As I've mentioned, I am currently making extra principal payments on our home equity loan. I originally anticipated paying it off by the end of 2009.
I saw last night, though, that the balance is down to $8,419.51. If the second half of the year works out about the same as the first half, at least $7,900 would go toward the loan. And I know how my mind works. Once I get close to being paid off, I'm not going to mess around with little payments. When it is down to a couple thousand, I'll just make one final payment and be done with it. So it looks like the loan will actually be gone by the end of 2008, not 2009!
Our scheduled payment is $218.01/month, so our disposable income will jump by that amount once the loan is gone. Of course, most of that will be directed into additional savings, but some, perhaps up to $50/mo, will likely go toward some new treat. When I paid off one loan, I hired someone to mow the lawn ($54/mo). When I paid off another, we got cable TV (limited basic for $11/mo). I don't really have anything in mind for a portion of this money but I'm sure we'll figure it out.
It is just nice to see that the end is near. Once the HEL is gone, we will have nothing left but our primary mortgage. That's where most of the $218 will go. An extra $150 or so per month toward that will ensure that it is paid off well before retirement.
Seeing the light at the end of the HEL tunnel
July 17th, 2008 at 01:58 am
July 17th, 2008 at 02:48 am 1216262917
July 17th, 2008 at 02:56 am 1216263391
July 17th, 2008 at 01:02 pm 1216299723
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July 20th, 2008 at 09:26 pm 1216589177
All The Best To You
July 29th, 2008 at 02:35 pm 1217342108
I was wondering what city or township the shop rite store is located in that you talked about closing near you. Thanks for your help with this.
Thanks,
carlshanecox@aol.com