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November debt payments, new higher mortgage payment, but hit another goal!

November 2nd, 2017 at 07:46 am

All our mortgage payments hit:
US: $707 to principal
UK1: $183
UK2: $39
UK3: $40

All told that's $969 to principal.

Our escrow reassessment happened in late October, and our new monthly U.S. mortgage payment is $3138.77. That's $67 higher than it already was. Part of it is an increase in our property insurance rate for the year, and part is that we apparently have another escrow shortage (maybe due to said increase) so are paying $144 per month to make that up.

I got myself into this mortgage payment, but I naively didn't think we'd be paying $390 per month for property insurance (yes I've shopped around), $257 mortgage insurance for the life of the loan, and $144 per month escrow shortage. We're paying about $500-$600 more than I had hoped when we got the house, and it does hurt the old budget. Not a ton I can do about it right now. If our neighbors wanted to finalize the agreement to buy their portion of the house, I could ask them to pay 2/5ths of the mortgage, which would be about $1250 vs. the $1100 they pay now. ($1250 is also closer to what the rent would be on their space if we were regular landlords.) But they're both in job transition situations right now and I don't want to bring it up until they're in a more stable place.

Anyway, our current debt is now:
US Mortgage $392,556
Loan from friends $9,000
UK Mortgage 1 $33,751
UK Mortgage 2 $7,115
UK Mortgage 3 $7,493
---
TOTAL DEBT $449,915

So the good news is, our total debt is under $450K, which was one of my 2017 goals!

3 Responses to “November debt payments, new higher mortgage payment, but hit another goal!”

  1. Carol Says:

    It would be great if you could get that PMI out of there. I know it can be done, but I don't remember the exact steps. Do you have to have 20% if purchase price paid off or ???

  2. ceejay74 Says:

    Unfortunately it's a government loan, so the 20% equity trick doesn't work. When I took out the loan I thought it would drop off after 11 years if I was unable to refinance to a private loan, but maybe because of the streamline refi, we're now under the new rules for government loans which are that the mortgage insurance stays for the life of the loan.

    We looked into refinancing but aren't sure we have enough equity to get one without insurance. Plus interest rates are about comparable to our interest rate + mortgage insurance.

    I hope there's another opportunity to refinance if mortgage rates fall, but I doubt it. But maybe.

  3. Carol Says:

    Oh rats! Well, I know you'll try for it if the chance arises.

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