UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: OilyFool Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308547  
Subject: Re: Paying off Debt Date: 11/20/1998 3:15 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Megan,

That's why I try not to look too closely at the actual number; I just send in the payment. Over in NADAville, they might say size counts, but I've always erred on the side of quality;-).

Look at it this way: once you pay off the student loan, take some of that and apply it to the mortgage. Overpay when and by how much you can; I think one of the mortgage calulators hereabouts would show that an additional $100 every month atop your regular payment will get a fixed-rate 30-year note paid off in something between 17 and 22 years. You probably already knew that though, didn't you?;-)

Think of the mortgage as rent-to-own, in individual chunks instead of one lump. Besides, with the schedule you outlined, your loans'll be paid down in about 2.5 years, which right now seems like a very long time, but, trust me, will fly right by. And who knows? Maybe you'll get a better-paying job or a raise or promotion within that time. Enjoy the place you inhabit; you're doing the Right Things, and have lots of support from us other Fools.

Keep it up!
OilyFool
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Value Hounds

Nu Skin Showing its Age?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement