Tuesday, December 7, 2010

That "Small" Mortgage

Here are some more details about that "small" mortgage I want to get rid of:

We owe $22,993.70 on it at 8.65% interest.  It was originally a $25,000 loan and I paid $1,315.33 in additional principal since September of this year. So prior to September we had only paid a grand total of $690.97 off the principal in almost 3 years.  That's sad when our monthly payment on this loan is about $200 per month. It ridiculous to pay only twenty-something odd dollars of principal each month and then throw away the rest to pay interest.  It's a 30 year loan, but my goal is to have it paid off in 2 years. My short term goal is to get to our break even point (I explained more about that in this post) by the end of the 2011.

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