We have decided to pay down the mortgage...
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|Wed, 04-24-2013 - 1:45pm|
I know there are different opinions out there on what to do but we are going to do it! We are pulling $17,000 from a ROTH IRA & putting it on our mortgage. That will cause the mortgage to go from a $7/day interest charge to $4/day, we will have $25,000 left to pay & if we beef up our payments & finish paying it off with my Christmas bonus we'll have it gone by Christmas 2013! That is only 8 mths away. I think we'll have to use $13,000 of my bonus...last yr I netted $18,000. We will still have $11,000 in our EF plus could add the leftover bonus money to our EF. Ultimately our goal is to be debt free with $20,000 in our EF. So we could be there by this time 2014. Then we could just start socking money away. I am turning 50 in Dec & would love to be debt free. So here goes with our plan & I will continue checking in here to note our progress. Hope you guys don't get sick of me & thank you everyone yay & nay that offered their opinions in the weekly check-in section. I am a numbers gal & love this board.
cindylee - soon to be debt free!!!