Hello there,
I am not a mathematician but have a Bachelors Degree in finance who understands what you are trying to accomplish and can build a financial model for this. I was actually speaking to my mom about this last night but have not built a financial model for this yet to help quantify this. I can also bring value in that I am a Canadian Born English speaker who understands mortgage policy.
What I need to get started on this project:
- After-tax income
- Monthly spend - This needs to be broken into two parts, one part being an amount you are able to spend on your credit card and the second part being the amount you would have come out of your account directly (things that can't go on credit card - written cheques, etransfers, etc.)
- Covenants pertaining to mortgage prepayment for your specific case. (in Canada one of the major banks allows 15% of principal to be pre-paid within a year - becomes an issue for this strategy when mortgage principal is low)
- Your interest rate and mortgage term length/when is it renegotiated.
Thanks for your consideration