Wednesday, April 14, 2010

Mortgage Payment Plan Progress For April

It's my favorite day of the month...Mortgage Payoff Update Day! I made a payment of $1,686 for a new mortgage total of ...$20,098. So close to the teens. Oh well, it will have to wait until next month.

It will take 7 months to pay off my mortgage according to my spreadsheet. 3 years more if I don't make any more payments. I suppose I could stop paying the mortgage if I wanted to save up for a down payment on a house/construction loan. But no, I don't see any urgency for a house yet. If my parents decide that they really do want to move down here then my plans might need to change.

Also, if I sold everything that I could, meaning the RV and some other stuff that I really don't want to sell yet, and I found someone to buy them for the price that I think they are worth, then I could pay off the mortgage in one more month. I would only do that if I got laid off. But it is a good feeling that in 1 month I will be in an ok position if my job disappeared. I certainly hope it doesn't though. I would hate to have to rely on my tenant to pay me before I could pay my own bills. I plan to have a savings reserve so that I don't have to rely on the rent every month.

7 more months. That's not long at all.


Over the Cubicle Wall said...

Seven months from now is nearly Christmas. That will be a great early gift to yourself.

Daizy said...

Yes, I was hoping it would end sooner but November is ok. Any month before December will work. I just have to keep it from spilling over in to December. That means NO medical bills and NO late rent!

Anonymous said...

That's great! Congratulations on your progress - you've been a real inspiration. We've got about 5-7 years left on our mortgage, but it sure beats the 30-year plan.

Daizy said...

Anonymous, it certainly does beat the 30 year plan. I remember when I first got the mortgage and didn't have a clear payoff plan. 30 years seemed like an eternity. Good luck to you!

Leanne said...

Wow! You are making such great progess! That must be so exciting! Keep up the great work, you're almost there! Wahoo!!!