What an Ostrich I've been

iVillage Member
Registered: 10-01-2008
What an Ostrich I've been
17
Sat, 01-16-2010 - 10:42am

A few weeks ago Beepsmomx2 started a discussion on facing the truth about your total debt.

Norma


"Patience is the best remedy for every trouble"- Plautus


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iVillage Member
Registered: 08-04-2008
Sun, 01-17-2010 - 9:14pm

DH has 19 years left on a 30 year mortgage, but the payment is about 10% of our monthly income. We want to sell and move to a house with a more open floor plan in a couple years when the kids graduate high school. That is why we are trying to pay off debt, so we can be in a position to make the move. We won't accelerate the pay down, but will try to save as soon as we have the debt paid off.

Michigan is not coming back quickly at all, so I am sure we will find deals for the next two years. Our goal is 10+ acres to build on or with a house we like.

-Marie




Community Leader
Registered: 07-26-1999
Sun, 01-17-2010 - 9:22pm

ALways a good reminder Norma. Even though I had a pretty good idea, I looked up ours just now. We have a slightly better interest rate, 5.875, and luckily since we did it under DH's VA loan, we have none of those PMI payments, but we pay $129 in principal of our payment and we paid a wonderful $6,300 in interest last year. We have been good at adding $50-100 a month towards principal each month though, hopefully in the grand scheme of things, it will make a difference at the tail end of the loan.

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Photobucket
iVillage Member
Registered: 10-01-2009
Mon, 01-18-2010 - 12:23am

Wow....It looks beyooooootiful


Congrats...


Duke

iVillage Member
Registered: 10-01-2009
Mon, 01-18-2010 - 12:26am

Wow...I'm glad you discovered this...


My mortgage rate is very low right now (1.25%)

iVillage Member
Registered: 02-09-2000
Mon, 01-18-2010 - 10:14pm
Beautiful!
iVillage Member
Registered: 04-10-2003
Tue, 01-19-2010 - 9:25am
Well, I'm embarassed to say I took out a 40 year mortgage (Yikes) at 5.24%. The thought process was I was only 26 when I bought it so I could make extra payments when I was a little more financially secure. And I have! I divided the monthly payment in 2 and pay that amount biweekly, thereby making one extra payment a year. I also have my investments set up to dump money on the principle each month (I borrow against what is paid down, invest and use the tax deduction on the investments to pay down the principle faster . . .

Bex -

iVillage Member
Registered: 10-01-2008
Tue, 01-19-2010 - 10:27am
Congratulations!

Norma


"Patience is the best remedy for every trouble"- Plautus


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