Wednesday, February 11, 2009

Thinking About My Mortgage Payoff Plan

January's extra payment was, of course, a big zero. All of my extra money went to cleaning up the house. I also emptied my maintenance fund. I have estimated that I still have $2,900 left from my short term renters. I don't want to put that toward the mortgage before all of the bills come in so I have decided to split it up. $1,900 for February and an extra $1,000 for March assuming I still have a job in March.

My CD matures next week and I will be rolling $5,000 over in to another 7 month CD while taking $2,000 to give my checking account a little bit of padding. I don't have plans to spend it. If my job ended it will be accessible and with unemployment benefits, should get me through until the $5,000 CD matures. That's the job loss plan for those of you who were wondering.

I still have $1,400 to pay off on my credit card from the house re-hab. I pay it off every month. The bill was high last month because of Christmas and now it will be high again. Hopefully next month's bill will be back to normal. My short-term renters leave next week and they will want their $400 deposit back. I still have to pay all of the utilities for the house so those bills will be coming in for a while. It will be so nice to get rid of those utility bills when the long term renters move in March 1st. Then I will be back to just an electric bill, cell phone and an internet bill. Nice and simple, instead of cable/internet, sewer, trash, water, electric and gas.

Hopefully everything in the house is ok. I might need new linoleum in the kitchen if the patch didn't hold up, but that should only cost $300. I'll have a week and a half to fix things and clear out the furniture before the new people move in.

So, that's my plan. I do have money to put towards the mortgage but I am holding back just a little to see what happens with my job and any maintenance issues. I'm still on track to have it paid off in 1 year and 10 months as long as I stay employed and they don't make any more salary cuts. But if that happens there is always plan B, and C, and D, and.....

10 comments:

Over the Cubicle Wall said...

Sounds very well thought out. How great is it that you have found new long term renters already! The neighbors are going to move in?

Daizy said...

Yes, the neat and clean and employed neighbors. Let's hope they stay that way!

Over the Cubicle Wall said...

That sounds like one good thing that came out of the whole deal.

ThatsMe!! said...

Congrats on having renters ready to move in already, that much be such a relief for you..Love the snow pic...

Sharon Rose said...

Hi there-your plans are meticulous, I really hope things stay on schedule for you my dear!

Lizzie said...

Congrats with the new tenants, you'll soon be back on track.
!
Lizzie

Daizy said...

That'sMe, it will be good to have a renter who isn't destroying my property behind my back. And on time rent (or rent at all) would be a fabulous thing.

Sharon Rose, yes, I hope things are back on schedule. No more diversions!

Lizzie, I am hoping for the best. One day at a time!

Gavin said...

Daizy, I don't remember if you mentioned it, but why does the neighbor want to move? Does she currently rent or own, and if she rents, what is her motivation to move? Is your house nicer, more affordable, or something else?

Gavin said...

Daizy,
I just stubled across this website for a building a self-sustaining cabin for a few thousand dollars, and wanted to pass it along. I thought of your shed designs, and thought you might find it interesting.
http://www.freewebs.com/simplesolarhomesteading/index.htm

Daizy said...

Hello Gavin, the neighbor told me tht her landlord refused to pay $300 for repairs when tree roots grew in to the sewer line and she was frustrated. After that I told her my house would be available and I was surprised that she would want to move after seeing the state of my house and helping me clean it. She is even ok with the condition of the carpet for now. I am charging her $25 less than her current rent.

That was a cool cabin. Thanks for the link. That is very similar to what I want mine to be.