Minnesotagirl7
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Post by Minnesotagirl7 on Aug 28, 2020 15:08:44 GMT -5
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muffyinthered
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Post by muffyinthered on Aug 28, 2020 15:37:09 GMT -5
Swordguy & MPL: What did you do to have your interest rates go down. I am pretty sure you weren't refinancing. I want that!
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swordguy
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Post by swordguy on Aug 28, 2020 16:30:30 GMT -5
Swordguy & MPL: What did you do to have your interest rates go down. I am pretty sure you weren't refinancing. I want that! The interest rates didn't go down, the amount of interest paid per month went down. It's how standard mortgages in the US work. A Standard US mortgage has a fixed principal and interest payment amount for the length of the mortgage. Interest is due based on how much you owed during that month. So, each month's payment has an interest component (that you pay for the use of the money you've borrowed) and a principal component (that pays down what you owe). Since you pay some down each month, you owe less each month, so the amount of money you have to pay to interest goes down. Since the total payment amount is fixed, the amount paid to principal goes up each month. Any good online mortgage calculator has an amortization schedule that shows this on a monthly and annual basis. Karl's Mortgage Calculator is one that I use. My interest component went down so much so fast because we sold two houses and put the proceeds from those houses onto my mortgage. Not sure of the source of MPL's funds, but I'm pretty sure that's why their interest component went down too. Hope that helps!
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TheOtherMe
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Post by TheOtherMe on Aug 28, 2020 18:14:51 GMT -5
You put the proceeds towards principal only, correct?
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swordguy
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Post by swordguy on Aug 28, 2020 19:32:47 GMT -5
You put the proceeds towards principal only, correct? I made one payment with all the excess to principal.
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Deleted
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Post by Deleted on Aug 28, 2020 20:42:57 GMT -5
Swordguy & MPL: What did you do to have your interest rates go down. I am pretty sure you weren't refinancing. I want that! I do have a couple refinances in there, but like swordguy stated, it's mostly just paying down the principal.
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sealy
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Post by sealy on Aug 30, 2020 1:09:30 GMT -5
My truck is finally under $14K. I can't wait for this number to become a zero. I want to pay more on it but feeling like I need to wait a little bit to make sure I have more of a savings. I'm following the baby steps. I'm still on BS2. I'm hoping to be finished by the time my birthday rolls around. On the great side I haven't had to use my CC at all.
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sealy
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Post by sealy on Aug 30, 2020 1:19:27 GMT -5
Update: The balance for Race 2 IS under $260K!!!
sealy (2): 09/07/2020 $259,975.45 (12/04/12 $335,199.00) difference $75,223.55 sealy (3): 08/29/2020 $13,999.00 (4/30/17 $55,146.30) difference $41,147.30
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nidena
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Post by nidena on Aug 31, 2020 9:10:23 GMT -5
For September, I have ~$1750 slated to go towards my SLs. I just made the first payment, scheduled for today, and plan to make the next one later this week. I'm not sure why I don't pay the whole payment in one fell swoop but it's one of my quirks...always has been...to make large payments in smaller chunks. Anyhow, once this first payment clears, and the balance shows the update to $3749, I'll make the next payment.
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byedebtbye
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Post by byedebtbye on Aug 31, 2020 13:36:46 GMT -5
UPDATE
ByeDebtBye: 08/31/20 $15,448.13 (09/28/18, $33,407.11, WIRR180)
Another great month, down $3,456.95 and over 50% paid off. I was able to pay off another CC this month.
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Maryland Monroe
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Post by Maryland Monroe on Aug 31, 2020 16:00:44 GMT -5
UPDATE ByeDebtBye: 08/31/20 $15,448.13 (09/28/18, $33,407.11, WIRR180)
Another great month, down $3,456.95 and over 50% paid off. I was able to pay off another CC this month. Congratulations on another zero! I was expecting the cents in your reduction to be 78, for $3456.78.
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byedebtbye
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Post by byedebtbye on Aug 31, 2020 17:28:32 GMT -5
UPDATE ByeDebtBye: 08/31/20 $15,448.13 (09/28/18, $33,407.11, WIRR180)
Another great month, down $3,456.95 and over 50% paid off. I was able to pay off another CC this month. Congratulations on another zero! I was expecting the cents in your reduction to be 78, for $3456.78. Haha! Had to get that extra 0.17 cents paid off.
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nidena
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Post by nidena on Sept 1, 2020 14:20:27 GMT -5
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swordguy
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Post by swordguy on Sept 1, 2020 16:18:55 GMT -5
Just received a new mortgage coupon book for the mortgage for my old home -- the one I don't have anymore.
Burn, baby, burn! Gonna have a party! Just us and the cats...
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debthaven
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Post by debthaven on Sept 1, 2020 16:23:28 GMT -5
Haven't looked at the link Nidena, but personally I'd still try to zap one of those two loans. Once it's gone, it's gone, and you will never have to worry about it again.
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nidena
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Post by nidena on Sept 1, 2020 17:52:48 GMT -5
Haven't looked at the link Nidena, but personally I'd still try to zap one of those two loans. Once it's gone, it's gone, and you will never have to worry about it again. If I continue to pay $1000/mo to them, one will definitely be gone by January. They're currently $1631 and $2118 at the same interest rate.
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swordguy
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Post by swordguy on Sept 1, 2020 18:51:41 GMT -5
Haven't looked at the link Nidena, but personally I'd still try to zap one of those two loans. Once it's gone, it's gone, and you will never have to worry about it again. If I continue to pay $1000/mo to them, one will definitely be gone by January. They're currently $1631 and $2118 at the same interest rate. Kill them. Kill them deader than a red shirt on Star Trek going planetside for the first time.
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Maryland Monroe
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Post by Maryland Monroe on Sept 1, 2020 20:11:31 GMT -5
Just received a new mortgage coupon book for the mortgage for my old home -- the one I don't have anymore. Burn, baby, burn! Gonna have a party! Just us and the cats... I didn't know they made mortgage coupon books any more.
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swordguy
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Post by swordguy on Sept 1, 2020 20:19:44 GMT -5
Just received a new mortgage coupon book for the mortgage for my old home -- the one I don't have anymore. Burn, baby, burn! Gonna have a party! Just us and the cats... I didn't know they made mortgage coupon books any more. Yep, freshly made!
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chiver78
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Post by chiver78 on Sept 1, 2020 21:18:38 GMT -5
Just received a new mortgage coupon book for the mortgage for my old home -- the one I don't have anymore. Burn, baby, burn! Gonna have a party! Just us and the cats... I didn't know they made mortgage coupon books any more. I was given one last week at closing. of course mine is a "just in case" if the note hasn't been sold by the broker yet. but it has 3 or 4 coupons in it.
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nidena
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Post by nidena on Sept 2, 2020 0:12:23 GMT -5
If I continue to pay $1000/mo to them, one will definitely be gone by January. They're currently $1631 and $2118 at the same interest rate. Kill them. Kill them deader than a red shirt on Star Trek going planetside for the first time. I don't understand the ST reference but I'm laughing nonetheless.
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megaptera
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Post by megaptera on Sept 2, 2020 8:12:55 GMT -5
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swordguy
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Post by swordguy on Sept 2, 2020 8:48:05 GMT -5
Kill them. Kill them deader than a red shirt on Star Trek going planetside for the first time. I don't understand the ST reference but I'm laughing nonetheless. In the original Star Trek series the red shirts were the security team. Whenever the main characters went to a new planet they would be escorted by their security detail, one of whom would (it seemed) inevitably die within the first few minutes from whatever danger was on that planet -- so we the audience would know what's up.
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nidena
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Post by nidena on Sept 2, 2020 9:02:03 GMT -5
Ah, gotcha. Well, since I have no minimum payment required on my CC, I took some of that allocated $ and will be adding that to the remaining allocated amount for the SLs. It would be nice to have two fewer debts on the list. They won't be "gone" gone for another month or two--unless my tree starts growing money--but they'll be much, much smaller when September ends.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Sept 2, 2020 15:49:44 GMT -5
I didn't know they made mortgage coupon books any more. I was given one last week at closing. of course mine is a "just in case" if the note hasn't been sold by the broker yet. but it has 3 or 4 coupons in it. wow! congrats!!
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nidena
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Post by nidena on Sept 3, 2020 9:55:10 GMT -5
I got a call yesterday--an unexpected call--from a company who I had talked to their recruiter guy the first week of August. I hadn't forgotten about the company but I had put them in the back of my head as "not gonna hear from them". Well, it was a first interview. It went well and I'm to be expecting a call tomorrow from the Financial Advisor that I'll be assisting in the role. If that goes well, there'll be an in-person interview. I have to admit: I'm pretty stoked. Salary range is $40,000-$60,000 depending upon experience. Even at the bottom level, it would double the money I work with every month in takehome. Happy thoughts to me, please. I really want to get this job.
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muffyinthered
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Post by muffyinthered on Sept 3, 2020 12:14:14 GMT -5
nidena - All the best to you on this job. Fingers, toes and eyes crossed for you.
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steph08
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Post by steph08 on Sept 3, 2020 12:26:00 GMT -5
UPDATE: steph08 [2] 9/4/2020 $9,964.68 (11/15/2016 $57,941.58 NE139) Bill (Interest Rate) | Start | Previous | Current | Difference | Normal Payoff | Monthly Payment | Big Student Loan (5.08%) | 18,337.66 | 0.00 | 0.00 | - | November 2022 | $298.59 | Small Student Loan (5.7%) | 4,585.95 | 0.00 | 0.00 | - | November 2022 | $81.81 | Truck (2.49%) | 18,995.89 | 5,705.97 | 5,300.68 | 405.29 | October 2021 | $416.19 | Van (3.6%) | 8,463.08 | 0.00 | 0.00 | - | October 2022 | $154.49 | CC (0%) | 7,559.00 | 4,999.00 | 4,664.00 | 335.00 | | $76.00 | TOTAL | 57,941.58 | 10,704.97 | 9,964.68 | 740.29 | | $1,027.08 |
Paid this update: $740.29 Total Paid: $47,976.90 Percent Paid: 82.80% Under $10k! Just plodding along.
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swordguy
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Post by swordguy on Sept 3, 2020 12:54:23 GMT -5
I got a call yesterday--an unexpected call--from a company who I had talked to their recruiter guy the first week of August. I hadn't forgotten about the company but I had put them in the back of my head as "not gonna hear from them". Well, it was a first interview. It went well and I'm to be expecting a call tomorrow from the Financial Advisor that I'll be assisting in the role. If that goes well, there'll be an in-person interview. I have to admit: I'm pretty stoked. Salary range is $40,000-$60,000 depending upon experience. Even at the bottom level, it would double the money I work with every month in takehome. Happy thoughts to me, please. I really want to get this job. Best of luck! You'll squash that debt in no time with that raise! Don't know what your retirement investments are like, but this is a perfect opportunity to jump-start them big time over the next few years. Glad to provide links to anyone who is interested.
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nidena
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Post by nidena on Sept 3, 2020 16:15:57 GMT -5
I got a call yesterday--an unexpected call--from a company who I had talked to their recruiter guy the first week of August. I hadn't forgotten about the company but I had put them in the back of my head as "not gonna hear from them". Well, it was a first interview. It went well and I'm to be expecting a call tomorrow from the Financial Advisor that I'll be assisting in the role. If that goes well, there'll be an in-person interview. I have to admit: I'm pretty stoked. Salary range is $40,000-$60,000 depending upon experience. Even at the bottom level, it would double the money I work with every month in takehome. Happy thoughts to me, please. I really want to get this job. Best of luck! You'll squash that debt in no time with that raise! Don't know what your retirement investments are like, but this is a perfect opportunity to jump-start them big time over the next few years. Glad to provide links to anyone who is interested. I'm trying to not spend it before I even have the job. lol. But, yeah, student loans, gone! vehicle debt, gone! and increasing the home improvement savings like crazy. I'm not too worried about retirement investments, per se, but it'd be nice to have a vacation savings. And, really, when I get rid of the SLs and vehicle debt, that'll free up a minimum of $500/mo. Then I'll have just the mortgage. But, again, trying to not think about the extra income until I have the job.
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