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Amazing

August 7th, 2011 at 08:11 pm

I understand how interest works; I do.
But I think it still sucks to see my balance on my almost one year old mortgage.

We closed on our house in September of last year. Our first payment was November 2010.

In the past 10 months, our balance has only gone down by about $2,500.00. That is CRAZY since we've paid over $14,000.

I'd love to start throwing money at it - even dollars a month. But I have only $13K left on our van, so I may start throwing money at IT and then once that's paid off the entire car payment amount can go to the house payment.

All in good time, I know.
I'm just anxious to feel like I did when we paid off all of our debt the first time. I am ready to get these monkeys of our back!

Posted in Mortgage, Savings, Debt | 5 Comments »

5 Responses to “Amazing”

  1. NJDebbie Says:
    August 7th, 2011 at 10:02 pm 1312754578
    1312754578

    I feel your pain! We refinanced to a 15/3.75% and I love it. I'm paying $280 more than the 30 year mortgage. Beautiful house by the way!

  2. PatientSaver Says:
    August 8th, 2011 at 01:23 am 1312766599
    1312766599

    That's why, if you ever read articles about making prepayments on the mortgage, that they will tell you it's much more effective to make mortgage prepayments earlier in the life of the loan rather than toward the end, because you're paying more in interest than principal early on, and then that ratio gradually shifts during the life of the loan.

    So why not dedicate your next tax return, raise or bonus to prepaying the mortgage?

    Cute house, by the way...

  3. JJ76 Says:
    August 8th, 2011 at 03:14 am 1312773291
    1312773291

    @ PatientSaver - great thoughts, thank you! No tax return this year, but you can bet my bonus in Feb will be going to it! Wink

  4. whitestripe Says:
    August 8th, 2011 at 04:53 am 1312779232
    1312779232

    I know what you mean also. We have had our house for two years now and have only seen the balance go down $15 000.00 - paying $24 440 a year! We have thrown a bit extra onto it here and there, but it's depressing seeing your payments get sucked away by interest...

  5. Looking Forward Says:
    August 22nd, 2011 at 02:39 am 1313980787
    1313980787

    We all feel your pain! Big Grin Thanks for the pic.

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