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House Mortgage -- Countdown

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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

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                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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