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Waiting for the check to clear...

July 1st, 2011 at 01:59 pm

So, I deposited the check for our house sale yesterday at about 4:30. Of course, on the receipt, it said it would post today, but no. I do understand, though, as there will probably be a bigger lag because it's a bigger check. I just hope it doesn't take too long. I'm anxious to pay down the mortgage, and it's a holiday weekend, so waiting is going to drive me up the wall!

Anyway. The check was for about $128,700.

My plan thus far is to send $2,500 to savings, to replace the money I spent fixing the place up so we could sell it.

$118,000 to the current mortgage balance, to get us under $100,000 and on track for our 5-year mortgage pay-off plan.

The rest will be budgeted for a handful of projects on the new house. Since most of the work here is done, these are really the only big-money projects we have to do. Everything else is little stuff.

So, $1665 to have a gigantic dying tree with multiple split trunks removed. It's 50 plus years old and ready to fall on the house any second. Requires a crane, hence the price tag.

about $2,000 each (hopefully less, but the estimates are not in yet) for insulation in the attic and new gutters.

We may also have a handful of small plumbing and electrical projects done, depending on how much is left. Or, I might just send even more to paying down the mortgage.

Now if only the check would clear so I could get to work....

6 Responses to “Waiting for the check to clear...”

  1. NJDebbie Says:

    Paying down the mortgage is like music to my ears! Congrats again!

  2. ThriftoRama Says:

    Well, it still sucks to go from mortgage free, to mortgage for the next five years, but hey, at least there is an end in sight, right?

  3. NJDebbie Says:

    A five year plan sounds like a plan to me. I'm on a 7 year plan. I'm not sure if I'll make it because what we owe on the house is astronomical, but at least I'll try like hell to get close to $0 balance.

  4. ThriftoRama Says:

    There is a really handy mortgage payoff calculator with an amortization schedule on Bankrate.com. It really helped me figure out what was and wasn't a realistic plan, and helped me tweak my numbers to help me figure out what made the most difference in paying off. After you enter your balance, mortgage rate, etc., you can calculate the payoff date with adding X amount extra to each monthly payment, making one-time extra payments, etc. It is super helpful. If all goes according to plan, we'll be paid in full by 12/16!

  5. LuckyRobin Says:

    We deposited a big check earlier this year ($46,000) and it took a week to clear. I wasn't too happy about that, but was told it was pretty standard on anything so large. Hope yours comes through faster.

  6. Ima saver Says:

    Congratulations on the sale! We deposited a big check for a house sale ($390,000) and they told me it would take 7 business days to clear, so don't worry.

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