Thursday, January 29, 2009

Death by interest

No doubt an awful title due to some people's financial situation causing them to think death is preferable but seeing how much of my payment goes right to interest hurts. I'd never be making any headway if I was only making the minimum, and I don't feel like I'm making much headway now!

The 11/20, 12/16 and 1/27 payments are all extra payments. I'm still trying to figure out whether immediately after or immediately before the full payment posts is the best timing of an extra payment to have it hit principal the most (I don't have the option to apply it right to principal).

Total due: $60,149.28 as a pay-off amount. It's better than the 60,351 that was my pay-off amount at the end of December, but still. And no, I don't think I'm actually going to pay it off, but I use that in tracking Net Worth. 

And yet I'm considering going back to school in 2010!

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