Monday Mortgage Musings

I tried to get up early today. Since I couldn't figure out how to log in to my work computer from home I thought I would just go in early this morning. Well, it didn't work out. I'm not a morning person and although I set my alarm 45 minutes early, I just couldn't get out of my warm bed. I did get up early enough to drop off my checks at the bank so that they would post to my account today, which they did. I made it to work at the regular time though. Oh well, I stayed 30 minutes late this evening.

Now that I have the rent money (almost all of it-still missing $500 but the checks in the mail they said) from my renters I have enough money to pay 3 extra payments toward my mortgage. That is $1200 x 3 according to my own mortgage repayment plan. I put that money in to my mortgage payment calculator to see if paying it in advance would have much of an impact rather than paying $1200 each month. It is almost February so really it is only 2 months of extra payments. The calculator said I would save $20 by paying it now rather than paying $1200 each month. $20 doesn't seem like very much but every dollar helps.

Then I decided to see how much each day costs me. My payment plan consists of $1200 extra each month from me with my renters paying the $800 required mortgage payment. So, $1200 x 12 months divided by 365 days in a year equals about $40 per day. Every $40 that I can pay towards my mortgage above the $1200 that is already part of my plan will get me one day closer to freedom from my job. So that $20 that I would save by paying early instead of each month will get me half of a day closer to my goal. That $20 is suddenly a lot more important! (I spend too much time obsessing about this, but I think it's fun!)