Why Am I Dragging My Feet?
Photo Credit: Little Taylor
I have a victory to report!! It's a major concession by The Hubster. He's finally given me permission to take the monthly interest money from our Money Market 4.57% and use it to pay extra on our mortgage 6.75% principal! YEAH Hubster.
Now I've got to figure out why I'm the one dragging my feet. I've been 'cussin & discussin' with him about this for months now and suddenly he said yes about 2 weeks ago and I have yet to move on the deal.
Why is that?
Perhaps it's the idea of those dollars not compounding with the rest of them although I KNOW it is costing us 2.18% difference in the amount we have going out vs. what's coming in. I'm being silly and first thing tomorrow I'm getting online and making the extra principal payment.
Gotta move off of dead center here!!
Unless you guys can offer me good reasons why leaving it growing in the Money Market is a better plan. We are planning to retire in about 6 years so of course I would like to go into retirement with no house payment, but we might move before then.
What say ye, O Wise Ones???
Why Am I Dragging My Feet??
September 24th, 2006 at 03:30 pm
September 24th, 2006 at 04:01 pm 1159110075
Every cent you put on your mortgage (or other debt) is EXCELLENT and moves you ahead. I did this with my car loan a few years ago and got it paid off early - man did that ever feel great.
If you feel geeky create or find a spreadsheet to show you what that $1 added to the principal today is saving you over the next 6 years. I did that for my car loan and it was pretty inspiring.
September 24th, 2006 at 04:09 pm 1159110569
September 24th, 2006 at 04:50 pm 1159113018