GOAL: burn the mortgage ($78,491.72) by 2018

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CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Tue Apr 03, 2012 6:55 am

Spring is springing and life is sheer chaos. Hoping things will ease off after I submit a huge report at the end of the week. Blergh.

The normal payment went through yesterday to drop the balance to $62,148.44; I just sent in the first prepayment of the month to push it down to $61,904. Hello, sixty-one thousandses!

It's been a very expensive month, which is somewhat discouraging. Bought (alas, nonrefundable) plane tix to go help out with my new nephews, but then learned, along with my brother and sister-in-law, that they are not coming home from the hospital anytime soon yet (they were very premature). So I will have to buy more plane tix at some point. Plus my elderly dog had another bad medical episode last week and ended up on IV for 24 hours to the tune of $1300. She's back to normal now but I was really worried there for a while. In short, the efund will be coming down by quite a lot to pay it all off, and savings are slowing down too. But at least I have the efund, and I can set other 2012 goals aside and push it back up. Onward!

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Mon Apr 16, 2012 2:39 pm

Happy taxmageddon, everybody.

Made the second prepayment this month to drop the balance to $61,560. Next month, if all goes as planned, will be the last month I ever have a balance in the sixty thousandses!

Now if I could just stop shopping...not sure how this crept back into my psyche, but boy, is it hard to shake.

DoingHomework
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby DoingHomework » Fri Apr 20, 2012 3:34 pm

CecilyC wrote:... (alas, nonrefundable) plane tix ...


You do realize I hope that "nonrefundable" does not mean you'll need to buy new tickets. You can almost always change them to a new date in the future. Normally they'll charge you a change fee but that's all.

partgypsy1
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby partgypsy1 » Mon Apr 23, 2012 1:02 pm

Sometimes when it rains it pours (with expenses seems to be so). But you are making steady positive measurable progress, and should feel good about that! Our mortgage got down to 58.5 K or so before we refinanced (to complete efund and also fund house projects) and you will soon beat that number!
My desires for purchasing right now are patio chairs and new doors for the house. And of course clothes. I have a couple gift cards burning a hole in my pocket...

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Wed May 02, 2012 3:18 am

Thank you, bucking-up brigade! I think the big trick will be to return to my habit of just automatically recycling all catalogs without looking at them. I am obviously not proof against temptation.

Well, on to mortgage-related matters. After the regular payment, my balance stands this morning at $61,345.61; after the prepayment goes through, it will be $61,120. Say your prayers, sixty-one thousandses...

Panda
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby Panda » Wed May 02, 2012 8:00 am

This journal sooo makes me look forward to moving in a few years and being in a house where it makes sense to start my mortgage burning.

Keep up the great work!

geoff_tewierik
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby geoff_tewierik » Wed May 02, 2012 9:31 pm

CecilyC wrote:I think the big trick will be to return to my habit of just automatically recycling all catalogs without looking at them. I am obviously not proof against temptation.

We just have a "No Junk Mail" notice on our mail box. Works a charm at keeping the catalogues away. Saved me a fortune over the years.

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Wed May 16, 2012 7:16 am

Halfway through May and I seem to have more travel plans than ever before. It'll be a busy summer, that's for sure. And I think I'm going to get myself back to saving incrementally for all goals simultaneously. Trying to put big numbers towards one goal at a time makes it too easy to think I have a lot of money in my bank account. I do better at saving when I think I am broke! It was an experiment, and now I know what works and doesn't work.

Meanwhile, still plugging away at the mortgage balance. Made the second monthly prepayment today to push the balance down to $60,780. Also, I have officially crossed into new territory: from now on, the principal part of my regular payment will always be more than the interest! Woohoo! :clap:

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Sat Jun 02, 2012 3:43 am

Summer is finally here, and I keep hoping that things will slow down, but right now life just seems to be one darn thing after another, financially and otherwise. Oh, well. At least I am not bored. And I have mostly stopped shopping. :tmi:

I swapped my automatic deposits around so as to put myself back on the snowflake-to many-goals-simultaneously plan. This month I wipe out residual emergency (and, um, other :oops: ) debt on the CC; next month the withdrawals begin, spread amongst the usual savings targets.

One fun thing to look forward to: this month I should break through the 60K mark!!!! :party: The regular payment lowered the balance to $60,582.84, and the first prepayment (which I made this morning) should push it down to $60,337.84. The second prepayment should shatter that 60K point like Julie Andrews singing a high C to blow apart a wineglass in "Victor/Victoria.". Woo hoo!!!!

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Tue Jun 19, 2012 3:43 am

The second prepayment of the month has processed, for a new balance of ...

...drumroll, please...

$59,997.84!!!

:D :D :D :D :D :D :D :D

brad
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby brad » Tue Jun 19, 2012 6:13 am

http://www.youtube.com/watch?v=f_P6co4aTik

(that's a link to Julie Andrews shattering the wine glass)
Last edited by brad on Tue Jun 19, 2012 2:35 pm, edited 1 time in total.

fantasma
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby fantasma » Tue Jun 19, 2012 7:03 am

CecilyC wrote:The second prepayment of the month has processed, for a new balance of ...

...drumroll, please...

$59,997.84!!!

:D :D :D :D :D :D :D :D



Wow! Your progress is amazing! Gosh almost inspired to buy a house......
Be what you want to attract.

galactic
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby galactic » Tue Jun 19, 2012 10:51 am

wheee! way to go, you're clearly kicking this mortgage's butt even with all the other stuff going on around you!

Northern light
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby Northern light » Tue Jun 19, 2012 12:55 pm

From $80.200 to $60.000 in 23 months. Great work! With 5% interest rate you will need to pay about $985 a month (anuity) and you will be rid of the mortgage this time a year 2018.

Keep at it!

Sharpe
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby Sharpe » Tue Jun 19, 2012 2:23 pm

Legendary. Well done. You are so 8)


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