I can't believe I forgot

Wow we are 4 days into June and I have not updated on my reason for this blog. That is getting my home loan down to a big fat 0 in my 10 year time frame.

So 30 May was "M" day and payments were made and interest added. I hate interest with a passion. Then again it is a necessary evil for me as there is no other way I will have a home. At least now my interest rate is a reasonable 5.99% rather than the evil 9.1% I settled for when moving day arrived.

So last months payment of $1440 to my larger loan included $613.26 of interest. This month was a little better - $609.14. So that means each month I will pay approximately $4 extra to principal. What I am pleased to see is the $830.86 that came off the total loan balance this payment. It's great to see that over half of my money is improving my overall balance. Then there is the smaller more pleasant loan. Now this one I almost like as it is approximately 50% offset which is fantastic. This is also the loan I throw all spare money at. This months payment was $260 + $500 extra. Only $72.87 was for interest meaning I paid $687.13 off the balance. I would love to have this loan fully offset if I was to be unemployed but that might be asking too much.

Whichever way you look at it though for the month of May I managed to reduce my home loan by a whopping $1517! I am always super happy when it goes over the $1500 mark. Not bad for a single Mum on a very average income :O)