kannibul
New member
I remember I took a bit of hell over refinancing the car, and using that to pay off some debt....
Well, I ended up doing it anyway.
Car refinanced for 11995 @ 6.1%/4yrs. Payment 233, was 241. Never knew the APR before, but it was higher, and it was as a balloon payment-type due in June, if I remember correctly, with the unwritten option of continueing the same payment until it'd be paid off - which would be around 3.25 years later. In June, would have had to pay around 8.6K, or refinance, or trust the option to continue making payments was true.
Now my bike is paid off (2yr, 2mo early, 10.25%APR)
Now her medical bill is paid off (Over 600) - 0% APR, payment arrangements were made over 2 years ago, and payments made...
Made a X-Mas trip to Michigan, first time since I moved to Oklahoma (10 years ago). Did it as a surprise present to my Mom and Grandma, as well as a few other family members. Hadn't been to Michigan in 2.5 years as well...
Tax returns just came in, just paid 95% of my credit card off.
My "Fun" money @ $300/mo (keeps me away from credit cards, also acts as a savings account) - plus those debt-payments, plus what we figure what we can cut out our budget, will have my card paid off next month, and have her card (over 10K balanace) paid off by March 2010.
Not bad....then it's a matter of paying off the car, which I have an amortization spreadsheet that really helps with forecasting that (just I've not updated it just yet for us)
I've attached the template I found, excel format. Makes it easy to see what an extra payment here or there will do to your payoff schedule!
Well, I ended up doing it anyway.
Car refinanced for 11995 @ 6.1%/4yrs. Payment 233, was 241. Never knew the APR before, but it was higher, and it was as a balloon payment-type due in June, if I remember correctly, with the unwritten option of continueing the same payment until it'd be paid off - which would be around 3.25 years later. In June, would have had to pay around 8.6K, or refinance, or trust the option to continue making payments was true.
Now my bike is paid off (2yr, 2mo early, 10.25%APR)
Now her medical bill is paid off (Over 600) - 0% APR, payment arrangements were made over 2 years ago, and payments made...
Made a X-Mas trip to Michigan, first time since I moved to Oklahoma (10 years ago). Did it as a surprise present to my Mom and Grandma, as well as a few other family members. Hadn't been to Michigan in 2.5 years as well...
Tax returns just came in, just paid 95% of my credit card off.
My "Fun" money @ $300/mo (keeps me away from credit cards, also acts as a savings account) - plus those debt-payments, plus what we figure what we can cut out our budget, will have my card paid off next month, and have her card (over 10K balanace) paid off by March 2010.
Not bad....then it's a matter of paying off the car, which I have an amortization spreadsheet that really helps with forecasting that (just I've not updated it just yet for us)
I've attached the template I found, excel format. Makes it easy to see what an extra payment here or there will do to your payoff schedule!