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What to Do....All Input Welcome

July 11th, 2017 at 07:26 pm

So...as you know, I have two mortgages (one residential and one rental) and an auto loan:

Principal Mortgage - Original Amt: $108K; Current Balance: $97K; Interest Rate: 4.125%; 25 years left

Rental Mortgage - Original Amt: $101K; Current Balance: $81K; Interest Rate: 7.9%; 18 years left

Auto Loan: Original Amt: $17K; Current Balance: $12K; Interest Rate: 3.6%; 4 years left

I need your opinion on which to pound away at and payoff early. If you could, support your advise with detail/data.

Look forward to your comment.

I think the choice is simple, but you might know better

July 9th, 2017 at 04:39 pm

So...as you may know I only have three large debts remaining:

1. Primary Residence Mortgage. The original loan amount was $108,000.00 in 2012. The balance is $97,000.00. I've paid off $11,000.00 in five years.

2. Auto Loan. The original loan amount was $17,000.00 in 2015. The balance is $12,000.00. I've paid off $5,000.00 in two years.

3. Rental Mortgage. The original loan amount was $101,000.00 in 2005. The balance is $81,000.00. I've paid off $20,000.00 in twelve years.

I am trying to decide which loan to pound away at from a pre-pay standpoint first. My thought is the Auto Loan. It is unsecured but has no deduction benefit(s). The car is in great condition and runs very well! No issues, thank God!

Next, in my opinion, would be the rental mortgage. The only purpose for this would be to increase the equity (by reducing the mortgage amount), get it to about 30% and refinance it. Pulling cash out to reinvest in updates, improvements, landscaping, etc. I can easily increase the monthly rent by $200.00 if I complete said improvements.

Finally, my primary residence.

As I think you will see once I focus to the retirement baseline plan, a big part of it is reducing/eliminating debt. If I can get rid of the auto loan, continue to maintain fiscal requirements at the rental via rental income and payoff my primary residence, I would be taking a massive step towards putting myself in position to possibly retire. This would increase upon the sale of the primary residence and/or rental as well.

Still a work, I mean a plan in progress, but these were just some thoughts I had running through my head tonight.

Thanks for listening..............

NSD #4 In a Row!

July 7th, 2017 at 04:37 pm

So...fourth consecutive NSD. I had some strawberries, blueberries and two bananas for lunch/dinner along with a ham sandwich. The fruit is gonzo...time to reload.

Next Friday is payday. As I am now using two credit cards (one for month over month auto bill/donation payments) and the other for any household expenses and/or entertainment. I usually schedule my deposit and bill pays the Friday before (tonight). After getting my mortgage and electric bill plugged in, I front loaded the entire remaining months auto bill payments for CC #1 with a $10.00 cushion. This came to $80.00. I then front loaded a $25.00 gift card for a birthday present, $25.00 for gas and $50.00 for groceries for CC #2.

When all was said and done, I was able to toss ~$800.00 into my emergency fund and keep about $100.00 in my operating account for any "pop up" expenses.

I am still looking for a simple website to download and print Aldis coupons.

Everyone have a great evening.