Wednesday, December 30, 2015
Mortgage Update for December 2015
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.
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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.)
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.
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