I sent the check to Toyota and am looking forward to seeing what the new balance is once the check clears. DH and I were talking last night about what to do with the car payment once we no longer have a car payment. He asked if I was thinking about sending it to the mortgage. I said that I hadn't been, but now I'm giving it some thought. We have a little over 16 years left on the mortgage. Sending an extra $200 a month would take about 30 months of payments off the mortgage. So instead of having it paid off in the neighborhood of April, 2023, we're looking instead at October, 2020. Sending an extra $300 each month would shave off 41 months of payments, with a payoff around November, 2019. Looking at the numbers like this is inspiring. Even at $300 extra a month, we still have money leftover from the payments we're currently making for the car. Of course, none of this is going to happen until the car is paid off, and that is still about 18 months out. Still, it's fun to look at the numbers and picture a time when we own this house free and clear.
Paying down the car loan, looking ahead to the mortgage
February 7th, 2007 at 09:40 pm
February 7th, 2007 at 10:42 pm 1170888123
February 8th, 2007 at 04:00 pm 1170950451
Uh, this is just my 2 cents and I know you didn't ask but I'd splurge a little on yourselves for getting turned around and then start stashing it back or you'll end up right back in the debt game when current cars go blooey!
February 8th, 2007 at 05:29 pm 1170955748
So I'm not really worried about getting caught without money for another car down the road. If I thought that would happen, I'd be saving more and just paying the regular mortgage payments. (This is all hypothetical anyway, as all I'm doing now is paying the regular mortgage payments!)
"Getting turned around" - what do you mean there? Have I given the impression that we're wildly in debt and trying to get out? We could pay off the car today and much of the house if we cashed out other savings. We're doing fine. Don't know why I'm feeling defensive, and maybe I'm misreading your tone and words.
February 8th, 2007 at 06:19 pm 1170958745
Meant more in the general sense of a conversation w/everyone here who might forget that the cars that
they get paid for now will eventually need replacing.
Sorry.
February 8th, 2007 at 07:32 pm 1170963122