Middle-aged married mom looking ahead while enjoying today Mostly out of fear for our upcoming college expenses over the next half dozen years, I made a plan over a year ago to get our house debt paid. Our house debt is a combination of a mortgage and a HELOC. The mortgage interest rate is 3.49%. The HELOC rate, which can change, is 5.64%. So every extra principal payment I make goes to the HELOC.
In order to make it doable when I started, and also to use a method where one bad month couldn’t blow it for me, I created a schedule with defined percentages instead of dollar amounts. The percentages increase over the course of time as I should be able to find additional money to throw at the debt. As you can see (I have to get the photos to work for this post!), I need to come up with $1779 worth of principal payments this month including my regular scheduled payment. That shouldn’t be a problem. But next month, I have another percentage increase.
Only people on sites like this would understand these games that motivate me to do the right thing!
Staying the Course to Eliminate House Debt
February 6th, 2020 at 06:15 pm
February 6th, 2020 at 06:58 pm 1581015490
February 6th, 2020 at 08:14 pm 1581020093