October 2013 Debt Update

DebtThis month I’ve made progress on my path lined out here. I’ve continued to make the minimum payments on my student loans and rental house mortgage while saving for my upcoming the wedding. Slow and steady following the course has brought me much closer to my goal.

My student loans are broken up into several smaller individual loans from anywhere between $800 to $4,000. As these start to get paid off one by one I’ll be able to throw more at the others. All and all I’m hoping to have these dead weights dropped off by this time next year.

The mortgage on my rental house leaves me with just over 12% equity on the property. After the student loans are paid off I plan to pay down the principal until I hit that 20% mark and the PMI drops off. At that point, depending on where interest rates are I may refinance, or continue to pay down the mortgage until it is paid off.

Student Loans Remaining: $23,517.50

Rental House Mortgage: $111,112.44

Grand Total: $134,629.94

Change in Debt from last month: $738.98

Total Debt Paid off this Year: $7,289.35
2013-10 SL Graph

2013-10 TD Graph

Advertisements

3 thoughts on “October 2013 Debt Update

  1. Congrats on the progress!!! Since you’ve gone through FPU I’m sure you have considered selling your rental property. But if you did sell it, and got back $10K after all fees and expenses… you could be debt free in just a few months! Then have a nice pot of $$$ for your wedding or a large down payment on a house with your new wife in no time… Just a thought 🙂 Best of luck and congrats again!

    • Thanks budget! I have considered selling my rental house. What’s holding me back is that I would just break even with what I’ve put into it with repairs. Also I’ve got a great young couple living in it, they take good care of it and plan to stay another year after their lease is up in February. Currently I’m getting a nice equity bump each month with their rental income, plus a small positive cash flow. I plan to keep it for a few more years and then reassess when my future wife and I are ready to buy again for ourselves. Great thoughts, thanks for sharing.

      • Completely understandable. I was just curious. We are holding onto our mortgage too. Its our only debt left and it would be nice to pay off. But the military sent us overseas for 3 years and we are hoping to go back and live in our house again after those 3 years. By then it should almost be paid off. Tough decisions. I guess at least we aren’t upside down on our mortgages, like a lot of people unfortunately.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s