Wednesday, July 21, 2010

The Roller Coaster Mortgage Payoff Plan

The boss leaves town again tomorrow which means free dress code for the next 3 weeks. Yea! It was pouring down rain when I left work today. No rain at home though. That's ok for now. At least the temperature is cooler. Feels like 90 outside. I have the air conditioner on fan.

Last week I went to the doctor and she said I needed another test and that spawned another appointment and so on and so forth. All very routine but each visit and test adds up. I was hoping to get my mortgage paid off before I addressed my health issues but no, with my mortgage dragging on, it didn't make sense to put it off. This is going to add time to my mortgage plan. I don't know how much time yet since the bills haven't arrived but I imagine a month or two will have to be added.

It is discouraging but not too bad in the overall scheme of things. The optimistic plan was to use all available funds and get the mortgage out of the way in October, then pay myself back and get caught up on anything I neglected. I'm still hoping to avoid some costly dental work until post mortgage. I hope that works out but the longer it takes to pay off the mortgage, the more bills can creep in. I don't even want to think about the expensive things that could happen. The realistic plan now drags in to February. The new plan gives me more breathing room every month and allocates funds for such things as medical bills and extra gas now that I am not carpooling.

There is still a little hope that some of the things I was counting on will come through, like my stock becomes worth more than $3k (I know, it could also go down). And then there is a slim chance of a raise although no one has said anything about it. If those things happen then I will gladly subtract months off of my plan. February would be ok but I would rather pay off the mortgage by December if I can.


Kylie said...

Hopefully the medical bills don't add too much to it. Least you are taking care of yourself, it's mroe important than the mortgage.

Hope you get that raise! :) You're doing so well on the mortgage anyway!

Dave said...

Daizy, don't let impatience dictate this big financial decision. In the long term, when you look back at this in 5 or 10 years from now, it won't really matter if you paid off the mortgage in February or December.

As I and others have mentioned to you in related comments, don't leave yourself too vulnerable in the transition, especially if you have some medical bills coming up.

Daizy said...

1million, I am estimating $2k based on last years bills. That should only set me back one month, maybe one and a half.

Daizy said...

Dave, I know, it won't really matter what month I paid it off. It's all just mental games to keep me motivated but sometimes they backfire into disappointment when I can't reach my little goals. Just gotta reset the plan and start again.

KoBold said...

With all these dog-related activities, your plan to sell stuff seems to have been forgotten.
At lest, it doesn't get mentioned in the blog much any more.

Daizy said...

Hiya KoBold! Did you ever get the last of the Christmas presents?

I did put the selling stuff plan on hold. The market for Ebay collectibles is way down. I was hoping to try again when the economy picked up. I didn't like the craig's list selling experience as I don't want people to come to my house and meeting people at a neutral spot was too difficult to coordinate (lots of flaky people). The heat has been a factor too. I don't have AC in the back bedrooms and it is unbearably hot back there. Perhaps I will get back to it this Fall.