$500 extra paid to principle and first month on single income!

Big month. This is the first month that we’re living on just my salary. It’s a little questionable as to how long Health Care will be taken care of as my wife is a teacher so I’m not sure if/when they’re going to stop that for her maternity leave but we’ll handle that when we get there. Hopefully all will coast until we get to October 1st, 2013 when we can sign up on the Obamacare exchange (that would start 01/01/14)

We paid an extra $500 in principle this month. My current goal is to get this back up to the $700 to $750 range which will make it a 15 year loan again. Hopefully that will become the new base line.

We did get a $502 refund from the IRS – which will help next month’s extra payment. We’ll see if that is all that is put into it or there’s going to be more. Hopefully more.

Interest saved jumped $692.24 from $7,720.42 to $8,412.66. An instant 138% return on investment. :) My math has to be wrong there…. took $692.24/500? Did I do that wrong? Anyways…. percentage aside… I’ll take it. :)

If I pay at least $500 extra a month the 30 year loan becomes a 19 year loan. That has to come way down….

Future goals with a single income:

1. $750/month extra = payoff in 15 years

2. $1000/month extra = payoff in 13 years

3. $1500/month extra = payoff in 9 years!

And when my wife eventually does go back to work we’ll be able to put almost all her salary towards paying off the mortgage:

4. $4500/month extra = payoff in 5 years!!!

How’s that for motivation. :) One step at at time people – first step is back to $750 a month. Let’s see if I can do that next month.

 

 

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