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It's Been A While

October 13th, 2017 at 05:28 pm

So...it's been a while since I've posted. While I am finally home (until Monday), I thought I'd take care of some personal administrative tasks and settle in and catch up with my SA "family".

So many wonderful posts, conversations, supportive comments and updates, it's been a pleasure reading. I have made a couple minor changes to my blog. One being I no longer have a "New Car Fund". Rather, I have a "Loose Change Fund". Psychologically, not have the stress of "saving for a new car" versus "saving my loose change" seems to be a better fit for me. A play on words? Maybe. However, again, it works for me.

On 7/31/17, my very first mortgage pre-payment hit my account. As of 10/10/17, my principal balance has been reduced $1,473.97 (supported also by the principal reduction via my monthly payment which increases $3.00 per month). Not too bad! It's almost like another retirement fund. Every dollar I apply towards the principal balance is another dollar in equity earned. For me, equity equals retirement. It's also a lot of fun chipping away at the balance. Someday, God willing, I'll make my final payment or sell my house and wipe out the mortgage. What a thrill that day will be.

4 Responses to “It's Been A While”

  1. rob62521 Says:

    Smart move to add directly to the principal. I have a friend who thinks because she makes two house payments a month, she is paying it off so much sooner. When I suggested instead of making two payments, but adding that "second" one directly to the principal, she acted like I was an alien.

  2. Amber Says:

    Glad to hear from you and congrats on knocking down that mortgage

  3. snafu Says:

    Good to see you back and still motivated to accelerate reducing your mortgage principal by making a principal direct payment in additional to your contract. You equity is more accurately determined by sale price of homes of similar size and details less sum owed. Will you continue your plan to add military pension to car fund? It was such a major win - win.

    With the holiday season approaching it's helpful to review 2016 gifting and social events to plan 2017 activities. Do you buy treats for 'ghosts and goblins' trekking to your home on Halloween?

  4. Out of the Dark Says:

    Thanks everyone! First, rob...I am shocked that your friend is shocked...lolol.....why would anyone make a second mortgage payment and allow one penny of it to go towards interest? It sounds like all they are truly doing is getting ahead by one month (reducing term) versus reducing principal. Anyway, best of luck to them and hopefully you can help educate them based on their goal(s).

    Next, amber...I really am driven to beat the sh&^$t out of this mortgage. I want it gone as it is one of two large expenses keeping me from "retiring" to my "dream job" (see my newest post). PS - On a side note and for no other reason than a personal reflection, I love the name Amber!

    Finally, yet no less important, snafu....your statement regarding equity is, of course, spot on. However, I have also averaged out the home value %'s in my area, accounted for that YOY increase and thus am able to forecast potential "cash out" at the time of sale. That money is going to allow me to find my "dream job". Also, yes, my military pension will continue to fund my "Loose Change Account". And now, once said account reaches $500.00, I transfer it to the MM360 account in preparation for the next new car expense. I have only made one transfer thus far, however, I really have fun with this account!

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