Tuesday, April 28, 2009

Please Help Me Pay My Mortgage!

Wait. . . Before you think I'm just soliciting you for money, read the post!!!

My husband and I became debt free a year or so ago. We refinanced our home to a ridiculously low interest rate. Our payments (now including property taxes and homeowners insurance)is half of what it used to be. I realize this might not be a solution for everyone, but it's worked for us.

We have managed to stay out of debt, have a small savings, etc. Now I want to begin attacking our mortgage payment.

Hubby is not so sure, he thinks having more savings might be a better idea. Now I know that as a conservative Christian wife, I must submit to my husband's will,

BUT . . .

We came up with a compromise. He agreed that as long as we have it, I can pay an additional $100/month on our principal. Also, any money that I can bring in from rebate checks, yard sales, selling items on ebay or Craig's list, survey companies, etc. . . I can put onto the principal amount.

So, hopefully soon, I'm going to do a post about how I make money online and if you haven't signed up for some of them, and if you use my referral, (which I know you all will, please, please, please!) Then I will be able to pay our mortgage (without being a mooch).

So, here's the numbers. We currently owe $53,542.10. I was able to apply $305.00 extra to principal this month so, that alone will take it down to $53,237.10 (plus the hundred and something from our actual payment).

What do you say, will you help me? What has worked for your family?


Beth said...

Congratulations on being debt-free!
A few years ago my husband and I had 1 year that we both worked full-time. We didn't want to get used to 2 incomes, so we put most of the second income toward mortgage payments. We are now scheduled to pay off our mortgage several years in advance, but part of me wishes we had saved at least some of that to build up a nice 3-6month cushion like you're supposed to have. (We're nowhere CLOSE to that.) Good luck with your decision (and negotiations)!

Julie said...

My dad helps people pay down their debt. Here is his website if you'd like to check it out.

Good luck!

Marcia Wilwerding said...

First of all, I want to thank you for the privilege of including my blog in your favorites. :) I have added you to mine, as well. It is such a blessing to see more bloggers with like minds.

If you have read anything from me, you know that I advocate having small expenses to begin with and living well within one's means. Rather than over-extending then trying to figure out how to pay down, we have kept it simple all our married life. I go over this extensively in my e-book.

However, paying off your mortgage amount looks very attainable. You are doing the right thing by paying on the principal. As you know, doing so deletes years off the end of your payments.

You are on the right track, also, with the little things you are doing on the side. Another option is to do mystery shopping in your local area. This usually requires leaving the children for a short time, but you either get paid for it or get free stuff or both. I have worked for Marketforce for many years and have been very satisfied with them. There are probably others, but they have been the one I have used exclusively.

I also love the simplicity of InboxDollars. There's a link in the right-hand column of my blog to get more information and sign up.

Keep up the good work! And I look forward to reading more from you.

Amy@GrowingLikeTrees said...

We're working on this too. And my husband is with yours, while I'm with you. I like your compromise -- perhaps I'll bring up something like that to him :)

Thanks! And I'll watch for those referral links!

Jennifer said...

I think you have hit on a good compromise. Good luck! What a small mortgage you have left, way to go!