UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: TicoHombre Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308686  
Subject: TicoHombre Update Date: 11/22/2010 8:34 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 11
Howdy, Gang!

Previous August update:

http://boards.fool.com/paying-off-mortgages-update-28714147....

You recall that I am trying to pay off the mortgage on my personal residence and then subsequently pay off the rental houses in true snowball fashion by 12/31/2015; admittedly a super lofty goal.

Mortgages:

254,650 - Previous Bal (8/2010)
262,881 - Current bal
--------
-8,231 - Negative Difference since August due to 2 refi's

I sure hated to see that balance go up, but the two refi's are now getting more aplied toward principal than toward interest monthly. That's pretty cool! Although I intend to pay them off before 15 years elapse, the 15 yr amort is a good backup plan. I have one more I might do that with, I'm just having a hard time pulling the trigger.

Savings

Savings mini-goal established in August was to save 12k by 12/31/10.

The updated goal was to scraped 3k per month instead of the original 2k. The reality is that thus far I'm averaging 2,250 p/mo for Sept-Nov.
I will reach the original mini-goal of 12k by 12/31/2010.

Having had a few months to try the super-agressive 3k/month savings plan, I'm now less sure that I'll be able to fully reach the updated amount, maybe 2,500 would be more realistic. A few factors are higher health-care costs (which I touch on below) and personal spending being a bit higher than anticpated. For example, I spent $1,500 on a generator and some tools.

This savings is to ultimately be applied toward the payoff of our personal residence. I still don't know if I want to throw 10k at the loan in January, or just keep accumulating until I can pay the balance off in full (currently $59,005). In the end I feel like emotion may rule the day by giving me the high of bringing the balance down by 10k to approx 49k.

e-Fund state of affairs

The combined rental/personal e-fund is doing well. If I lost all 6 renters today, I could pay the mortgages on those vacant houses for the next 16 months. That's an Armageddon scenario and frankly, if that happens then it becomes a pretty moot point anyway. It is because this fund is doing so well that I might consider pre-paying my mortgage off in 10k chunks.

On a more personal note

We finally got health insurance for my wife. That has worked out well so far. It's a good fairly low deductible policy with Blue Cross/Blue Shield of Oklahoma.

We are still on track saving for our blow-out 30th Italian wedding anniversary (with a couple of dear friends that married a month after us) at the end of 2011.

So far, everything is running pretty smoothly. Obviously, like anything, that can change suddenly.

As always, take care. Lurking when not posting.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | 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.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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