The mortgage payments hit:
US: $449 to principal
UK1: $218
UK2: $46
UK3: $48
All told, that's $761 down, $2239 to go on the October debt goal.
Also, I checked what my next US mortgage payment will be when the interest decreases in November. $469 will go to principal, $20 more despite a lower overall payment! AND, it will be the first payment ever where more goes to principal than interest!
It's both a happy and sad moment. Sad because that means every month for 10 years, we've been paying more to have the debt than to get rid of the debt.
And for the past 6 years, I've known that's not right. But I had to focus my efforts (and our income) on paying off the credit cards and student loans, and building our EF and retirement funds. If we hadn't been so woefully behind on all of that, I'd have been able to put extra toward the mortgage every month so that we always paid more to principal.
Well, that will be my goal when we get a new mortgage. It will almost certainly be bigger than all of our current mortgages combined, but we'll be out of all other debt and I'm going to try with all my might to pay it down at an accelerated pace and never pay more in interest than I do in principal.
Progress on the October debt goal + exciting milestone!
October 1st, 2013 at 08:06 pm
October 2nd, 2013 at 02:17 am 1380680277
October 2nd, 2013 at 08:51 am 1380703918