<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > land payment

land payment

November 8th, 2006 at 04:09 pm

I make a land payment every 28 days. I have always tried to pay as much extra as I can on the principal. I started out owing $64,000 and in less than 2 years, my balance is under $24,000.
A few months ago, I quit paying extra cause I want to make sure that I have enough money to finish the spec house and not let my account fall below $50,000. (min. needed to get 5.25%)
My original payment was $660 a month, but in Jan., the bank reduced the payment to $440 a month because I was so paid in advance.
I have continued paying $660 a month. That is no problem if I pay at the loan dept. at the bank, but when I use the bank at the grocery store, they get the payment all screwed up.
I should have gone to the bank yesterday, but it was cold, windy and rainy, so I made my payment at the grocery store.
I decided not to confuse them, just pay the $420 normal payment.
So I have $240 to add to my challenge money. That is what I am saving the challenge money for, to pay off this property. I also walked a mile for another $1.
Prev. total $18,065.00
today 241.00
new total $18,306.00

Posted in $20 Challenge | 6 Comments »

6 Responses to “land payment”

  1. tinapbeana Says:
    November 8th, 2006 at 04:17 pm 1163002634
    1163002634

    way to go!!! i'm amazed you've gotten so much paid off so quickly: it gives me hope. BTW, is hubby feeling any better?

  2. LuxLiving Says:
    November 8th, 2006 at 04:18 pm 1163002705
    1163002705

    Ima you're constantly an inspiration to us all!!

    Are you saving the money separately and will pay the land off later OR as you're paying yourself on the challenge the money is being funneled into the early payments now???

  3. happyzookeeper Says:
    November 8th, 2006 at 04:48 pm 1163004534
    1163004534

    Wow! You are really ood at this!

  4. Ima saver Says:
    November 8th, 2006 at 07:56 pm 1163015803
    1163015803

    Yes, hubby is better. No I am saving the money in my savings account until I get the exact amount I need to pay it off. I have tried to come up with at least $1000 extra each month to pay it off early, but that is besides the challenge money.

  5. LuxLiving Says:
    November 8th, 2006 at 08:29 pm 1163017767
    1163017767

    May I ask what the difference is in the interest rates? Is there a reason for not paying the note off faster and holding the cash position?

  6. Ima saver Says:
    November 8th, 2006 at 08:50 pm 1163019014
    1163019014

    There is less than 2% difference. We are building a spec house that is costing way more than I thought it would. (close to $400,000), so i am keeping as much cash on hand as possible until we finish paying all the bills for the house. When we close on the house, I will hopefully pay it right off.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]