3/06/2014

Mortgage Payments

Posted by with 3 comments | in ,
It'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 accelerated bi-weekly, I don't like seeing that the amortization has gone up.  Here's some scenarios for what we could do.

Our current payment is now $770.22/bi-weekly and we could increase it as high as $885.75.


We could drop from 24 years amortization to 15 years, 6 months....from being 53 to 44 years old w/out a mortgage.... wowza!

...but what would we have to sacrifice now in order to do that?..For each of these scenarios we would need to come up with $29.78, $54.78, $79.78, or $115.53 bi-weekly.

 Do you see where it could come from?  Here's a snapshot of our current monthly budget and our debts:

 

I should  mention...just in case there's anyone new reading along - that this monthly budget is based on Jordan's salary with no commission.  I can't budget fixed amounts for that - but it's how we intended on reach the rest of our planned saving/spending goals.  We also intended to continue to pay of the LOC, and Escape using commissions.

oh!

One last thing.. in case your interested....the interest rates.

  • Kia Rio - 0%
  • Mortgage - 3.39%
  • Line of Credit - 5.49% (unsecured, and tied to prime)
  • Escape - 6.90%

Related Posts:

  • HobbiesI asked Jordan for a post idea the other day and he said I should write about Hobbies, I kind of laughed it off because I couldn't really see the personal finance angle. I've been thinking about it the last week or two, and r… Read More
  • More News!So not only are Jordan and I expecting a baby, we're also moving! We've had an offer accepted on a little 1960's bungalow in my home town and are just working through financing, a renovations budget, insurance, etc. before… Read More
  • 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
  • Centerpieces & Isle FlowersThis past long weekend I went to my parents place in BC to spend some time with my mom putting together the centerpieces and ceremony isle planter pots.  Other than getting a nasty sunburn, it went really well and was lo… 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

3 comments:

  1. Mom6 March 2014 at 07:11

    I know it's tempting, but you would get most flexibility out of paying off the Escape or the LOC. I would pick one to focus on and git 'er done.

    ReplyDelete
  2. Lea6 March 2014 at 15:31

    The Escape makes the most sense - higher interest rate and more immediate gratification. Get rid of all other debt before tackling the mortgage is my mindset.

    ReplyDelete
  3. Jessie's Money6 March 2014 at 19:41

    I think you guys are right....watch for the next couple of posts...I think we just might have a plan.

    ReplyDelete

Hi! Thank you for stopping by and leaving a message.

Subscribe to: Post Comments (Atom)

Links ♥

Followers