Sometimes it helps to re-run the numbers

iVillage Member
Registered: 12-05-2004
Sometimes it helps to re-run the numbers
2
Wed, 02-09-2005 - 7:13pm

I was re-running my debt payoff numbers and calculating the decrease in principal as we continue to pay off our target loan (a 20k second mortgage, currently down to 17K), and with our Federal Tax return, plus our snowflake amount to this account, plus the tiny amount out of our payment that actually goes to principal (a mere $36), we can easily pay off this account by the end of the year! I'm so thrilled. What a holiday gift to ourselves!

Our next remaining debt is our karate tuition for our son...and that will can be paid off the month following the 2nd mortgage pay-off. It'll only be about a month earlier than the contract's end date, but that's ok. Any bit earlier than expected is pretty great! :-D

That will leave us our credit card, which we are no longer using (a 9800K balance at prime rate, fixed) and our house mortgage.

I am so excited! At times it feels like I will be in debt for the rest of my life...but by running the numbers, I can clearly see that there is a light at the end of the tunnel, and if I keep chugging along, I'll get there one day! :-D

Pat :-D

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Thu, 02-10-2005 - 12:09am

Good for you.

MYM

iVillage Member
Registered: 03-27-2003
Thu, 02-10-2005 - 7:21am
You're doing great!!! And congrats on getting that paid off this year. What an accomplishment!!!!