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First mortgage payment in 5 years...

April 14th, 2011 at 04:02 am

Today, I made my first mortgage payment in 5 years. And we don't even live in the new house yet. Seriously. It feels weird and overwhelming.

The payment wasn't due until May 1, but I had the cash on hand, so I thought I may as well pay a little early and see if that knocks some interest off the balance.

Our mortgage is through our primary bank, so when I logged in today, the mortgage account now shows up on my accounts summary page, right next to the checking account. I like that it's convenient, and I don't have to log in to yet another Web site to check the balance or make a payment.

Hubby thought it was funny to see the checking and mortgage side by side. a "Here's what you have, here's what you owe" approach.

I sent $400 extra on the payment. This is part of the early pay-off plan. IF we can sell our current house, all of the equity will go to pay off the loan. That, plus $400 extra a month, and we will have the new house paid off in about 5 years. That is the idea.

IF we can't sell our current house, we will rent it out, build a rental maintenance cushion with the rent money, then start applying all of it to the mortgage. Hopefully, we will not become landlords. I don't feel I'm up for the hassle, considering how full my plate is with the babies.

Tomorrow, I have to meet the cable guy at the new place to install the internet, phone, etc., I will hopefully sell a few big items via some craigslist appointments, and I have to drop the kiddies off at grandma's in prep for moving day, which is Friday.

The movers were way way way way more than we felt comfortable paying, so we enlisted our friend's 19 year old son to help us move. He can use some extra cash, and I'd rather pay him to work like a dog than pay 10 times that much on by the hour movers. His mom--our friend-- is also coming by to help.

I'm still overwhelmed by the amount of stuff we own, but I'm feeling a little better now that I have a plan to deal with all of it, and to eliminate the clutter the minute it comes out of the box. Storage and stuff management is an A-1 top priority this weekend! I predict many trips to the shelving department at the hardware store....

4 Responses to “First mortgage payment in 5 years...”

  1. momcents Says:

    Good luck with moving day! We moved six blocks, but our helpers had all aged since previous moving day. We hired a company for three hours and they moved the big stuff, well worth it! But we had five kids under six at the time. Are you going to post pictures?

  2. Ima saver Says:

    I know how you feel about the house payment. I paid off my house when I was 32. When we built this BIG house, we borrowed $50,000 to finish the house. It was my first payment in over 15 years and it was $500 a month. I thought the payment was huge!! I got it all paid off in two years. I am sure you will get your house paid off quickly. Congratulations on your beautiful new home.

  3. MonkeyMama Says:

    "I thought I may as well pay a little early and see if that knocks some interest off the balance."

    Unfortunately, no, it won't!

    May be other reasons to pay it early, but it won't save you any interest.

  4. Jerry Says:

    I like your plan to blast that mortgage to smithereens as soon as possible -- it's hard to see those kinds of bills again after a time without them, I'm sure! I hope that you are able to be selling the old place sooner than later, and that you have some insurance of minimal hassles in making the move. Good luck!

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