Wednesday, December 30, 2015

Mortgage Update for December 2015

I know I said that I wasn't going to pay any additional principle this month because I spent it all on presents but, then I thought, I didn't really spend THAT much money on presents.  So, I looked at my credit card bill and added the checks I wrote to nieces and nephews and subtracted it from my extra mortgage budget.  I was happy to see that I had $500 left.  At least it is something.  Skipping a whole month is discouraging.  Of course, after I paid the $500 in extra principle, more expenses came up like dog medicine for Sassy (3 month supply to get the discount) and stocking up on toilet paper and paper towels with my 20% off coupon.  Not necessary but I have plenty of paper products now.  Perhaps I can consider that as pre-spending for January.

New mortgage balance:  $40,677
Time left at $1,200 extra per month:  2 years 4 months

So close to the 30's.  Next month will definitely push it over.  I have some big expenses coming up like a teeth cleaning for one of my dogs and a trip for my nephew to visit the college I attended to see if he would like to go there.  I think there is a wedding trip this summer and there are extra expenses for driver's training and insurance coming soon.  Ugh.  I don't want to think about all of the money that I will spend.  I'll just take it one day, week, month at a time and make it through.


Dave said...

Daizy, you are quite aware of the way a typical mortgage works. That is, a subsequent payment of $1,200 will have more of it go toward principal than a previous one, creating a snowball effect over time. Perhaps a further incentive to pay off the loan? (Not that you need another one, you already are quite motivated to pay it off.)

Daizy said...

I have 3 mortgage spreadsheets that I update each month. One has regular payments with no extra principle. One has $1200 extra towards principle each month, and the last very optimistic spreadsheet has $1600 extra each month. Even if I don't reach my $1600 goal, at least I'm still moving closer to the end.