FREE AT LAST!! FREE AT LAST!! Emma and I got all dolled up today and waltzed into our neighborhood Wal-Mart, where the Tempe branch of Desert Schools Federal Credit Union is located. While at this bank branch, we PAID OFF Greg's 2007 Toyota Camry!! My car is older and has been paid off for 4 years.
It feels so good to wipe away one of our debts. Yes, we still have our mortgage and student loans, but we are making progress and it makes me smile! Our next CONQUEST is our mortgage. This one will take longer, but we're working hard at it, so that when we turn our townhome into a rental property it can be straight profit.
The other night, we started playing around with an early mortgage payoff calculator ( http://www.dollartimes.com/calculators/early-mortgage-payoff-calculator.htm ). While doing so, we discovered that if we take the $300/month we were paying on the car and put it toward our mortgage... we will save... are you sitting down?... with your adult diaper on?...$130,549 and cut off 11 1/2 years!!
Can you believe that? That is another home! And all for a simple $300/month. I hadn't really thought about crunching the numbers before now, but you should seriously try it. Even $100/month would save us $62,000! It's really sick how much interest we pay on our homes. Anyway, Merry Christmas!!
13 comments:
Isn't it amazing? My mom once told me a story about a time when Bro. Lindmark came and talked to the RS about financing. He told them if you can double your mortgage payments, you can pay off your house in... you ready? 5 YEARS. Yep. 5 years. Amazing. It IS rediculous how much we pay in interest (AND how much the government is helping those irresponsible people who don't finance things well... Grrrr) but it's amazing how fast things start shrinking, even with an extra $10, $30 a month towards your mortgage... DO it! Just think, the financial benefits would WAY outweigh the "sacrifices" you would have to "make" by paying extra. We're trying, too! Less interest to the bank=more money for us to go on missions!
All I can say is...WOW! Good for you guys! And then I can say, I'm so jealous. What a fantastic feeling it must be to pay off debts. Yea for you and your smart hard working selves. P.S. loved the last entry on Emma, so cute!
Good job!! It's so exciting to me to work at paying off debts. And when I'm focused on it, I tend to want to spend less on silly things, and put everything toward owning our home. Good job!
Good job--what an awesome feeling!
Congrats Guys! My one bit of advice... DON'T MOVE TO TEXAS! Even though we would love to have you here, the property taxes destroy any hope of getting debt free! or paying down faster. However, we only have 8 months left on the Honda and we'll be just in mortgage and student loan land... which will be great! Although the Nissan is looking a bit ragged so Gina will definitely be looking for the next new vehicle and I am back in automotive debt all over again! LOVE YOUS GUYS!
Impressive...
I loved the post on Emma, and I love the smell of Emma's room.... Urine or not...she is just so cute.
Love you guys...
Merry Christmas!
Way to go!!! We've just been talking to financial people and we're trying to do the same thing. It's a great feeling, isnt it!
ill, i feel ill...
You've done it, you've officially made me soil my adult diaper. (What, I'm pregnant, I totally need one nowadays...) Anyway, I love the concept of paying off one debt completely and then rolling that money on for the next one. It's super efficient and we paid off a pretty big student loan in one year when we started doing that! YEAH!!!! Good for you guys!
Congrats on paying off your car! Paying less bills always feels better!!
Thanks for you Christmas card! We love the Adams family!!!
Congrats I wish it looked so nice for me too. We only have 9 left on a 15yr. Doesn't seem as dramatic with that but, I could take a year and half off with $100.00 It was fun to play with!
It's fun to pay off bills!
thanks to your conscientious (sp??) money post, we checked out our refinance options on the house cause interest rates are ridiculous right now...we managed to get a deal where we lower our rate by a full percentage point and thereby save on our monthly payment. If we continue to pay what we're paying now, we shave off 11 years on our 30 year loan. Sweet eh? Seriously, why aren't we in the mortgage business??
thanks to your conscientious (sp??) money post, we checked out our refinance options on the house cause interest rates are ridiculous right now...we managed to get a deal where we lower our rate by a full percentage point and thereby save on our monthly payment. If we continue to pay what we're paying now, we shave off 11 years on our 30 year loan. Sweet eh? Seriously, why aren't we in the mortgage business??
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