Mini Dave's Quest to be mortgage free!

tutti_2

I've never plucked up the courage to work the daily interest, having just joined the forum myself I'm obsessed as it is and watching every penny. I know that will pass (well my kids hope it will) and I'll keep the daily interest calc until I need to get refocused lol!

But good luck in your quest!

setmefree2

Wanna_Be_Mini_Dave wrote: »

So I've read a few other people's post about how much interest they pay daily/monthly and I decided to do the same. I would just like to say WOW!!:eek:

$35.21 daily

$1056.32 monthly

That's a lot of money that I could be saving!:eek:

Focuses the mind on the challenge doesn't it?:rotfl:

Wanna_Be_Mini_Dave

I'm very happy to do the first update on my progress. I had a very good February, so I was able to apply more to my mortgage then "required for the 5 year pay off."

April's minimum payment $1,943ish

April's payment if I wanted to stay on track to pay it off in 5 years: $4,243

Actual amount I paid: $6,943

I made an overpayment of $5,000 Boy does it feel good! :T More updates to follow

SmlSave

Congratulations on the OP :T

setmefree2

Brilliant well done on that op :T

MFdream

Well done on the OP. Keep it up:beer:

Wanna_Be_Mini_Dave

I just made my "may" payment so I thought I'd hop on here and post my update.

These past 4 weeks were "ok" weeks. Nothing special, but nothing horrible. The good news is I "could have" kept on goal and overpaid $2,300. However I have a business trip this next weekend and it could cost me a fair amount to wine and dine some of my clients. In the end I could lose money; or make a ton like I did last year at this conference.

With that in mind, my OH and I decided to only overpay by $1,000 this month. The other $1,300 we kept in our savings account to see how the trip goes. If it goes poorly, then I'll have that extra little reserve. (an emergency fund for my emergency fund if you will) And if it goes well, then I'll just overpay next month by $3,600.

Either way, thanks to my awesome last month of a $5,000 overpay I'm still ahead of my target.

Outstanding principal after this payment: $193K

setmefree2

well done on that op :T:T

with the conference:D

Wanna_Be_Mini_Dave

Well, I just made my June payment today. Unfortunately the conference went poorly and I ended up losing about $1,000. I guess it could of been worse, I did make one sale, better luck next time I guess

This month I did ok again. Nothing horrible, nothing special. So I decided to keep right on track and overpay by $2,300. Because a little more then $700 of my normal payment goes to principal; that brings my overall outstanding balance to $190K.

setmefree2

to the conference and a big well done on this months OP :T