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Archive for August, 2020

August 2020 debt payments

August 4th, 2020 at 02:37 pm

This month's mortgage payments have gone through:

US: $778 to principal
UK1: $191
UK2: $40
UK3: $42

All told that's $1051 to principal this month.

Here are our current household debt totals (although we know they'll shortly be going up since I rolled some of the closing costs into the refi):

US Mortgage $368,029
Loan from friends (duplex) $9,000
UK Mortgage 1 $27,738
UK Mortgage 2 $5,848
UK Mortgage 3 $6,158
TOTAL DEBT $416,773

Refi schedule

August 2nd, 2020 at 04:20 pm

We are hopefully nearing the end of the refi...this has been the least stressful one I've ever experienced. The AIMloan people are very responsive and clear, and also we have so much money in savings that it hasn't freaked me out when the closing costs kept ballooning.

The cost from the lenders has stayed steady but somehow we're having to pay 12 months of homeowner insurance, 6 months of property tax, plus put 4 months' worth of each into the escrow. So rather than the $2400 I was expecting, I've initiated a wire transfer for $11,759.72!

I've saved up about $4K to cover this, and we can float the rest for a couple months while I see how much we get refunded from our current mortgage company. I'm thinking our August mortgage payment will pretty much get fully refunded plus whatever we have in our escrow there, but since I really really don't understand mortgage math, I'm not going to speculate too much.

Also, once the new mortgage starts up, it'll be $300 less per month, so that will help us make up the difference. Worse comes to worst, we have plenty of money set aside for the kitchen reno and who knows when that'll actually start up.

So anyway, the wire transfer should be completed Monday, and our signing is Wednesday. We don't actually have an appointment but the AIMloan rep says they'll assign us a notary, so I assume we'll hear from them and we'll set up a time for them to come over.

After that I don't know how long it'll take for everything else to finish up, but AIM has been good about communicating each step, so I'm fairly confident they'll guide me through the last few bits. Fingers crossed!