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Home Equity Loan Plan Details

February 23rd, 2010 at 11:05 am

This post is primarily for my own needs, however I know people like to read this kind of thing.

Current Home Equity Loan Balance: $1,999

On Friday, February 26 pay $1,700 towards principal from paycheck.

On Monday, March 1 pay $118.01 regular payment (last one of which $116.20 will go to principal payoff!) and a extra principal payment of $100.

Edit: I'm going to make a $1,800 payment first, then the regular payment.

After the above payments the principal balance will be $82.80. I will call the mortgage company for a final payoff amount. I expect this to be $83.30. I will request a certified check from our bank. This check will cost me $5 to obtain. I will have the check mailed to us to send with the payoff letter. Once I mail the final check I expect payoff to occur within one to two days, since the payoff address is just blocks down the road from our house.

I wish I didn't need certified funds. Now, it is possible I could simply pay it off online and they would write off the little interest that is owed. However, the website and an email response confirmed that certified funds are required. They will even return personal checks if received.

That is the plan. I'm excited that we are so close.

5 Responses to “Home Equity Loan Plan Details”

  1. pharaohsmom Says:

    I'm excited for you too!

  2. Ima saver Says:

    That is wonderful!!

  3. ceejay74 Says:

    Anticipation building! Smile

  4. monkeymama Says:

    I would have been inclined to just pay it and see what happens. BUT, I suppose I never paid off a debt before. Who knew it was so complicated? Big Grin (Well, never paid off a debt outside of home escrow, anyway!)

    Congrats on being done with it soon!

  5. D&D Says:

    It seems so unfair that they can make one jumpt through such hoops to pay their bills. Crazy! But I am happy for you!

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