That is right. Only $88 left until that bad boy is paid off!!!!! G-man gets paid on January 23 again, and then it is DONE.
It was a $10,000 loan, originated in February 2008, for 5 years. We used it to replace the roof and paint the house, along with a few other minor things. We will have paid it off in 4 years, PLUS, it is a few weeks earlier than anticipated!!! Yay us!!
I have put $115 aside each paycheck since our Christmas fund was fully funded towards this. It has been TIGHT, as we also started paying my car loan in December. But we have managed, and along with the bi-weekly amount of $105 that goes towards it (automatically deducted from G-man's paycheck)....we are down to one last payment.
We are seriously considering taking out a $35,000 loan from the retirement account and wiping out the credit cards. The rate has now dropped to 1.50%, and if we do a 3 year loan....we would still be paying almost $150 less per month. We are leaning toward a 4 year loan, just to give us some breathing room, and pay extra on it as we can...to try and knock it out in 3.5 yrs. (more on this to come) We have to wait 60 days from the payoff date of the current loan before we can do anything, so this won't happen until late March/early April.
My math must have been off, because I thought we would pay this off in early February. The $115 that I ear-marked for the retirement loan for those 2 paychecks will be split between the EF and our general savings account. After that, the $115 will now be directed towards savings for Camp for the kids (which will be fully funded by the end of May). Once Camp is funded, the $115 will go to the Christmas account, which will be fully funded by November, which will leave us the remainder of the year towards our $500 goal for something for US.
But I am just happy dancing that we managed to pay it off early, and with the car payment!!
The retirement loan was never part of the debt total. Best that I can tell, at the start of the blog, we owed about $7,000 on it. If you add that to the original debt number, our "new" number would have been over $83,000. So in that sense, we have made progress.
You have no idea how that $88 is killing me! But I need to let the plan just do its thing. Less than 2 weeks and it is over.