Home > Monster Loan Down to 4 Digits

Monster Loan Down to 4 Digits

December 28th, 2019 at 02:07 am

$10,500.00 Balance Forward
-_1,500.00 Payment Made
$_9,000.00 New Balance

If I pay $1500 a month going forward, this will be paid off in June. If only $1000 it will be paid off in September. If I can manage $2000 it would be paid off in May. And the real stretch would be if we could pay $2500 a month it would be paid off in April.

Now all of these are technically possible, since I had budgeted $1000 a month to the medical fund that we will no longer need to be contributing to (at least through June) due to MIL's gift. But $2500 would be with no money going to eating out or fun. $2000 would be more doable unless I decide to beef up the EF a little bit. The other option is to raise our 401K contribution to 7% and see how that shakes out. I might also open a spousal Roth IRA. In addition, I might bump the food budget up $200 a month so we can have more organic meat choices again. We will see.

As I plot the budget for 2020 these are all things I am thinking about. Also my payoff months might also be affected by by how much of a tax refund we get. Regardless of my choice here, after it does get paid off the 401K will definitely be bumped up to 7% and possibly 10%.

5 Responses to “Monster Loan Down to 4 Digits ”

  1. mumof2 Says:

    woohoo that is awesome

  2. terri77 Says:

    Yay!!! That is so exciting!

  3. creditcardfree Says:

    The best news is that in 2020 you will have this debt paid!! What an exciting prospect!

  4. Sue Says:

    Good for you Robin!

  5. rob62521 Says:

    That's terrific! The end is in sight!

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