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Monday, May 10, 2010

Settings some goal for the loan

I had a bit of downtime Saturday morning and started to play with math. I wanted to see where my loan would be at by the end of December 2010, just to set myself a challenge goal.

I jotted down my regular payments and I jotted down the lump sum payments that will go regularly on starting the end of June. I did not play around with interest saved as that is unpredictable. I also did not add in any other snowflakes that came my way.

I am currently at 24 600 ish so I am down 7 x 100 incremements from when I started writing 'tale of 253' when I made my first lump sum payment on it. I will be somewhere in the 23 000 range when my first year of loan paying on it is completed. That means I will have paid just over $6000 on principal this first year.

Going as I predicted above, by December of 2010 I will be at $16 800, which brings me down a further $6200 in a half year. Just that bit of playing with a short term goal was enough to get my debt down juices flowing again. They had been stagnating a bit.

So my goal is to hit that $16 800 I mean, $17 800 (for she who did math poorly and miscounted by 10 LOL) and do even better if I can. Of course the Plan is assuming nothing happens to cause my budget to change in the next 6ish months LOL

We all know life is what happens while we are busy planning.

We shall see where this goes.

5 comments:

Jessie said...

Sounds like a great goal - realistic too!

Anonymous said...

I love playing around with figures and working out what I can do; down do $16,800 would be a great reduction. Good luck!

Girl Makes Cents said...

It's fun to play with the numbers. Sounds like a great goal! G'luck!

Unknown said...

Hey Jolie,

Help me understand your math. You noted that you had already made "7 x 100 incremements". Does that mean seven payments of $100?

If so, are you paying $100 per month?

I'm not clear how you're managing to pay off an additional $7,800 from today. If your balance is now $24,600, and your goal is to get to $16,800, that's a reduction of $7,800 over the next six months.

That sounds awesome if you can do it, I'm just not clear on the math! Help!

Jolie said...

thanks guys!

MiddleClass Mom - Regular payments are $592 of which about $440 are going towards the principal. As of end of June, an additional $360 will go down each month as a lump sum.

The x 100 is just a way I've divided it in my head for fun. My math could be a bit off. The main payments would give me $3520 off and the lump sums would give me $2520. That puts me just over $6000. hmm I'll have to recount :-)

(here's hoping for snowflakes LOL)