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    Land Loan principle as of 9/19: $43,000.00. The light at the end of the tunnel is shining a wee bit brighter.

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      Moved last month - Pmt 1 of 360. Trying not to pay too much extra due to the nice interest rate.

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        Another payment done - more debt gone. Mortgage amount is now: $320,218.88.
        james.c.hendrickson@gmail.com
        202.468.6043

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          Mortgage Principal : $43K
          Kill the debt, before it kills you!

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            Land Loan principal as of 10/19: $36,000. Keepin' on, keepin' on.

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              Originally posted by mo0n View Post
              Land Loan principal as of 10/19: $36,000. Keepin' on, keepin' on.
              Keep working Mo0n, I just paid off a big chunk of debt already. What I love about this is $36,000 is within striking distance of being paid off. Also, smaller payments like $5 and $10 can start to impact the bottom line of the loan.
              james.c.hendrickson@gmail.com
              202.468.6043

              Comment


                Originally posted by james.hendrickson View Post

                Keep working Mo0n, I just paid off a big chunk of debt already. What I love about this is $36,000 is within striking distance of being paid off. Also, smaller payments like $5 and $10 can start to impact the bottom line of the loan.
                Oh I am. I'm taking big axe swings at it until the end of December, which is when I'll run out of my sinking fund supplement. My goal was to be 19k or under by the time 12/31 rolls around, but crunching some numbers this weekend, I'm going to try to make it to 17k.

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                  Originally posted by mo0n View Post

                  Oh I am. I'm taking big axe swings at it until the end of December, which is when I'll run out of my sinking fund supplement. My goal was to be 19k or under by the time 12/31 rolls around, but crunching some numbers this weekend, I'm going to try to make it to 17k.
                  Mo0n, what have you been doing to pay off the debt? I'd love to hear which methods you think are most effective.
                  james.c.hendrickson@gmail.com
                  202.468.6043

                  Comment


                    Originally posted by james.hendrickson View Post

                    Mo0n, what have you been doing to pay off the debt? I'd love to hear which methods you think are most effective.
                    Oops, I completely missed this.

                    Simply, I'm can attack the loan in a gazelle like manner because my debt to income ratio is so low, and I also have a one-track mind when I latch on to something. I don't have a car payment, and I'm not paying rent atm, and my monthly bills are fixed for the most part. I've coupled that with putting my nose to the grindstone and trying to ferret out overtime whereever I can. I did start a sinking fund with the initial idea would be to save 10k, (at $2500 a month) and every four months I would transfer 10k over and take a bigger lop off the loan. Well I had a 10k payment coming due in April, but due to COVID, I just sat on it (in case of furlough) and kept adding to it monthly. When my immediate work future became clearer, I decided to start using the sinking loan in conjunction with a payment out of my checking, and have made huge strides on the principal. It's been hard though, because my wandering eyes really want a pickup, but that makes no sense right now, so I'm staying the course. Like everything, it's a process.

                    Land loan principal as of 11/17: $27,740.

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                      Mortgage Principal : $41K
                      Kill the debt, before it kills you!

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                        I decided to use my cash to pay down some instead of waiting for a market drop.

                        Mortgage Principal : $24K
                        Kill the debt, before it kills you!

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                          Originally posted by Jluke View Post

                          Refinanced in July to a 20-year 3.125%. 178,292

                          few months in
                          Oct: $176,680
                          broke my no extra payment rule and paid an extra $57 for January payment to go below $175k

                          Jan 2021: $174,999

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                            Land Loan principal as of 12/16: $16,000.00

                            My original goal back in January was to have it at $19k by this time. As the year went on, I thought I could get it to $17k. To get it to $16k is freakin' awesome.

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                              Land Loan principal as of 01/05/2021: $0.00

                              I received a check for my sold travel trailer and just paid the thing off. 5 acres of dirt and hay is mine! I missed my original goal of having it paid off by 5 days, which is not too shabby all things considered. On to to the next step...house plans.

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                                Originally posted by mo0n View Post
                                Land Loan principal as of 01/05/2021: $0.00

                                I received a check for my sold travel trailer and just paid the thing off. 5 acres of dirt and hay is mine! I missed my original goal of having it paid off by 5 days, which is not too shabby all things considered. On to to the next step...house plans.
                                Mo0n - all star performance. Great job. Best posting I've read all day on the web.
                                james.c.hendrickson@gmail.com
                                202.468.6043

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