At the beginning of 2009, my goal was to pay our home equity loan down by half. The balance at the beginning of the year was $13,999. A couple months into the year, we revised our goal to pay off the entire balance by year end.
Currently, we owe $6,421.26. We have paid more than half of the balance!! Specifically, since January 1st we have paid 54.13% of the balance.
I added a
This home equity loan was taken out when we purchased our current home because we didn't have the full 20% downpayment. We also used some of the cash to pay off a $6,000 car loan. I wanted to avoid PMI. I haven't yet reconciled if that was the right thing to do.
Paying off the loan, will increase our cash flow by $118.01 per month. The payoff won't exactly bring a big change to our budget. When we move, we will have that much more equity to take with us for a future purchase. That is the primary goal. (Of course, as a military family, we may decide to rent instead!)
July 20th, 2009 at 04:38 pm 1248107919
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