Wednesday, February 3, 2010

Mortgage Payoff Plan: February

I got paid today and I was going to wait a week until I was a little closer to my second paycheck so that my bank account wasn't so low but I couldn't help it. I had all of that money sitting in my account and I couldn't resist putting it all towards the mortgage now.

So, I made an extra payment of $2,786 which brings the total down to $24,482. Under $25k! Yea! This means I have only 9 months to go. And if I don't make any more extra payments my mortgage will only last 3 years and 8 months more.

I am also planning to sell my individual stock and put the money towards the mortgage. I'm hoping it is still worth what I think it is worth which is $4k. I'll figure it out when I do my taxes and get all that paperwork out so that I can add up the dividends. If they aren't worth as much as I think I'll have to add a month to my plan. Maybe some stock market miracle will happen before I sell them and they will be worth more than $4k. Probably not but I can always hope.


Over the Cubicle Wall said...

Maybe under $20k next month if you sell them? Wow, the 20s flew by like they weren't there.

Daizy said...

Ha..flew for you maybe. I've been staring at my spreadsheets too long. I don't know how long it takes to sell them but I anticipate a month or 2 before I see a check. Just figuring out how to do it will take a while.

Dave said...

I am sure you know that there is a snowball effect even if you only make your regular payments because more and more of each payment will go towards principal than the previous payment. So the 10s will fly by more quickly than the 20s even if you don't accelerate anything. (This assumes the interest rate on the loan is fixed or at least doesn't rise.)

Daizy said...

Dave, true, but in my spreadsheet the 30's only lasted 3 months because of a big payment. The 20's are lasting longer because of late rent. If I stopped now the teens and 10's could last a year each. Noooo!