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Ready to pay off the HEL

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    Ready to pay off the HEL

    The balance on our home equity loan is now $794.20. I'm going to go to the bank on Saturday to make the final payment and have them cancel the automatic monthly payments from our checking account.

    That will free up $218.01/month. We plan to add text messaging to our cell phone plan (I couldn't care less but DW and DD want it). That will cost $25/month more than we currently pay. With the remaining $190, I'm going to add $100/month to the mortgage payment and the rest to savings.

    I have to dig out the paperwork to see when we took this loan. I think it was in late 1998 for 15 years, so we're paying it off about 5 years early.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    #2
    That's great. I have been thinking of paying mine more aggressively but these interest rates lately have caused me to slow down and re-think it but I still have about 35k to go. My mortgage is about the same and I don't put any extra towards it. Will be nice to get rid of both but not just yet I guess.
    "Those who can't remember the past are condemmed to repeat it".- George Santayana.

    Comment


      #3
      Congrats!

      Comment


        #4
        Great way to end this year of bad economic news! WTG! I hope you and yours celebrate this occasion and take pictures of a sympbolic burning of the HELoc

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          #5
          Excellent job!! I like your plan to put some of the money to the mortage and savings. I could care less about texting, too. I barely use my cell phone to even call anyone!!
          My other blog is Your Organized Friend.

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            #6
            I am just past the age where texting appeals to me. I am 33 and just make calls. I dont' purchase the texting b/c I don't use it much.

            I knew texting had gone too far when my father texted me a couple times. LOL.

            I got tired of being charged per text so I blocked incoming texts.

            That is exciting about paying off the HEL. My dh bought our house before we met and he had one to remodel the 70's bathroom, get some furniture, and a couple other things. He paid it off shortly after marriage.

            WE have a HEL for about 82 G but have never bororwed a dime against it nor plan to unless the world is coming ot an end. We just opened it years ago knowing it is better to have than to try to get one if you need it.

            Comment


              #7
              Originally posted by Goldy1 View Post
              I am just past the age where texting appeals to me.
              I would submit that there is no such age... I've gotten texts from my grandfather (guessing, but ~73 years old).
              "Praestantia per minutus" ... "Acta non verba"

              Comment


                #8
                Originally posted by creditcardfree View Post
                I could care less about texting, too. I barely use my cell phone to even call anyone!!
                Same here. I just checked my last bill. There are 5 of us on our family plan. All together, we used 1,626 minutes. Of that, I used 53, the least of the 5 of us.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment


                  #9
                  At-a-boy.

                  Comment


                    #10
                    Way to go Steve a great way to end the year

                    Comment


                      #11
                      Originally posted by Tree0164 View Post
                      Way to go Steve a great way to end the year
                      Part of the reason I wanted to do it this month was to not carry it into another tax year. Get it done and over with in 2008.
                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                        #12
                        Congrats Steve


                        Way to go!
                        Got debt?
                        www.mo-moneyman.com

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