House Payment Made! 13 Months Left!
29th March 2008
The house payment went through yesterday. I never wait until this late in the month to pay (my payment is due on the 1st). I think they wait to deposit your electronic check on purpose so you’ll be a late payment. I recalculated my payment on the right there.
This month, part of my house payment (shamefully) came from my emergency fund. I know that mortgage overpayment on a bad month does not constitute an emergency, but I should get the travel voucher/tax money any day now to recover the $2K that I took out of my emergency fund. Maybe I’m too lax with my safety net, but it sure is peace of mind (full disclosure: I have $10k in my emergency fund and I don’t own a credit card).
I will have this house paid off with a May 1, 2009 house payment if things keep going the way they have. The final payment is set to be $1093, so I’m going to try to get rid of this payment by overpaying an additional $1093 spread over the next 12 months, making there really only be 12 more payments left. This equates to $91.67 each month of additional overpayment. I could probably knock it out this month if I get back on track with my money. We’ll see…
March 29th, 2008 at 2:30 pm
Sounds like you have a pretty good strategy to finish off your mortgage sooner than later this year.
March 30th, 2008 at 11:47 am
[…] Brooke at Dollar Frugal announced that her House Payment Made! 13 Months Left! While I have never owned a house, I can certainly imagine how exciting that must be to know only there is only a few more payments to go. Considering how long a 30-year mortgage takes, I would be taking advantage of paying extra on principle to pay it off sooner than later. […]
March 31st, 2008 at 8:55 am
[…] Brooke from Dollar Frugal presents House Payment Made! 13 Months Left!. […]