Home > Mortgage Payment #44

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.

6 Responses to “Mortgage Payment #44”

  1. NJDebbie Says:

    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:

    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:

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

  4. Petunia 100 Says:

    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:

    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:

    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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