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Big Principal Payment to Truck Loan!!!

September 14th, 2012 at 05:26 pm

I mentioned yesterday that the escrow refund check arrived in the mail and that I was pondering applying it to our truck loan. Well, I ponder no more. I just made an online payment towards the loan in the amount of $1840!

It will arrive and be applied Monday along with our regular payment, thus I will estimate our principal balance to be approximately $8,197.30. That's before the regular payment, which will put us under $8K!

I will post again once the payment is applied and I update the sidebar. Wow. No regrets on that. I'm ready to be done with this loan!!

We will begin adding at least $230 extra per month to this loan, which is how much our mortgage payment was reduced because the escrow account was not correct. With our regular payment, that makes a total payment of $559 every month. I'm pretty sure we can find more money each month, too. We just have to keep our "new house" spending low!

4 Responses to “Big Principal Payment to Truck Loan!!!”

  1. snafu Says:

    Wow! good on you for making a choice and sticking to it! Accelerating the truck payment will clear it off so much faster since extra payment goes directly to principal. Really, you're paying yourself first by saving interest costs when savings accunts are paying paltry sums not even keeping up with inflation.

  2. ceejay74 Says:

    EXCellent. That loan will be gone in no time! Congrats; you've been making great strides lately financially. Smile

  3. Nancy Says:

    Woot!

  4. FrugalTexan75 Says:

    Great way to use the extra money!

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