About Me

Creditcardfree

I graduated with a Finance degree and worked for a major mutual fund company handling group retirement plans. Now I blog and run a household!

I'm the wife of a full time Army Reserve Captain and SAHM to daughters ages 12 and 9. I'm 37 and DH is 40.

We started our marriage 13 years ago with over $10K in credit card debt from a failed business venture. We paid it off as quick as we could with the goal of purchasing our first home. We did this within 15 months of getting married. Now it is time to watch us pay off our home equity loan!!

Extra principal paid to HEL:
Jan '09 = $1009.34
Feb '09 = $3437.00
Mar '09 = $1427.30
Apr '09 = $913.43
Jul '09 = $347.10
Oct '09 = $259.00
Nov '09 = $665.00
Total 2009 = $8,058.17

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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. Smile

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.

Posted in Home Equity Payoff, 2009 Mortgage Payment Challenge | 11 Comments »

11 Responses to “Big Announcement!”

momcents Says:
April 16th, 2009 at 06:24 am

A big hug to you! YAY! You are my inspiration, once I find something to be inspired about!
Ima saver Says:
April 16th, 2009 at 06:27 am

congratulations!!
north georgia gal Says:
April 16th, 2009 at 06:55 am

Congrats!
kdmoffett25 Says:
April 16th, 2009 at 07:04 am

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.
gamecock43 Says:
April 16th, 2009 at 07:07 am

What a way to accomplish a goal!
Aleta Says:
April 16th, 2009 at 07:39 am

Congratulations. Hitting those numbers that you set up is important to the psyche.
L Saver Says:
April 16th, 2009 at 05:48 pm

Woohoo!
Blue Eyes Says:
April 16th, 2009 at 06:36 pm

Congrats! Great job!
mom-from-missouri Says:
April 16th, 2009 at 07:27 pm

well done!
frugaltexan75 Says:
April 16th, 2009 at 08:48 pm

Congrats nerd!
ceejay74 Says:
April 17th, 2009 at 10:04 am

Yay! Take THAT, HELOC!

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Big Announcement!

11 Responses to “Big Announcement!”

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