Let’s just hope it doesn’t go out like a lamb! 🙂
$103,853 Remaining
For all the new readers, I try to post a monthly debt snapshot to keep us motivated and on track… that is after all the purpose of the blog. Hopefully it can help inspire you as well. We have been using the debt snowball method, as well as the debt snowflake method to double-punch our debt out. So far so good!
Well, it’s been a couple months since I updated the ‘ol chart with all the updated balances to reflect all the effort, extra payments and such… so here it is.
January paid off the truck as I posted about. At that point I had a furniture malfunction… LOL… My old recliner which I had repaired a dozen times already kept flipping me over backwards and I had enough. Instead of attacking the mortgage right away, we dropped about a grand (cash of course) on a new living room couch, really nice.. we love it. This was great for our spirits, kind of a reward for making it this far.
Now that the income taxes are done and we got our refund, we are back on track. We took our refund, plus scraped up a couple hundred extra bucks from online surveys and such and managed to put a $1500 dollar payment towards the principal. Hopefully in a couple months of snowflaking this loan we can get below 78% value and get rid of that darn PMI.
So, without further rambling… (you can click on the pic to see it in full size – easier to read!)
Looks like we are at 51% paid off now.. WOOHOO, another 1700 bucks and we will be HALF WAY!
Your mortgage company may require an appraisal before they will let you drop the PMI. Call and check.
Our appraisal to drop our PMI cost around $250.
Great job! Your diligence is really paying off quickly. How long have you been working your plan …. snowballing?
Thanks! We have been snowballing and snowflaking for about a year now.
Your success level depends directly on the amount of sacrifices you are willing to make.
Good luck to you!