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Mortgage Payment #44

December 7th, 2011 at 05:50 pm



Another mortgage payment down, just a wee bit of chipping progress. Sometimes, I feel overwhelmed when I look at this big number.

Posted in Mortgage | 6 Comments »

6 Responses to “Mortgage Payment #44”

  1. NJDebbie Says:
    December 7th, 2011 at 11:26 pm 1323300411
    1323300411

    Keep on chipping away. Last night we saved $10 using coupons issued by Costco and when I got home I scheduled a principal payment for $10. I've even paid $7 towards the principal a while ago. Every little counts.

  2. Single Guy Says:
    December 8th, 2011 at 01:12 am 1323306762
    1323306762

    You're definitely at the point you should throw extra in every month when you can. One question though, are you recalculating the interest every time you put in extra principle? I don't see the difference in interest paid between payments 42 and 43 like I would expect. That's what always kept me motivated to pay in extra, seeing the interest amount shrink month to month.

  3. Amber Says:
    December 8th, 2011 at 02:24 am 1323311057
    1323311057

    Yes keep on chipping, it's nice to see the total go down

  4. Petunia 100 Says:
    December 8th, 2011 at 02:28 am 1323311285
    1323311285

    Single Guy, yes, my spreadsheet recalculates and I also check with bank's numbers. The last few months I have been chipping mid-month rather than saving up my chips and paying them all on the first. I think that is why you don't see much impact, it's actualy blended, if that makes any sense.

    NJDebbie, thanks for the encouragement. Smile I will keep chipping. After all, what choice do I have?

    Edit: And thanks to you too, Amber. We were typing at the same time. Smile

  5. Single Guy Says:
    December 8th, 2011 at 02:00 pm 1323352822
    1323352822

    Yep, that explains it. I always paid the extra principal along with the monthly payment, that way my spreadsheet would exactly show what my upcoming payment would be based on any payment. It gave me the encouragement I needed to put in more.

    I don't know how easy it would be, but if you could refinance to 15 years with a low enough interest rate your payment might not be much larger than it is now. You should look into it. Its what I did - I now have a paid off house after only 11 years of payments.

  6. Petunia 100 Says:
    December 9th, 2011 at 04:52 pm 1323449577
    1323449577

    Oh, I would loooooove to refinance at today's low rates. Since I am so upside down, I need a special program willing to overlook my LTV. Hopefully, Harp 2 will be up and running soon and then I can see if it will make sense for me.

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