So how much money was I able to scrounge up for my mortgage payment in May? Well, if you remember, I did get paid 3 times in the month (which is the beauty of bi-weekly pay – you get an extra check two months out of the year) and I was reimbursed for my classes from the Winter semester. Yup, May had the makings of one huge payout.
When I began this mortgage payoff journey in February (just 3 months ago), my mortgage balance was at $53,800. My goal was (and still is) to get this balance down to zero by the end of December, 2014. In March, I was able to put $10,000 toward the mortgage. And, in April I scrounged up another $3,524.08. After just two months, my mortgage was down to $39,999.99!
The Mortgage Payment in May
I honestly wish May had been a little . . . → Read More: Paying Off The Mortgage Update: May 2014
Our culture today is all about making a large income and buying a bunch of stuff on credit to “enjoy life to the fullest”, but in my experience, this often leads to discontentment, stress, and a constant want for more. One would think that the higher income earners would have a ton of money socked away in the bank, ready to retire at any time, but this isn’t how it typically works is it?
If one’s salary is $50,000 a year, they might finance a brand new Chevy Malibu. If their salary bumps up to $100,000 a year, they finance a mid-level Mercedes. If they are earning $200k+, they suddenly find themselves in an $80,000 Infiniti SUV and an executive home on the lake! As the pay grade increases, so does the lifestyle. As for that savings account, it might be a little beefier, but nothing like it could be.
. . . → Read More: How Quickly Could You Retire If You Had No Debt?
Google chopped my legs off last week, metaphorically speaking of course, but it was still quite painful. Because Google believes that I have some unnatural links on my website, they have downgraded my Page Rank from a PR3 all they way down to a zero. Due to this downgrade, my site will no longer rank as highly when someone performs a Google search, which means fewer visitors, which then means less money will come my way. And now, my goals of paying off my mortgage may be at risk.
A Reduction in Income
Ever since 2011, my website has comfortably earned between $800-$1,500 a month, and it was pretty steady. Now that I have been Google slapped, I expect that my earnings per month will fall to half of the average – somewhere between $400 and $800 a month, which means I can expect about $600 less each . . . → Read More: Google Slap May Cost Me My Goals
Have you ever been faced with the dilemma between buying a house with a 30-year mortgage or a 15-year mortgage? For many people, the 30 year mortgage is just a given and they don’t think twice about it. The payout per month is lower, so by going the 30 year route they can afford to buy a bigger house with their limited cash. This makes sense to most people since their goal is to buy the nicest house possible on their limited salaries.
But then there is the another (smaller) group of people that step back for a moment and realize that the interest rate on the 15 year loan is always less than the 30 year loan, so there are some obvious savings to be had by making slightly bigger payments with the 15 year loan.
The “Smart” Guy That Tells You To Go For The 30 . . . → Read More: The Debate Between the 15-Year Mortgage and the 30-Year Mortgage
Are you focusing on being completely debt free like me? If you’ve taken care of your credit card, student loan, and car loan debts, then you are probably trying to take a bit out of the biggie: the home loan. Fortunately, I didn’t take out a large loan for this house since it was a fixer-upper, but $70,000 is still a lot debt to try to get rid of.
I was incredibly motivated at first, putting $2k toward the loan each month, but then the divorce happened… That was almost a year ago now. Suddenly, instead of putting my money toward the house loan, it was going to my ex. Now I’m trying to get focused again, but it sure isn’t easy, but I’m sure you already know that.
Most of you know that I have a goal to pay off my house loan by the end of . . . → Read More: Paying Off a House Sure Takes Time…
Does 30 years seem like an excruciatingly long time to be tied to a commitment?
I don’t know about you, but I certainly think so. Imagine buying a house at age 30 … and not paying it off until you’re 60. That’s effectively your entire working adult life. I don’t know about you, but I think that sounds terrible.
So with that in mind, I’ve compiled a list of tips that can help you pay down your mortgage early.
#1: Refinance. Mortgage interest rates are at record lows. People with good credit can snag 3.5 percent to 3.75 percent APR’s on their mortgage.
“Yes,” you might be thinking, “but I’m already 10 years into my mortgage, and refinancing would re-set the amortization cycle … starting me back at “Year 1,” when the bulk of my payments go towards interest rather than principal. Why would I want to do . . . → Read More: Tips for Paying Down Your Mortgage Quickly