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
We all know life is what happens while we are busy planning.
We shall see where this goes.
5 comments:
Sounds like a great goal - realistic too!
I love playing around with figures and working out what I can do; down do $16,800 would be a great reduction. Good luck!
It's fun to play with the numbers. Sounds like a great goal! G'luck!
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!
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)
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