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Debt Reduction Revision

January 25th, 2008 at 04:15 am


Okay, so this morning I hear for sure that the max that a household is going to get from the stimulus pacakge is $1200. So I had to revise my Quicken Debt Reduction Planner.

With only $1200 put down on the mortgage it extends the payoff date to January 2009. At the end of the year there will only be a balance of $550 left on it though. I'm betting that I can find an extra $550 somewhere this year so that it can be paid off. That will be my challenge to myself.

DH also wants to buy a coal stove for the main part of the house to replace the wood pellet stove. We have found that the coal stove in the kitchen puts off much more heat and is more reliable than the pellet stove. So the money I save each week out of his paycheck will probably end up going for that.

We will probably also need to put a new roof on the main section of the house this year. The garage roof also needs replaced. Ack! So many expensive projects. It's going to make it a real challenge to pay off that mortgage, but I keep telling myself that it will be well worth it.

2 Responses to “Debt Reduction Revision”

  1. lost in debt Says:

    What are your current mortgage rates, can you consolidate the two and shorten the term with a lower rate and payoff sooner?

    Generally a second mortgage has a much higher rate than a first mortgage. My thought is that by mid February we will be looking at some rates in mid to low 5%.

  2. Ima saver Says:

    Good luck!

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