Between our tax refund that included the first-time home buyers credit and an adjustment to our tax assessment, we've been able to put more than $7,000 toward the mortgage principal this month alone. It's fun to see how principal payments have a direct affect on the length of the mortgage and the amount of interest we'll be paying!
With the adjustment to our tax assessment, the amount due for our monthly mortgage payment dropped by more than $130. We'd already been paying extra toward the principal each month to our mortgage, so this is adding to that amount. If all variable factors--amount extra we are paying each month, the tax assessement, etc--were to remain the same from here on out (highly unlikely!), we could have the mortgage paid off in less than 10 years.
Considering that I will be leaving the full-time work force in approximately three months and that the economy will affect property tax rates and property values, I'd consider this a very optimistic scenario. No mortgage burning parties planned yet.
Friday, May 15, 2009
Mortgage
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4 comments:
Will you be leaving work for good, or just temporarily?
I definitely won't be back full-time after the baby is born. I haven't made any decisions about possibly coming back part-time.
Part of me is very happy for you, part of me regrets you leaving the profession. I know parenting is the most important job in the world, but I have so much respect for you as a librarian and we need good people like you! I hope you'll be back someday. I don't know you that well, but I do know you'll be an excellent mother.
I gotta say, C, that PHC is losing one of its stalwarts. But everyone there, just like G and me here in 'Bama, are so immensely excited and thrilled for you!! You and J will be fantabulous parents (that's obvious), and you will be an awesome mom. Love and hugs to you both from the deep south!
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