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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.

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:


  3. north georgia gal Says:


  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:


  8. Blue Eyes Says:

    Congrats! Great job!

  9. mom-from-missouri Says:

    well done!

  10. frugaltexan75 Says:

    Congrats nerd! Big Grin

  11. ceejay74 Says:

    Yay! Take THAT, HELOC!

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