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# Big Announcement!

April 16th, 2009 at 06:22 am

As I have stated previously, the goal for this month was to get the home equity loan under \$7,000.

We did it!!

I made our regular payment of \$118.01, with \$75.27 going to the principal balance.

Our new balance is \$6,999.00!!

Did you notice how I got the balance to a nice round number? I really had to work on my algebra skills to figure out what principal balance I needed to be at before making this month's regular payment, so that it would turn into this nice round number. It looks like my math was correct.

Again...call me a nerd!!

Often I make the extra principal payments prior to the regular payment, but I realized I was then paying interest on the larger balance, rather than the lower balance that results from making extra payments! Silly me.

Side note: Balance updates on our home equity loan will be minimal while we use our extra cash to pay for our Disney World vacation this July.

### 11 Responses to “Big Announcement!”

1. momcents Says:

A big hug to you! YAY! You are my inspiration, once I find something to be inspired about!

2. Ima saver Says:

congratulations!!

3. north georgia gal Says:

Congrats!

4. kdmoffett25 Says:

Way to go! I guess I am nerd too... I try to do the math and know about what interest I will be charged each month. I also try to make payments closer to when I get the bill, so the daily balance is less in the month. Even on automatic payments, on some I have figured out how to manually change it. Less interest for our personal loan with me making the payment sometimes 2-3 weeks earlier.

5. gamecock43 Says:

What a way to accomplish a goal!

6. Aleta Says:

Congratulations. Hitting those numbers that you set up is important to the psyche.

7. L Saver Says:

Woohoo!

8. Blue Eyes Says:

Congrats! Great job!

9. mom-from-missouri Says:

well done!

10. frugaltexan75 Says:

Congrats nerd!

11. ceejay74 Says:

Yay! Take THAT, HELOC!

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