January 7, 2008

2nd Mortgage Payment Plan Underway

I am happy to announce that we have begun our 2nd mortgage payment plan. We used $191 from my wife's commission check this month to make an extra payment to the principle. I know, it might not seem like much, but we have only paid down $637.49 in 2nd mortgage principle since we refinanced a year ago. Taken in that context, this extra $191 payment is the equivalent of 4 months of regular monthly payments.

And it doesn't stop there. We plan to make another $1700 payment to principle this month using my extra paycheck. This will get our 2nd mortgage payment plan off to an awesome start for 2008.

3 comments:

CresceNet said...
This comment has been removed by a blog administrator.
louise said...

I like your 2nd mortgage plan, the amounts will add up and make a dent in the mortgage pretty quickly. good luck with the plan!

1MansMoney said...

Thanks Louise. We're excited about this plan to eliminate our 2nd mortgage. It should help give us more options down the road.