Wednesday, June 10, 2009

Mortgage Progress For June

My renters called me and asked me if they could pay more rent. Isn't that nice? Actually, the whole story is that my renters are trying to improve their credit so that one day they can buy a home of their own (maybe the house they are in right now). They have some old students loans that they haven't had enough money to pay but since the wife is out of school and has a job now they are trying to pay off their debts. The problem is that most of their bills want to be paid on the first of the month. So, they asked me if I would accept the rent on the second Tuesday of the month when the wife gets her second paycheck. I hesitated when they asked because I wanted to make sure it wouldn't cause any problems. Then they said, we'll pay the $50 late fee, of course. Ah! That's what I like to hear! I said sure, no problem.

Yesterday was the second Tuesday of the month so they paid their rent plus $50. I took it to the bank, then transferred $1,536 to the mortgage. I paid a little extra this month to try to make up for the rough start earlier this year.

I owe $43,906.

-If I don't pay any more extra it will take 7 years and 4 months to pay off the mortgage.

-If I sell my RV and use every single extra penny I can find then it will take 1 year. I won't do that though, it's too hard to live without any spending money at all and although the roof no longer leaks in the mobile home, it still needs some work (meaning $$$) to make it comfortable.

-If I keep following the plan that I have been on it will take 1 year and 5 months but...this plan is getting hard to follow. I have some (hopefully small)medical bills coming up in August, plus a trip in July and another trip in November and who knows about Christmas yet. But I'll try to stay on track as much as I can. I hope I can make it to the one year mark before I have to add a month. Then it won't seem so bad.

5 comments:

Over the Cubicle Wall said...

A month in the overall picture would be worth a few trips to me.

Also, it sounds like these tenants are really good. That must be a huge relief after the last ones.

Daizy said...

A HUGE relief. Did I mention I LOVE my tenant? I mean, I just might adopt them. The thought crossed my mind to save their $50 late fees and give them a big Christmas present! I might just skip an extra mortgage payment and buy them presents for no reason at all! Or maybe I'll wait til the mortgage is gone before I start buying presents. :P

Over the Cubicle Wall said...

That would be pretty cool.

Daizy said...

Actually, I think I will give them a free month of rent when the mortgage is paid off. Then they can buy their own presents.

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