Last week I posted a question that Jordan had about some vacation that his company wanted him to either take or have paid out. After some really excellent feedback (thank you everyone), he decided to request the pay out and put it towards his truck loan.
His company works quick! They paid him out yesterday, along with his regular pay. He requested an even $500. After deductions that worked out to be $341.60. With his brother staying with us, he's decided to keep the $41.60 as he'll probably need an extra tank of gas and pay $300 towards the truck loan.
I've just completed the online request to make an additional loan payment - the online system said that it can take up to two days to process. Given that it's Friday morning, I won't call the bank until Wednesday morning (if it's not processed by then).
So lets have a look at the numbers:
Current Balance: $2,373.49
Less Vacation: 300.00
New Balance $2,073.49
With an interest rate of 9.25%, of each $150 payment (bi-weekly) $141.10 goes towards the principal of the loan. That means that there are now 13.82 bi-weekly payments left. Rounded to 14, the truck will be paid off by July 29, 2010!! Wow! Jordan will be complete debt free by this summer!
The Truck Loan
Related Posts:
This ChristmasThis Christmas was hard.
It was the first without my dad. It was also the first without my brother (he's moved to Winnipeg). It was Jordan's first without his mom and his brother (they were on a trip to… Read More
Mortgage PaymentsIt's so so sooo tempting to increase our mortgage payments - but with the loan sitting at 3.39% and our Escape at 6.90% - it's hard to justify that over the Escape. But now that we've changed our payment scheduled to ac… Read More
$7,900 in TeethJordan was born with two congenitally missing teeth - every since he was small; his benefits have only provided for a flipper/mouth piece that give the appearance of teeth. That appliance after 20+ years is now starting… Read More
The Credit Card is Paid Off!
It feels amazing to have this debt wiped out for the second time...and I hope, the last time. I'm not sure how many of you caught my guest post on Krystal's blog a while back, but it described how we wound up here … Read More
2014 - Debt Pay Off Plan!Well - it's time.
All of the holiday bills are in, and I've reconciled my spreadsheets with who we owe what to.
We had done a lot of holiday shopping for other people, a lot of shopping for ourselves and each other - as w… Read More
Is there an easy online tool to figure out how much of each payment goes towards the principal of a loan? Thanks!!
ReplyDelete@ Jenn - I bet there is, but I'm not aware of it. My online statement shows me how much of the last payment went to principal and how much to interest. After each payment the principal amount will increase and the interest payment portion will decrease. I did my assumption based on the current numbers.
ReplyDeleteThat's only 6 and a half months away! You guys can do it! p'-'q
ReplyDeleteWow! 6.5 months to debt freedom! That's awesome! Go Jordan (and you) Go!
ReplyDeleteYeah Jordan!! That's so great! =D
ReplyDelete@ Jenn - You can use the amortization calculator at bankrate.com. It's designed for mortgages, but it will work. :) Let me know if you have questions!
ReplyDeleteWoohoo! Go Jordan, go! ;)
ReplyDeleteCongrats!!
ReplyDeleteI love that feeling of finally seeing the light at the end of the tunnel!
Way to go Jordan! It will feel awesome when you don't have that payment anymore.
ReplyDeleteyay!
ReplyDeleteThanks :)
ReplyDeleteIt will be good :)
First visit to your blog. Very nice!
ReplyDeleteCongratulations on paying down the truck. I just paid off my car 6 months early a couple of weeks ago. It's a great feeling!
good job on working down the truck loan, i paid off my car loan this summer and it feels SO good to finally be free after three years. you're almost there! :)
ReplyDeleteThat is a great decision!! Congrats, will be done so soon. Yay! :)
ReplyDelete