A native Californian transplanted in southern Illinois.Today is payday, and my paycheck is received via direct deposit. My checking account balance this morning after my cash withdrawal was $2,454.54. From this, I need to subtract my sinking funds transfer ($230) and my dentist bill ($393.40, charged to Citi double cash MC yesterday) and then leave 1k in checking. That means there is $831.14 available.
I logged on to my bank account and transferred $831.14 to my 5th wheel loan. I have calculated the interest due* and updated my spreadsheet and my sidebar. I will check in a few days to see if my calculation is correct or if I need to adjust.
*Bank of the West deducts accrued interest first from any payment, then applies the remainder to principal. This is not as advantageous as what I have previously experienced, that interest is paid only from the regular payment and any extra payment is applied 100% to principal.
My final payment date is now 4/3/31, 6 months ahead of schedule.
Payday and Extra Loan Principal
November 15th, 2019 at 04:38 pm
November 15th, 2019 at 08:34 pm 1573850078
November 16th, 2019 at 01:18 am 1573867116
November 16th, 2019 at 03:22 am 1573874546
Lucky Robin, yes, it certainly does!
November 17th, 2019 at 07:13 pm 1574018006