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Home > Seeing the light at the end of the HEL tunnel

Seeing the light at the end of the HEL tunnel

July 16th, 2008 at 06:58 pm

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.

6 Responses to “Seeing the light at the end of the HEL tunnel”

  1. merch Says:

    Nice job steve. I hope to join you this year with only a mortgage outstanding.

  2. LivingAlmostLarge Says:

    Good luck and congrats.

  3. creditcardfree Says:

    Cool! I wish I could join you in accomplishing that goal for 2008, but I'm guessing it will be at least 2009. Keep us updated on your pay off.

  4. Ima saver Says:

    Good for you, it is fun to have no debt!!

  5. David Frizzell Says:

    Steve, I would certainly think that a guy that would write this blog and would believe so strongly in becoming debt free would knock a product that helps do the same thing. You might of had the income or tools to do it this way, our product helps people achive the same thing in a different way. Why would you do anything to discourage a person from paying off their mortgage and living a better life no matter how they do it? It just dosen't make sense???

    All The Best To You

  6. storefinder Says:

    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.


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