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$2000 toward Principle

June 8th, 2011 at 09:56 am

I renewed my mortgage last year in May. I just called the bank to clarify where the extra that I am paying is being credited to because it looked like to me that it was just going to toward future payments. However, that isn't the case. Since May of last year I have paid $2000 toward the principle and reduced my payment. So my monthly payment has been reduced. On average each time I make my payment I am paying $200 toward the principle. I am not as good as some of you keeping up with how much principle and interest I pay but I am pretty proud of the fact that I have paid so much toward the principle.

The renter called me last night and told me that they ran into a medical issue and didn't have the rent. I am not capable of being mean so I told them to get it to me as soon as possible, hopefully this weekend. In the meantime, I need to make a mortgage payment. My son got quite a good bit of money for his high school graduation. So I made a deal with him. He loaned me the money to make my house payment and when the renters pay I will pay him back plus the Late fee the renters must pay. So he is making money on the deal. I just hope that this doesn't become a regular occurance. After July, I will be a month ahead on the mortgage so this won't be an issue, if I stick to the budget I have now.

EXDH is putting $150 into my account. This plus the money from my son is allowing me to still pay extra on the mortgage. I just love the fact that so much is going toward the principle each month. It makes being broke all the time worth it. But is also explains why I need a second job! I am paying extra on so many of my bills that I often run into shortfalls. Oh well...it always seems to work out in the end.

2 Responses to “$2000 toward Principle”

  1. NJDebbie Says:

    $2K towards the principal of the house is awesome! Keep up the good work.

  2. Jerry Says:

    You are making progress, nice work! I hope that the renters are reliable on getting the money to you ASAP, and that it leads to your son making out well on the deal. That is the thing with medical expenses, though... they are usually unforeseen, and even with insurance it can be a real hit to the budget. Good luck!
    Jerry

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