Black & Decker ReadyWrench

Black & Decker has a new hand-tool offering called the ReadyWrench. It’s similar to the Craftsman dogbone wrench in that it combines several of the most common socket sizes into one wrench. B&D sent us a ReadyWrench to try out. Read on for more information and how you could win your own ReadyWrench.

ReadyWrench Giveaway

Black & Decker is giving away one free ReadyWrench every week from now through January 31, 2010. They even provided OPC with our very own entry code- RWR870. Just click through here to fill out a short form and enter for your chance to win. You may enter once per week.

If 150 people use the OPC entry code (RWR870), B&D will send us a mysterious “thank you package”. Now I have no idea what it is, but I hereby promise to use it for a giveaway if at all possible.

Where to Buy the ReadyWrench

The ReadyWrench makes for a great holiday gift – it’s useful and inexpensive. Several retailers have the ReadyWrench including Amazon, Target, Sears, and more. I check them all out and discovered that Home Depot is currently running an online sale. You can buy the Black & Deck ReadyWrench for only $15.88 plus s+h. Here’s the link:

• MSW100 Ready Wrench

The Black & Decker ReadyWrench review (MSW100)

Here are some thoughts about the ReadyWrench.

16 Sockets
The ReadyWrench features 16 of the most popular SAE and metric socket sizes. This is only possible because the SAE sizes and the metric sizes are paired. For example: the 11mm socket is the same as the 7/16″ socket. Here’s a list of the included sizes:

• 19mm and 3/4″
• 17mm and 11/16″
• 16mm and  5/8″
• 14mm and 9/16″
• 13mm and 1/2″
• 11mm and 7/16″
• 10mm and 3/8″
• 8mm and 5/16″

I was pleased to find that most of the sockets I need are included. The 14mm fits the oil plug on my car and the bolts on my deck, while the 8mm fits my outdoor A/C unit.

Rubber Grip
One advantage the ReadyWrench has over the Craftsman Dogbone is the comfortable rubber grip. Black & Decker added a durable rubber grip making it easier to hold for high torque jobs.

What do you think? Will you enter the giveaway? Ever used a ReadyWrench?

Tool Tote: A Recommended Tool Box Alternative

Keeping hand tools organized and accessible on the go is tough. The lionshare of portable toolboxes on the market come with a deep bottom storage bin and one or two removable shelves (like the one shown at the right). These solutions aren’t bad per se, but we find that they’re better for hauling power tools and associated accessories rather than a host of hand tools.

In larger traditional boxes, the bottom storage area becomes a well for all the hand tools that don’t easily fit in the trays. And the trays… well, they’re usually divided in less-than-helpful ways. You have to remove one or both of them to get to the tools on the bottom, and you can’t quickly assess the contents of an opaque box when you’re rushing to the next job.

Of course, not all tool boxes suffer from these drawbacks. There are side-drawer toolboxes, and those with organizational inserts, but we think for many jobs there’s a better choice altogether.

The Tool Tote Alternative

The better choice: a tool tote, like this Sears Craftsman Tool Tote we recently picked up. It’s designed with plumbers, electricians, and carpenters in mind, but it also works great for everyday DIY use. This tote sports tool storage all the way around the perimeter on both the interior and exterior of the tote. It has a confidence-inspiring aluminum handle wrapped with a comfort grip.

What makes a tool tote so much better than a toolbox? Here’s a few ideas…

• Hand tools are stored handle-up for easy access.
• Tools are stored in holders on the inside and outside of the box (on most totes), making optimum use of the space.
• Center bin remains accessible without clumsy shelves.
• Open-top totes enable easy assessment of tool contents without opening anything.
• Most are available in a variety of sizes, just like tool boxes.

So what’re the drawbacks? High quality totes tend to cost a little more than plastic tool boxes; open-top totes aren’t weatherproof; and totes usually don’t lock. But, even with these drawbacks, we think tool totes make a lot of sense for the occasional DIYer or serious weekend warrior, especially if you’re drawing and returning tools to a large work shop tool box.

Where to Find Tool Totes?

All the major home improvement and tool stores offer totes in various shapes and sizes (including ones that will fit over a standard 5-gallon bucket). You can find a healthy selection online too. Amazon offers hundreds of tool totes at prices ranging from $20-$60. You can also browse around Home Depot, Lowes, and Craftsman to find their full selections.

What do you think? How do you move your tools around?

(photo credit for first photo: ocean yamaha)

Kreg Jig K4 Pocket Hole System Review

The Kreg Jig is a great addition to any woodworking shop, no matter what your skill level. The jig enables you to quickly and securely join two pieces of wood together with pocket holes. Kreg provided us one of their kits to try out & review.  If you’re interested in the product, you can purchase a Kreg Jig Master System from Amazon for $139.00 (Free shipping!)  If you’re planning to build wood furniture in the future, the Jig is an asbolute must.

What is the Kreg Jig?

The Kreg Jig is a drill guide for creating pocket holes, the hardest step in butt joining two pieces of wood. Kreg offers several systems with varying components. The standard K4 system includes the drill guide, a stepped drill bit, 6″ square-head driver, starter screw and plug set, informational DVD, Quick-Start Guide, and a durable carrying case.

The blue body is composed of glass-reinforced plastic. It is light-weight and durable. The drill guides are made from hardened steel and carry a 100% lifetime guarantee.

The kit includes a 3/8″ diameter, stepped drill bit with a .170 diameter pilot tip. It’s all one piece and constructed of steel.

How Does the Kreg Jig Work?

The jig is very easy to use.

• Step 1: Adjust the collar on the drill bit. Place the drill bit in the depth gauge with the step at the mark corresponding to the wood thickness. Slide the collar against the base and tighten with the included Allen Wrench. The collar will make sure you drill the correct depth.
• Step 2: Adjust the drill guide. Move the drill guide up or down to find the mark corresponding to your wood thickness. This ensures the screw exits the center of the wood.
• Step 3: Clamp wood in place. Adjust the clamp pad location as needed by rotating the pad in or out. Make sure the clamp is tight.
• Step 4: Drill holes. The drill guide has three holes to evenly space the pocket holes for a variety of workpieces. Plus, you don’t need to reposition the wood after each hole is drilled. It’s a great time saver and makes your work look more professional.
• Step 5: Drive screws. Secure the wood together. Just make sure you have the correct length, and thread for your type of wood.

Benefits of Using the Kreg Jig

So what makes the Kreg jig so great? These jigs are easy to use and easy to setup. But, here are some of the benefits that really caught my attention.

• The jig provides an extremely fast way to join two boards without any routing required.
• Joints are extremely strong. In tests, these joints didn’t fail until subjected to a shear load of 707 pounds!
• The jig works with all kinds of wood, melamine and MDF. It can handle anything between 1/2” and 1-1/2” thick.
• Glue is optional.  Kreg joints don’t require glue; however, it’s good practice to glue joints for added strength.
• It’s easy to hide pocket holes and your finished product looks more professional.

Kreg Jig Complaints

These jigs don’t give you much to complain about.  If you’re truly unhappy with the purchase, Kreg offers an unconditional 90 day return policy.

• Kreg highly recommends using their self-tapping screws. It would be nice if you could use any self-tapping screw, but Kreg says to use theirs. Fortunately, Lowes, Menards and lots of other places are authorized dealers that sell Kreg systems and accessories (including the special screws).

What do you think? Do you have a Kreg jig? How do you drill pocket-holes?
Images courtesy of Kreg.com

Gift Ideas for a Handyman / Home Improvement DIYer

With my wife gearing up the holiday music and Black Friday only a few days away, I thought I’d share some gift ideas for handymen / DIYers. I searched high and low to find inexpensive items that are super useful. If you have additional suggestions, leave a comment and I’ll update the post. Hopefully, this will be a great resource and inspiration for those hard-to-buy-for people.

Inexpensive Gift / Stocking Stuffer Suggestions

All the links are for Amazon and most feature free shipping on orders for $25 or more.

• DeWalt Anti-Fog Safety Goggles – These goggles have built-in ventilation, comfortable rubber seal, easy lens replacement, tough impact resistance. $9.77
• Magnetic Nail Setter – Protect your hands by using this magnetic nail holder to pickup and securely hold nails in place. $12.99
• Ultra-Duty 4-in-1 Ratcheting Screwdriver – Interchangeable screwdriver with rubber handle, reversible ratcheting, includes two hex-shank double-end bits (#1 & #2 Phillips/3/16 & 1/4″ slotted). $6.87
• Magnetic Arm Band – Adjustable magnetic arm band to keep tools and parts within easy reach. $23.40
• Irwin Folding Utility Knife – Quick change button, belt clip, wire stripper notch, and extended thumb ledge. $12.55
• Coated Gripper Gloves – Rubber coated, textured palm for extra grip, breathable knit back, 3-pack. $10.00
• Wood Magnet – Use as a hands free level on any 2-by- material, 4-by-4 posts and pipe up to 4-inches in diameter. $8.39
• Magnetic Drive Guide Set – The guide sleeve hold screws in place for perfect fastening each time. Eliminate wobbling, drive screws up to 4″ in length. $13.53
• Impact Resistant Headlamp – Impact resistant ABS case, 1 super high flux LED, 100,000 hour life, and an unbreakable polycarbonate lens. $14.50
• Small Parts Storage – This storage case features a clear plastic front so you can see what’s inside. Removable compartments make it easy to store small items like screws and nails. $17.79
• Ultrasonic Tape Measure – This one’s a little pricey but a very cool tool (and amazing gift!). 50′ range with laser targeting for increased accuracy. Records measurements and calculates length, area or volume. $41.52
• Hitachi Drill/Driver Quick Change Set – I’ll be honest, I got this great idea from TOH. This set allows you to quickly change between a 5/16″ drill bit and a #8 Phillips driver enabling you to work much faster! $13.90

What do you think? Have any good gift ideas to add?

Image courtesy of Woolennium

Porter Cable 18V Lithium Ion Impact Driver Review

If revolvers were the great equalizer that tamed the lawless west, the 18V impact driver is the modern-day DIY equivalent. Back in the 1800s, the enemies were unruly types who plundered, poached, and pilfered from innocents. Today’s DIY enemies: bolts tightened beyond the loosening force of traditional drill-drivers, and screws stopped in their tracks by high-friction materials. Just as the Colt 45 put the common man on equal footing with brutish outlaws, so the impact driver gives do-it-yourselfers dominance over the hardest fastening and unfastening jobs.

What makes the impact driver so special? It’s all in the power. While regular drill-drivers deliver an average of 400-600 in. lbs. of torque, the typical impact driver delivers more than 1000 in. lbs. Impact drivers accomplish this using an internal spring-loaded cam and gear mechanism that pulsates and hammers in a circular motion, effectively delivering a shocking blow to the screw or bolt head several thousand times per minute. This differs from their drill-driver counterparts which create continuous in-line torque. Despite the added power, impact drivers deliver virtually no impact to the user, providing the ability to loosen the tightest bolts and drive screws into the most stubborn materials with relative ease.

Porter Cable 18V Lithium-Ion Tools

Porter Cable recently entered the market of battery-powered impact drivers with a new 18V Li-Ion high-output version of the tool. PC’s impact driver comes as part of a larger 18V Li-Ion offering that also includes a new-for-2009 drill-driver, circular saw, reciprocating saw, and more. All the tools in the line-up incorporate excellent ergonomics, sport Porter Cable’s new industrial design color scheme (sleek blacks, grays, and reds), and feature relatively compact packaging that makes them easy to store and tote. Just like most competitors’ offerings in this genre, the group shares lightweight 18V lithium-ion batteries.

Porter Cable shipped us a test version of the PCL318IDC-2, a 3 tool kit that includes the impact driver, drill driver, and flashlight. Overall, we’re very impressed with the sturdy, rugged construction and high-quality workmanship evidenced by the set, both from the tools themselves and the simple, compact carrying case. We’ll be sharing our review of each tool separately, and decided to kick-off the series with the 18V impact driver, our favorite in the line-up.

Portal Cable 18V Impact Driver Review

At 3.6 lbs., PC’s impact driver (official site) delivers big power on the job. While comparable models top out at 1200-1400 inch lbs. of force, the Porter Cable impact driver pushes the limit at a walloping 1600 inch lbs. of force | 2800 blows-per-minute and a 2900 max RPM. The result is the ability to loosen extremely tight bolts–for instance, removing shop-tightened lug nuts from auto wheels– or drive screws into masonry, engineered lumbers, or any other high-friction material.

>> Features Review >>

Variable Speed Motor & Control - The 18V impact driver is powered by a variable speed motor embedded in a heavy duty cold-forged impact block and controlled by a precision trigger. Power delivery is up to 1600 inch lbs. at 2800 blows-per-minute (BPM). We had no trouble pinpointing the desired force level during driving applications by adjusting pressure on the trigger. The motor features electric stop; when the trigger is released, rotation stops instantaneously — a nice feature for precision driving.

1/4 Inch Hex Chuck – Standard 1/4 inch locking hex chuck secures bits in place using a sliding sleeve. The chuck is simple to use and makes bit-swapping easy.

Dimensions - At just 6.5 inches deep, the impact driver fits into tight spots, most notably between 12′ on-center studs where traditional drill-drivers might have trouble fitting. Other dimensions are pretty typical at about 3″ wide and 10″ tall.

Ergonomics – Weight balance is good; the center of gravity when drilling downwards is near the bottom of the trigger, making the tool very easy to control. A rubberized handle and moderate proportions make the tool easy to grip and operate for small and large hands alike. At 3.6 lbs., the tool doesn’t cause instant fatigue, but over time it could become an issue. That said, no competitor offers a similar tool at a substantially lower weight. If you want the power, you should be prepared to handle the weight.

LED Work Light - One innovative feature PC added to this impact driver is a bright white LED lamp just below the hex chuck. The lamp activates at the slightest pull of the trigger, illuminating the work area directly in front of the tool. In a dark environment (for instance, changing a tire at night), the light is actually very useful. PC gets two thumbs up for this seemingly superfluous feature that turns out to really add value.

Tool Belt Clip & Bit Holder – Both work as expected. We would have liked at least 2 bit holders, and there is space for another in the design, but PC must have figured it unnecessary.

Carrying Case – All three tools in this set fit nicely in the storage tote shown in the picture above. We prefer the semi-soft case to the hard plastic alternative – it’s lighter, easier to transport, and comes with a decent shoulder strap.

Absent Features — Some competitor’s lithium-ion batteries can self-report charge level, a feature absent on the Porter Cable 18V batteries. Other than that, this impact driver has it all, and makes up for any deficiencies with the amazing power delivery (see below).

>> Performance Review >>

Driving Power: For traditional driving applications, the tool performs as expected (…almost all in this genre would, so no biggie). The real story is in the amazing power this driver delivers. The PC really shines when loosening or driving really tough screws and bolts.

We decided to try our hand driving a galvanized 3 inch #14 (1/4 inch wide) flat head wood screw into the side of a 2×4 without pre-drilling, an application that would make typical drill-drivers cry ‘uncle’, and quite honestly leave most impact drivers in the same situation. The real test: could the Porter Cable impact driver countersink the screw head?

The answer is that it can and did fully drive and countersink that screw, albeit with a tremendous amount of racket (as the BPM increases, so does the noise level – you should wear ear protection when operating for extended periods).

And, lest you think the test was rigged, we decided we would try consecutively smaller screws until the impact driver could deliver results. The largest wood screw we could find was the #14, 3 inch screw in our initial test, and the Porter Cable bested it. This is the most powerful cordless impact driver we’ve ever used.

Battery Life & Recharges: Battery life is dependent on the load put on the driver in different applications; we were unable to test overall life, but suspect it is on par with similar 18V models. Porter Cable includes a 30-minute fast charger with the kit, a very nice feature… Unless you’re moving really fast, you should be able to charge one battery while using the other. PC claims their batteries don’t lose much life when shelved for some time, a claim we can believe given our experience with other 18V kits and improved charge-retention technology.

Comes With?

The three-tool test kit we’re reviewing comes with:

• 18V Impact Driver
• 18V Drill-Driver
• 18V Flashlight
• Two (2), 18V Lithium-Ion Batteries
• 30-Minute Fast Charger
• Storage / Carrying Case

Price & Where to Buy

Porter Cable products are available at Home Depot, Lowes, ToolKing, and many other retailers.

The 18V Impact Driver Retails by itself (no battery, or charger) for $70-$80.

For the complete three tool kit (drill driver, impact driver, and flashlight), expect to pay $240-$250.

Summary

We think Porter Cable hits a home run with this impact driver, and would highly recommend it to folks looking to fill this gap in their tool collection. If the DIYer in your life is looking to upgrade their drill-driver and impact driver this Christmas, this three-tool kit makes a compelling case to be your choice to surprise them on Christmas morning.

What do you think? Do you own this impact driver? Got questions on our experience? Feel free to leave them in the comments.

Porter Cable provided us this impact driver as part of a test kit. We are not compensated for a positive review.

Lamp Fixtures Cause Bad Odor

Some time after Jocie and I moved into our house, we started to notice a bad odor in the unfinished part of our basement. The smell is difficult to describe, but it reminded me of bad fish. If you look around online, it’s obvious that a lot of people are frustrated by house smells. This post will show you an easy place to check (and hopefully how to resolve the odor).

House Odors

A lot of people have odors and bad smells in their house. Here are some of the more popular causes that I explored.

• Pet odors
• Retained cooking odors
• Mildew from rain or leak
• Dead animal

I spent some serious time examining the dryer vent ductwork. We have a vent cover but it’s not uncommon for animals to find their way inside. Even if your dryer vent is up off the ground, make sure it has some kind of cover.

Finally, I had a breakthrough! Fred had the same nasty odor in his basement, so we turned to our good friend Google.

We discovered that some old lamp fixtures feature a plastic collar at the base of the fixture. This collar heats up from the bulb and gives off a bad fishy odor. Both Fred and I had these lamps in our basement. This also explains why the smell was intermittent and infrequent: the collar needed to heat up before it began to smell. We both removed these rings from the lamps and have been odor free ever since.

This same odor can occur when receptacles short out or switches melt nearby plastic. If you have a strange smell, be sure to check your light fixtures and outlets.

How to Build a Wood Pot Rack

In our prior house, we had an awkward nook in the corner of our small 10′ x 10′ rectangular kitchen —  a 2′ x 3.5′ space that was completely empty. The area was in the corner opposite the cabinets (which were laid out in an ‘L’ shape on the other two walls). It was screaming for some type of storage… base and wall cabinets perhaps. But we didn’t have the money to install new cabinets and a countertop, and we were skeptical of our ability to match or compliment the existing layout.  So I looked for other options.

And then one day landed on this idea… I’d design and build a wooden pot rack that had a country style and could be stained to match our existing cabinets. Below the rack, we’d put a cheap-o cabinet from Walmart or Target for some extra storage. The cabinet below ended up being not-so-fabulous, but I absolutely loved the pot rack. It liberated 2 of our base cabinets from more than a dozen pots and pans, handing us back the equivalent of at least 10 cubic feet of storage. Here’s the rack:

Instructions for Building this Wood Pot Rack

The concept for this pot rack is pretty simple and requires very few materials, all of which are available at the big blue or orange stores. You can build the rack in about 3 hours and have it holding pots in just a few more. The best part: this design is very flexible to accommodate whatever space you have available!

Materials

• 1″x3″ solid maple (or any other hardwood).
• Two (2) 1″ wood dowels.
• Eight (8) screw-in eye hooks for rack (look for 125 lb. rating).
• Eight (12) S-hooks (look for 125 lb. rating).
• 4 screw-in open hooks for ceiling (look for  250 lb. rating).
• 300 lb.-rated chain
• Wood glue or construction adhesive

Pot Rack Plan

Here’s a simple schematic of the pot rock.  I’ve left out length and width measurements because you should use measurements that best meet your space requirements.  If you need to make the rack longer, you can add more cross-members, if you need to make it wider, you can increase the length of the cross members.

Steps to Build a Wood Pot Rack

Step 1: Determine the desired length of the pot rack and cut two (2) identical lengths of 1×3 maple. These will be the side rails of the rack. Precision is very important in this and all cutting steps. You are shooting for precision within 1/32 of an inch.

Step 2: Determine the desired width of the pot rack.  Cut as many horizontal cross members (labeled above as middle boards in the drawing), taking into account the width of the side rails since these middle boards will sit between the side rails. In our design, we doubled-up the middle boards both in the interior and on the ends of the pot rack to provide additional strength. Again, precision is important. You want all the middle boards to be exactly the same length.

Step 3: Based on the width of the pot rack, determine the number of dowel rods you’d like to run down the center of the rack. For our 18′ wide rack, we decided on two dowel rods, one at 6″ and one at 12″ (shown in blue in the layout above).

Step 4: (This is the hardest step).  Since you are going to be sliding the dowel rod through the middle boards after assembly, you must be extremely accurate in drilling holes in the middle boards since they all must line up. We measured each board three times, and used a 1″ hole saw to drill through. Even with our care, it still took a little bit of effort at final assembly to get the dowel rods in place. Note that each of the end middle boards on our rack we decided not to drill. We put the last end board on after the dowel rods were slid into place for a clean finish.

Step 5: Mark and assemble the side rails and the middle boards. We used two #10 countersunk wood screws for each middle board (see the light blue colors in the layout drawing). For added strength, we applied a sturdy wood glue between the middle boards and the side rails since we effectively ‘butt-joined’ the two pieces together.

Between the wood glue and the 2 #10 wood screws, our pot rack was very sturdy; however, if you’re a woodworker, you might also consider routing complimentary edges into the middle and end boards for added strength. Since we didn’t drill out the ends of our pot rack for the 1″ dowel, we left the final cross member off until Step 7.

Step 6: Insert the dowel rod(s) down through the middle boards. The rods will fit very snugly since you have 1″ holes and a 1″ wide rod. This is why measurement and accuracy in step 4 is crucial.

Step 7: Add the final cross member (middle board) to the pot rack on the end, covering the end of the dowel.

Step 8: Screw in eye hooks into the top edge of the frame. We pre-drilled the holes and used 1″ hooks. To make a more interesting look, we used 8 hooks instead of 4, and made a triangle pattern with the chain. Make sure you get hooks with at least 1.5″ screw depth to ensure a solid hold.

Step 9: Screw hanging hooks into the joists in the ceiling. For our installation, the joists weren’t located where we needed to screw in the hooks, so we installed 2×4 blocking between the joists (by climbing in the attic). The goal is to get the ceiling hooks directly above the eye hooks in the rack. You can see this in the picture above.

Step 10: Cut the chain to length and use S-hooks to connect it to the screw eyes and the ceiling hooks.  To get the most out of your pot rack, we recommend hanging it a few inches off the ceiling so you can put big pots on top.

Step 11: Make hooks for rack. You can buy standard metal stock at big orange or blue.  Use a metal bender to bend the hooks into the right shape and a hack saw to cut them. This step is actually a lot of fun as you can make all different kinds of hooks with different metal stock.

Step 12: Have fun with your new pot rack!

Safety Concerns

As with all of our instruction materials, you should use caution and you assume all risks. This design has a few areas of concern to keep in mind:

• This design uses wood glue and screws to make a butt-joint between the side rails and cross members. You could make a stronger joint using a router to make a tongue and groove-type joint. Make sure to use enough cross members to ensure sufficient strength. Consider doubling-up the cross members on the ends and in the middle.
• The eye hooks on the rack, hooks in the ceiling, and chain will all have weight ratings. We recommend building the rack at least twice as strong as you think it needs to be. You could be storing more than a hundred pounds of pots on this rack (particularly if you cook with a lot of cast iron).
• Make sure the pots are out of reach of children. You don’t want kids swinging from the pot rack.

What do you think? Have you built your own pot rack? We want to know about it! Tell us in the comments or submit your plan to diyprojects@oneprojectcloser.com so we can share it!

Seal Your Home website

A good resource I’ve come across is called Seal Your Home. This site was created by DAP to help educate consumers about weatherizing- improving the energy efficiency of a building’s envelope. Reducing the flow of cold air into your home is an important part of weatherization and this site helps you identify air leaks and also how to fix them.

Seal Your Home is a simple website, packed with information. This post will walk you through the site and what you can learn.

Seal Your Home Review

Home
The Home Page provides a brief introduction to the site and it’s focus on energy savings.

House Tour
The “seal it” House Tour identifies some of the major problem areas in a home- areas like exterior venting and baseboard molding. By clicking on a target area, you get detailed instructions for the best way to seal the air leak (with a little DAP product plug too).

Test your House
Test Your House is a home energy efficiency calculator. Punch in some basic information and see how you compare to the average american home. Unfortunately, it wasn’t working properly so I’m not sure how my home stacks up, but here’s the info you need to provide:

• Zip code, number of occupants, and total square footage
• 12 months of kilowatt hours used
• 12 months of heating fuel used

Make A Difference
This section provides an interface to contact your state and federal government officials. If you’re looking for an easy way to petition your senator regarding energy concerns, this is it.

In the News
In the News is a page full of links to news sites. The articles range from energy audits to stimulus bill incentives.

Tax Credit and FAQ
The last section is devoted to energy efficient tax credits. This page has a tax credit summary and a couple links to the Energy Star website with more details about the federal tax credits.

What do you think? Do you know of any good home energy efficiency sites like this?

How Much of a House Do You Own After 5, 10, or 20 Years?

I’m playing with the Excel mortgage calculator I wrote about this morning.

I’ve always heard that with a 30 year mortgage, you don’t own that much of your home after 15 years of steady payments… You’d think after shelling out half of all the payments, you’d own at least close to half of the home. But the reality is, unless the house is appreciating, it isn’t even close. Take a look at these numbers I ran on the model this morning.

30 Year Mortgage (Any Amount)

Here’s how much you own….

• after 5 Years: 5.86%
• after 10 Years: 14.18%
• after 15 Years: 25.98%
• after 20 Years: 42.70%
• after 25 Years: 66.40%
• at 30 years: 100.00%

And when exactly do you own 50% of your house on a 3o year mortgage? That occurs at 21 years and 9 months… a little more than two-thirds of the way through the payments. So what’s the difference if you go with a 15 year mortgage amortization schedule instead?

15 Year Mortgage

With a 15 year mortgage, the picture is a little brighter:

• after 5 Years: 22.58%
• after 10 Years: 54.60%
• at 15 Years: 100.00%

The Payment Difference

So how much more do you have to pay to get the 15 year results? The answer is 41% more of the principal and interest payment. For instance, if you have a 30 year mortgage that costs $1200 / month, and $200 of that goes to property taxes and insurance, the principal and interest portion is $1000. Adding 41% to that is $1410 + $200 taxes and insurance = $1610 / month, or about 33% more than the initial total payment.

That’s right, for just about 33% of the total payment in most cases, you can cut your loan payback period in half. (You can see other amortization schedules and payment combos at that link).

What About Buying a Smaller Home?

Here’s something else to consider if you’re in the market for a house:

If you buy a house that’s about 20-25% less than what you could afford on a 30 year payment, you can make the same payment and own the home in just 15 years.

That’s right. By adjusting your standard of living by just 20%, you can own your home outright in 15 years less than the 30 year norm.

(photo credit: itjournalist)

Loan Amortization and Payment Calculator for Excel (2007 & 97-2003)

I was playing with amortization schedules in Excel 2007 and created this nifty (and pretty simple) tool for calculating home loan amortization schedules for up to a 40 year loan…

I figured it might come in handy for others, so I cleaned it up. You can download it below.

You enter:

• purchase price
• closing cost %
• down payment
• term of loan in years
• annual loan interest rate
• annual property tax rate
• annual homeowner’s insurance

And it gives you:

• monthly payment
• principal balance after each monthly payment
• total interest over the life of the loan
• and more…

Download Links

• Loan Amortization Schedule (Excel 2007)
• Loan Amortization Schedule (Excel 97-2003)

Got Suggestions?

I’d love to make this little tool better. If you think of a useful modification, leave it in the comments.

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