (2K per month) ? Is it still wise if my interest rate is only 2% ?

[@VanntasticFinances]

The 2% would be a matter of how long you have held the loan. If you have held the loan for longer than five years, then you would save some interest, but the majority is within first 5 yrs. 10K should be principle only payment. Thanks for watching!

[@BuddabuttDad]

Did you go through with it? I have a 1.5% interest rate. Wondering if it’s worth it.

[@drj3033]

Are the 10000 payments going to the principal or the monthly payments ?

[@VanntasticFinances]

Principal

[@tericarter2512]

I 😊😊watched another video that said you could not pay your Mortgage or credit cards with Plastique?

[@VanntasticFinances]

I think Plastiq went bankrupt unfortunately 😕

[@mommyscribbles]

how do you pay a mortgage with a credit card though?

[@VanntasticFinances]

Hi Mommy! Go to the video “Can I Pay a Mortgage with a Credit Card” … posted on the 18th, I think. Thank you for watching!

[@djtgrind]

The name of company is Plastiq

[@lorealdrayton6164]

#realestate #mortgage

[@VanntasticFinances]

Thanks for Watching!

[@MrWanenglee]

I believe there's still mortgage payment even I paid $10k to the lender from plastiq

[@VanntasticFinances]

Absolutely, there is…except for the month you make the chunk.

[@MrWanenglee]

@@VanntasticFinances is that mean required more income?

[@VanntasticFinances]

@@MrWanenglee Not at all..

[@Bleedblackandgold51]

You can't use plastiq to pay on your mortgage anymore. Do you know of another service?

[@cyndigreenwood3272]

Overdraft protection, linked to a credit card.

[@mikemiller1650]

Use a Mastercard I'm using it now on plastiq

[@n1k01k0]

Don’t get yourself in debt with multiple parties, please. I can tell from the comments that a lot of people don’t even understand the basics. Simplify your life and expenses and pay more on your principle as often as you can directly to your lender and not through a tangled web of debt.

[@ad6417]

If I mail a check to my mortgage bank, that is not money. It is a promise to pay which is basically a debt. I think it's you that doesn't understand.

[@gonzosc1]

well damn, Can't use visa through plastiq,,,,,, theres got to be a work around somehow!! I've had the same visa account for over 30-35 years even as the bank itself has changes hands. I'm sitting on a 10.99% and a $23.000 limit that I could not use for a few items on your plan....... I'm not in totally bad shape but would like to get out of the old school grind lol. damn visa...

[@cys1964]

Get a new MC credit card?

[@cyndigreenwood3272]

Does it have an option to change or upgrade within the company/bank that is is with? Someone else here said they use thier Visa and have been for years. Idk, both worth looking into. I would also pop up an amortization schedule to match your loan and see if the savings is worth it. It probably is, but just in case. Sounds like you are pretty far into your home loan.

[@rusty_junk]

You still have to pay your monthly mortgage though right? Sorry if this is an elementary question. But I just wanted to be clear.

[@ad6417]

Yes

[@user-hc4cx8qo7h]

how can I use credit card to make more money??

[@cyndigreenwood3272]

Lend EMD.

[@zubazzkodine1643]

You calculated 24 months pay $250,000 loan not $10,000 loan that you’re trying to take from the credit card to put it to the mortgage I think you’re supposed to calculate how much interest did you pay on your mortgage for the $10,000 not for the total $250,000 mortgage

[@debrawarner6165]

because that is what your paying a amortized balance of 250000, not simple interest

[@cyndigreenwood3272]

It would be too complicated to to do that. Too many variables. The interest she calculated was the credit card interest on the 10k. The loan interest was the beginning of a fresh 250k loan. Every month we pay a different amount in Principle and in Interest. And depending when you put down that 10k, changes the ratio on Principle to Interest. Less Principle, less interest.

[@lag3432]

How am I saving if I'm paying mortgage interest plus interest on the services you mentioned?

[@VanntasticFinances]

I have other videos that show the savings. Thank you for watching!

[@djtgrind]

She showed it, you're saving 13k in 2 years.

[@lag3432]

@VANNtastic! I'll watch again and maybe see if someone can help me out because I don't understand if I'm paying the bank inter a then another source how I'm saving money

[@VanntasticFinances]

@@lag3432 Email me at [e-mail] and we’ll talk! Thanks for watching!

[@brooksfire9580]

@@djtgrind She 'forgot' to mention that you're ALSO paying your 240k mortgage during that time. Isn't the interest more than $0 during the 2 years? Hint: It's MUCH more.

[@cha8101]

Is that 10k going toward principal or interest or Both? 10K towards the mortgage.

[@debrawarner6165]

its going to principle only. You still make your mortgage payment.

[@cha8101]

@@debrawarner6165 and you should tell the bank to apply it to the principal only.

[@ussspirit4812]

Fantastic! Fantastic! Fantastic!

[@joeymucha09]

I'm sorry but i am just not following. It sounds great in theory but a few things come to mind... The mortgage company isnt just going to let you pay 10k to principal at once ant not charge you interest... so interest would still be amortized no matter what. The payments dont just stop because you made a principal mayment they dont care about that. I hope I am wrong becasue i would love to utilize this I just dont see it being realistic as the mortag company will continue to charge you daily interest no matter what unless the lumpsome was paid off.

[@VanntasticFinances]

In all due respect, you are wrong. Unless you have a pre-payment clause in your mortgage documents, you can absolutely pay any amount you want to pay, whenever you want to pay it to that mortgage company. And yes it does absolutely cut off the interest within that time period that you are paying the principal down to. Does that answer your question?

[@joeymucha09]

@@VanntasticFinances Are you implying that you take the 10k and apply to principal only? If so the bills would continue and you would have 2 payments one for mortgage and one to credit card In my case for example, I have a 475,000 mortgage 5.875 rate :/ principal: $495.87 interest: $2310.56 If i made a 10k payment my principal and interest would still be $2806.43...put me 10k in front of amortization schedule therefore making my next payment roughly 530 2270 but i would have credit card to pay off. would only shave off 1.7 years the loan is still ammortized and not converted just because you paid with a cc its just another balance to pay on top of the loan if not then the mortgage would never earn money and we all know thats not ever going to happen. I would love to believe your video here theres just more math than whats shown here if you could make a video or something comparing side by side while the loan keeps rolling that would be great. your loan will still keep accuing interest and add the interest of the credit card on top.

[@VanntasticFinances]

@@joeymucha09 Hello! Keep watching videos. The confusion will clear. You’re forgetting about income transfers to negate cc payment. If you’ll go to contact link, I’d be happy to have a discussion. Thanks for watching!

[@nunya2954]

Yes they will, most mortgage lenders whether a bank, credit union, or mortgage company write NO PENALTY FOR EARLY PAYMENT. Therefore you can put as much to principle as you please. Read your contract. Hopefully you read it before signing for a mortgage or any loan. Always understand what your are signing, because once you sign, it's your baby.

[@nunya2954]

@@joeymucha09 - No hon, it would be paid off sooner and you would have a lot of money in interest. Keep following, it will all make sense.

[@jameschupp2230]

Amazing!!!

[@nicodangond9603]

No.

[@cyndigreenwood3272]

Have you ran the numbers? It's simple math. Or rather, simply math, it's actually very complicated math to do on your own.

[@fogrunr5075]

Just imagine if you had a $20,000 0% card to park that $10,000 on while you pay it off that year.

[@VanntasticFinances]

Nice!

[@djtgrind]

Exactly! Imagine if it was house that was being rented! $$$$$

[@jasonsumrall2801]

do i forgo the mortgage payment for 24 months because I paid $10,000 on Jan.2023?

[@VanntasticFinances]

No. You have to continue making minimum payments.

[@jasonsumrall2801]

@@VanntasticFinances Ok, and then the amount of the amortized interest/principal would be (in effect) that of month 25 of the schedule (when I make the Feb. 2023 payment)?

[@cyndigreenwood3272]

I love this!! That's the correct thinking! And all that interest vanished!

[@jasonsumrall2801]

Hi my name is Jason somerhall and I've been hacked I have not commented on any of your posts but someone else has using my name just thought you would want to know that

[@gingersweeney7071]

Thanks so much! You inspired me to use my 0% apr discover and Plastiq to put $6,000 down on my mortgage! Question: I need to accrue $778 for my regular mortgage payment, and my income is from several sources. Should I be saving up just that amount in my checking account and putting all the rest into that discover card, or should I put it all in discover and use that to pay my monthly mortgage payments (and pay the Plastiq transaction fee each time?) until I pay down the discover and can do the whole thing over again with another $6,000?

[@VanntasticFinances]

I would just hold your mortgage payment and the checking account and put everything else on the Discover card if I were in your situation. Thank you for watching!

[@chiefmessenger]

Hi everyone. I need an alternative to Plastiq because I am planning on doing this with 0% introductionary period credit cards on a mortgage. What is the alternative does anyone know? In case Plastiq goes under and cannot be used anymore.

[@alexandreamyot9167]

When the mortgage go from 250k to 240k the first days you still pay interest on the 240k mortgage. Let say in 2 years ita result to about 16500$ interest instead of 17176$ interest So you basically save 700$ in interest and pay over 10000 thousand in fee and interest Not worth it

[@davidneels2863]

Brilliant!!!!!!

[@kevinnaboulsi9326]

You do realize that you still have to pay interest on the balance of 240k$, right?

[@VanntasticFinances]

The point is to continue to use plastiq to pay down your mortgage balance. So no, you do not end up paying all of the interest of the $240k if you continue to use your line of credit to pay off the balance of the mortgage. Thank you for watching!

[@cyndigreenwood3272]

You'd only be paying the interest on 240k if you never made another extra Principle payment ever again.

[@teothapinckney1339]

Do you have a free consultation?

[@VanntasticFinances]

Hello! Send me a screenshot showing you have subscribed to my channel and send to my Email [e-mail]…complete a contact form at link below…then I’ll contact you. Thanks for watching!🙂

[@cyndigreenwood3272]

How did it go?

[@shanripper]

The stupidity of the math just kills me. You only pay interest on 8k because you are putting your 2k salary right back in??!! And how exactly do you pay your other expenses? Guess you use another credit card at 24% interest!!

[@bryaniskoo]

Should you use Plastique? Anyway here's 0 and 32 F 🤣🤣

[@VanntasticFinances]

You can if the fees make sense

[@bryaniskoo]

@@VanntasticFinances Bluevine does the same service if you have a business account.