Tuesday, December 29, 2020

Paying Down My House Tracker

This year my main goal is to pay down my house. I just bought it in November and was able to put a nice size down payment on it from equity in my previous home. I plan to put as much towards principal this year as possible. Let’s see how I end up doing. I'm off to a good start with my January payment.   My current pay off date is 12/1/50!  I'm hoping to retire long before then since I'm now 56.  :)  I'll post it all filled out this time next year.

UPDATE- As of my June 1st payment I've paid enough to take 18 months off of the loan.  Current payoff now is June 2049.  I've cut back on spending, but mainly because my car lease was ending soon and my new lease if quite a bit more than the one I had.  I should have shopped around more, but I really liked it and all of the dealers around here were very low on inventory.  

Things I've done to pay extra:

  • I take 1/2 of my payment out of each check (my payment is $540 so I take $275 out of each check) = $10 towards principal
  • I sold some gold jewelry that I had I wouldn't be wearing
  • I set a certain dollar amount on my paycheck and anything over that amount goes towards the house payment
  • Anything I sell - craft items, rummage sale, etc
  • Since I take 1/2 of my payment out of each check, at least 2 months out of the year you'll have an extra pay = more money towards principal
  • If you play the lottery, any winnings go towards the house payment (I buy 2 - $1 scratch offs a week......big spender :))
  • In January I got paid for sick days I didn't use last year.  I put that towards the principal.  

Make it fit your lifestyle and have fun coming up with ways to pay extra towards the principal.  If you stop all unnecessary spending and put that money towards the principal, you'd be surprised at how fast you could pay it down.  

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