Saturday, July 18, 2009

Mortgage Progress For July

My renters have had some money trouble this month. I had two choices, wait 2 weeks for their next paycheck or give them 5 days to vacate the premises. They've been truthful so far and I don't want to find new tenants so I am willing to wait and see what happens. I did go over to the house just to make sure it wasn't trashed or vacant. It looked fine. Neat and tidy.

After a hard week I was sad that I could not cheer myself up by making an extra mortgage payment (and thus getting me one month closer to being free from my job). But there is no reason why I cannot pay my portion of my extra payment. I was planning to pay $800 from the rent money and $736 from my budget for a total of $1,536. So I paid $736 to make my new mortgage total $42,754. Hopefully, my renters will pay me in 2 weeks and I can make a jumbo extra payment next month keeping me on track. I'm still going to say my plan will take 1 year and 4 months more. If things work out, I can take 2 months off of my plan next month. Baby steps are small but any progress is good.

4 comments:

Over the Cubicle Wall said...

You are so close to being under $40k. For whatever reason, that was a big milestone for me psychologically. Also close to being less than a year away. Awesome!

Daizy said...

I am very excited about getting past the year mark. A year seems really short.

Petunia said...

I was just wondering yesterday about your July mortgage payment.

What do you mean "baby steps"? $736 extra looks like a giant step to me! You're going to reach your goal relatively soon.

Daizy said...

Hi Petunia, you are right, it is a big step but not as big as I had planned. In order to stay on my schedule I had planned to pay $1536 so $736 is only a half step. Still good but a little disappointing. I'm living on $700/month right now and I want to see results for my sacrifices! :)