I redid my Quicken debt planner the other day and took out the mortgages so that I could see how long it would take us to be debt-free minus the mortgage. I thought if I broke it all down into a smaller goal that would help keep me on track since it would be a shorter time frame.
The results were:
- all bills but mortgages paid off in Feb. 2010
- $4,125.98 saved in interest
- CC#1 paid off in Feb. 2007
- CC#2 paid off in Sept. 2008
- furniture paid off in March 2009
- car paid for in Feb. 2010 (2 years and 1 month ahead of payment schedule)
Hopefully, it won't take as long since I didn't add in the extra money that I know will be coming in that I plan on using to make extra payments. And in January I'll be adding more to the payments out of my raise also.
November 24th, 2006 at 03:46 pm 1164383188
Cool - I didn't know Quicken had that function too - interesting.
November 24th, 2006 at 06:17 pm 1164392272
November 24th, 2006 at 07:17 pm 1164395856
That's a fair question. :-)
Actually, that is a personal loan from my parents and they are not in any hurry to have it paid. Since there's no interest we are concentrating on the others instead.
November 25th, 2006 at 04:42 pm 1164472978
November 25th, 2006 at 05:05 pm 1164474311