And back to the fun of the numbers!
G-man's car- $1,731.92
In just over 2 years, we knocked out over 2/3 of this loan...and we are excited to say that this loan will be gone by the end of the year....right around the time my car is paid off! After minimum payments, it leaves about $600 on here. Since money is direct deposited for this loan...and the other car and house loan...there are 2 "extra" deposits over the year based on 26 paychecks. That equals $850. Take $600 from there (and see that $250 that is left....that is more than we need to eliminate the 10th payment on my car...). And with that.....the car is paid off.
That means by year end....BOTH our car payments will be gone!!! THAT will be game changing. That is $360 a month.
The next debate regarding the car....is how long it will last. This car is a 2001, but low mileage for its age. It's a Camry, and they tend to last. We don't plan on replacing it soon but also don't want to wait until it is dead. Obviously a replacement also means higher taxes, possibly more gas, and unless something magical happens.....a payment. We would like to avoid those for at least a year after payoff.
Student Loan - $20,276.69
Gosh this loan just never seems to go away. It is on the bottom of the repayment pile. But look at the number....in March it will be below $20k! Mental game....
I have mentioned before that this loan is actually 2 parts....and the smaller of the two parts is $950.92. Of the $229 a month we pay.... $10.77 goes to this part (set by the company...not me). I would love to find the $1000 to just get rid of this part. It won't actually make a difference on a monthly basis and only shortens the loan by a small amount. Mental game....
January isn't closed out yet for payments....so I will update the CC numbers soon, since I know that those seem to draw the most attention. G-man doesn't get paid until January 31....so we really need the WHOLE month this month.
Wish me luck on my phone interview later today!