Optimistic Home Equity Payoff
Here's the plan to pay off the home equity loan by the end of 2009. It is optimistic and assumes the extra money we have available isn't needed elsewhere. It is highly likely my daughter will be in braces in the next two months and that we will buy a kitchen sink.Our regular payment is $118.01. The chart below shows only the principal portion of our payment.
7/20/09 Balance $6,421.26
8/1/09 Principal Pmt $468 $5,953.26
8/15/09 Principal Pmt $642 $5,311,26
8/15/09 Regular Pmt $85.92 $5,225.34
9/1/09 Principal Pmt $915 $4,310.34
9/15/09 Principal Pmt $642 $3,668.34
9/15/09 Regular Pmt $95.85 $3,572.49
10/1/09 Principal Pmt $915 $2,657.49
10/15/09 Principal Pmt $642 $2,015.49
10/15/09 Regular Pmt $105.83 $1,909.66
11/1/09 Principal Pmt $915 $994.66
11/15/09 Principal Pmt $642 $352.66
11/15/09 Regular Pmt $115.88 $236.78
12/1/09 Principal Pmt $236.78 ZERO!