Monday, December 27, 2010

Mortgage rebate time!

I have a quick update on our mortgage total because our credit card is through the same finanical institution as our mortgage and we get 1% back from our credit card purchases that gets applied to our mortgage principal in late December. It's taken out of the 1st mortgage, but at least it brings the grand total one step closer to the break even point. Our rebate was $323.09 - that means we spent $32,309 on that credit card - wow! That means we spent an average of $2,692.42 a month.  We had some rather big purchases this year including LASIK surgery, carpet, and of course the iPad.  We really need to keep monthly bill $1,600 or under.  I'm sure we can get by with $1,000 if we tried.

Anyway, here is the updated mortgage principal balance:

1st Mortgage: $185,469.35
2nd Mortgage: $22,993.70
Total: $208,463.05

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