nidena
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Post by nidena on Jun 18, 2020 10:42:11 GMT -5
It's back to the part-time today. Time to wear dressier clothes again. Thank goodness they're stretchy 'cause all this sitting has not been good. Three more weeks until I live somewhere that has a walkable neighborhood again. Okay, it won't be three weeks right on the nose but the transaction closes in three weeks.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 19, 2020 8:17:42 GMT -5
UPDATE! Rukh O'Rorke 6/19/2020 $104,234.42 (6/29/2019 $126,041.86) Debt | 12/20/19 | 01/07/20 | 02/06 /20 | 03/06/20 | 04/06/20 | 04/28/20 | 05/15/20 | 05/29/20 | 06/19/2020 | Difference | Fed Student Loans | $105,438.65 | $104,422.08 | $103,616.48
| $102,789.29
| $102,778.96
| $102,782.75
| $102,716.99 | $102,719.32
| $102,654.09
| $65.23
| Private Student Loans | $6,204.46 | $6,131.58 | $6,071.97
| $5,872.95
| $5,624.31
| $4,462.05 | $2,974.47 | $1,898.81
| $1,580.33
| $318.48
| Total | $111,643.11 | $110,553.66 | $109,688.45
| $108,662.24
| $108,403.27 | $107,244.80
| $105,691.46 | $104,618.13
| $104,234.42
| $383.71
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Back to baby steps on the student loans as my attention shifts to 401k savings. Put about 300 above minimums. Will likely not be able to make any more above minimums until October. Will reassess my strategy at that time, or if student loan payments resume for the fed loans before October. I think the current stay is in effect until september payment? not sure.
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forwardwego
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Post by forwardwego on Jun 19, 2020 8:19:37 GMT -5
UPDATE Forwardwego 6/19/2020 $12,500 (11/3/2019 $38,648. C208) Borrowing from bankergurl , celebrations for this update: We made it to our 'tweens Without any additional prepayments the mortgage would be finished in 17.5 more months. Monthly interest is now @ $33. Keep up the good work fellow Racers Thank you for your support. ETA: the closer to the end, the harder it becomes to shorten the months to payoff. For those of you in your earlier years of your mortgage, now is a prime time to kill off months 'til payoff. And of course anytime is a good time to ditch debt.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 19, 2020 8:40:25 GMT -5
UPDATE Forwardwego 6/19/2020 $12,500 (11/3/2019 $38,648. C208) Borrowing from bankergurl , celebrations for this update: We made it to our 'tweens Without any additional prepayments the mortgage would be finished in 17.5 more months. Monthly interest is now @ $33. Keep up the good work fellow Racers Thank you for your support. ETA: the closer to the end, the harder it is getting to shorten the months to payoff. For those of you in your earlier years of your mortgage, now is a prime time to kill off months 'til payoff. And of course anytime is a good time to ditch debt. I wish I was at that stage of the game! I've done pretty ok overall, but still a long way from where I'd like be. And "the end" of making money is looming for me....will see how far I can go.
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nidena
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Post by nidena on Jun 19, 2020 10:49:28 GMT -5
<snip> ETA: the closer to the end, the harder it is getting to shorten the months to payoff. For those of you in your earlier years of your mortgage, now is a prime time to kill off months 'til payoff. And of course anytime is a good time to ditch debt. That's my plan with the mortgage I'll have next month. I figure if I make payments that are the same as what my rent costs, it'll knock eight years off. If I add an extra payment once a year, it'll knock 11 years off.
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Maryland Monroe
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Post by Maryland Monroe on Jun 19, 2020 11:14:42 GMT -5
That's a great idea, especially since you're already used to paying that amount.
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Minnesotagirl7
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Post by Minnesotagirl7 on Jun 19, 2020 12:22:02 GMT -5
Update!
| 3/18/2020 | 5/22/2020 | 6/19/2020 | Total Difference | Mortgage | $403,476.12 | $385,051.46 | $382,829.45 | $20,646.67 |
Diff Last Post | $2,222.01 | Total Amt Pd | $20,646.67 | Total % Pd | 5.1% |
Minnesotagirl7 [6]: 6/19/20 $382,829.45 (3/18/20 $403,476.12 C220)
Woo hoo for $20k paid off!
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Deleted
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Post by Deleted on Jun 19, 2020 14:19:45 GMT -5
UPDATE Forwardwego 6/19/2020 $12,500 (11/3/2019 $38,648. C208) Borrowing from bankergurl , celebrations for this update: We made it to our 'tweens Without any additional prepayments the mortgage would be finished in 17.5 more months. Monthly interest is now @ $33. Keep up the good work fellow Racers Thank you for your support. ETA: the closer to the end, the harder it is getting to shorten the months to payoff. For those of you in your earlier years of your mortgage, now is a prime time to kill off months 'til payoff. And of course anytime is a good time to ditch debt. I wish I was at that stage of the game!
I've done pretty ok overall, but still a long way from where I'd like be. And "the end" of making money is looming for me....will see how far I can go. Me too! No matter how much sense the numbers seem to make on YM about leveraging yourself to the hilt. I come over here and am just wanting to race my mortgage with a vengeance.
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Deleted
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Post by Deleted on Jun 19, 2020 14:22:13 GMT -5
Come on, one more government stimulus check! MPL 1/20/2020 - $8,057 MPL 2/6/20 - $6,057 MPL 2/25/20 - $4500 MPL 3/18/20 - $4000 MPL 4/21/20 - $3500 MPL 5/18/20 - $2300 MPL 6/19/20 - $1800
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nidena
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Post by nidena on Jun 20, 2020 12:40:03 GMT -5
I locked in a rate of 3.5% for the mortgage. The last round of draft closing documents showed that ~$2000 coming back to me. I don't think that's right but there's a possibility that I may get something back because the estimate for them is ~$3500 and, between my earnest money and credit from the seller, there's $4000 in my favor. If I do have anything coming back, I can choose to receive it via actual money back or use it to buy down the rate a little more. If I have enough to buy it down to 3 AND I make payments = to what I'm paying in rent, I'll cut total interest in half. That would knock 10 years off the paydown, too. So, we'll just see how everything plays out.
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muffyinthered
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Post by muffyinthered on Jun 20, 2020 15:10:07 GMT -5
I have been absent for a long time. Am I able to just start Race #3 or do I have to complete Race #2 to 100 % paid off? I really need to get back to the accountability of this board.
Hoping that everyone is well with this covid-19. Sally (Muffyinthe Red)
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Minnesotagirl7
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Post by Minnesotagirl7 on Jun 20, 2020 15:20:49 GMT -5
muffyinthered, you can start race #3 without finishing race #2. Whatever works for you to keep you motivated. We’re here to support!!
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nidena
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Post by nidena on Jun 21, 2020 10:12:28 GMT -5
The sellers are taking care of the items from the home inspection that I requested be repaired. 2.5 weeks and I'll have a house again. Still not sure if I'll race it but we'll see.
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muffyinthered
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Post by muffyinthered on Jun 22, 2020 9:17:13 GMT -5
MuffyintheRed {3} 6/22/20 172,024.16
UPDATE: 06/22/20
Mortgage 162,961.73
BofA Gary 4,707.25
BofA Sally 821.78
Scheels 741.09
Citi 2,792.31
TOTAL 172,024.16
CU savings $25,284.33 EF 3,828.13
A lot has happened since last I posted, almost a year ago. We moved from NC to WI and the move was hell. We had lots of damage and when we went to make a claim they awarded us with $76! Had to replace a refrigerator and small stuff but we are here. I love our hous but this move was also hard on our furbaby. She is going to be 13 this year and has hip problems. Had a very nice Christmas and then came the lockdown.
DH and I are in the over 65 group and so had to be very careful. I couldn't ever become a bank robber cause I hate the face mask. So that sort of brings us up to today. We have a very good savings account but we owe $6,900 for federal taxes by July 15 and we are going to have a deck built. One thing this lock down has made us eat at home more, and saved us money. But that lead to the covid-25 pounds gained!
Well the BofA Gary was a bank transfer from Lowe's for our carpet when we bought our house. Lowe's was charging 24% interest and this is 0 until middle of next year. BofA Sally will be gone by end of the year. The Citi is my card for use when we need to buy something out of the ordinary.
Keep getting rid of debt.
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Minnesotagirl7
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Post by Minnesotagirl7 on Jun 22, 2020 10:26:07 GMT -5
Shoutouts! chicg - Congrats on dropping under $10k! TheHaitian - Was hoping to see another update from you and hear what you decided to do 😊 chiver78 - You’re really cruising along now - how does it feel to be under $100k?! sealy - Good updates and welcome back! ners - Is there anything you can do to catch up to your goal, or is that not realistic? nikiz628 - Woo hoo for being under $10k! Rukh O'Rorke - Hey, baby steps will get you to that finish line too, nice job! forwardwego - Nice job tweener! minnesotapaintlady - Getting awfully close! muffyinthered - Welcome back!
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Minnesotagirl7
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Post by Minnesotagirl7 on Jun 22, 2020 10:27:04 GMT -5
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chiver78
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Post by chiver78 on Jun 22, 2020 11:36:57 GMT -5
yay, I have smileys again!!
it feels AMAZING to be under $100k again. I feel like I can finally make some headway with this now, rather than just treading water (and even going deeper) and paying never-ending interest. I think whatever my next update is, that's a safe estimate at the rate I'll be paying stuff down.
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ners
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Post by ners on Jun 22, 2020 16:55:09 GMT -5
Minnesotagirl7 Goal was reasonable before I found out I had to have a medical procedure. So some of the funds that would have been used went to fund HSA. Oh well.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 22, 2020 17:28:18 GMT -5
Hope it goes smoothly, ners.
At least you are still making some progress.
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nidena
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Post by nidena on Jun 22, 2020 18:42:37 GMT -5
I locked in a rate of 3.5% for the mortgage. The last round of draft closing documents showed that ~$2000 coming back to me. I don't think that's right but there's a possibility that I may get something back because the estimate for them is ~$3500 and, between my earnest money and credit from the seller, there's $4000 in my favor. If I do have anything coming back, I can choose to receive it via actual money back or use it to buy down the rate a little more. If I have enough to buy it down to 3 AND I make payments = to what I'm paying in rent, I'll cut total interest in half. That would knock 10 years off the paydown, too. So, we'll just see how everything plays out. Another update to the paperwork...rate is 3.25%. And, I may be able to close earlier than the 10th because all the ducks are lining up very quickly.
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nikiz628
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Post by nikiz628 on Jun 23, 2020 12:30:56 GMT -5
I locked in a rate of 3.5% for the mortgage. The last round of draft closing documents showed that ~$2000 coming back to me. I don't think that's right but there's a possibility that I may get something back because the estimate for them is ~$3500 and, between my earnest money and credit from the seller, there's $4000 in my favor. If I do have anything coming back, I can choose to receive it via actual money back or use it to buy down the rate a little more. If I have enough to buy it down to 3 AND I make payments = to what I'm paying in rent, I'll cut total interest in half. That would knock 10 years off the paydown, too. So, we'll just see how everything plays out. Another update to the paperwork...rate is 3.25%. And, I may be able to close earlier than the 10th because all the ducks are lining up very quickly. Wonderful news!
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debthaven
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Post by debthaven on Jun 23, 2020 14:13:35 GMT -5
welcome back muffy! if you're not actively racing your mortgage, you might prefer to leave it off for now. did you manage to sell your old house?
great progress chiver! could you knock out half/part of discover 2 and still have enough for your dp? that would give you another quick win and keep the momentum going, since most of the remaining debts are similar amounts.
forward, you've knocked out over 2/3 of your mortgage in 6 months! Amazing!!!
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forwardwego
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Post by forwardwego on Jun 23, 2020 16:10:01 GMT -5
Thanks debthaven! We had a boost from selling the boat. Doubly glad it's gone
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nidena
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Post by nidena on Jun 24, 2020 11:51:32 GMT -5
Closing moved to July 7th. That'll give me a few more days to move my stuff.
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chiver78
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Post by chiver78 on Jun 24, 2020 13:08:07 GMT -5
debthaven I will have another payout some time next month, for a different bonus. this one vests over 3y, but I'm having trouble with the math for what is on my comp sheet vs what I remember getting last year as a prorated amount. anyway, that pre-tax number is $18k. and then there's the 2nd amount for last year. whatever the number is, it will all be going to that Discover, yes. I have been keeping my checking account between $8-10k and that number could still come down in favor of payoffs. after that Discover is gone, everything left is under 10%.
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debthaven
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Post by debthaven on Jun 24, 2020 14:05:36 GMT -5
that's just wonderful chiver!!! i'm so happy for you!
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chiver78
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Post by chiver78 on Jun 24, 2020 15:28:43 GMT -5
I just got the email notification that the additional payout will hit 7/17, and did I want to specify the 22% or 35% tax rate for my bonus? I went in and changed it to the 35% rate, hoping that helps soften the blow of the first bonus getting taxed at 22%.
also - I have a really rookie question about tax rates. depending on what the bonus is next month, my income is going to be really close to the next bracket. explain to me like I'm stupid, please - are the brackets set up for pre-tax income, pre-tax but after itemized deductions, can I up my 401k contributions to keep myself artificially low? it's only July, I have time to actually have an impact on this if I make changes now.
thank you...
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TheOtherMe
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Post by TheOtherMe on Jun 24, 2020 15:38:15 GMT -5
The tax brackets are based on taxable income.
So gross income minus other adjustments minus itemized deductions.
If you want a better explanation, shoot me a PM.
Gross income is what is shown as gross on your W2, plus interest, dividends, capital gains, etc. I believe the 401K contributions reduce your gross income.
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nidena
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Post by nidena on Jun 24, 2020 21:45:24 GMT -5
Changing careers, see post here. Banking vs bookkeeping. I appreciate any insight.
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nikiz628
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Post by nikiz628 on Jun 24, 2020 22:56:47 GMT -5
UPDATE RACE #4 6/24/2020
RACE #4 | INTEREST RATE | STARTING BALANCE | LAST UPDATE | THIS UPDATE | DIFFERENCE | Truck Loan | 4.8% | $24.945.53 | $22,044.43 | $21,740.70 | -303.73 |
NikiZ628(4) 6/24/2020 $21,740.70 (6/26/19 $25,195 WIRR197) Total Paid in 2020: $2,085.63 Total Amount Paid Off: $3,454.30
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