#1GoodMoneyThing Monday, update 2
September 7, 2015
Monday: Catching up on FSA redemptions.
Tuesday: Didn’t pay for daycare and cooked up a pantry dinner of sausage & pasta!
Wednesday: Getting the August Net Worth figured!
Thursday: Worked on figuring out how much mortgage prepayments I would have to make in order to approximate the same savings as refinancing. Got very confused by the mortgage calculator. Riddle me this, how does this make sense? Using this mortgage calculator, I kicked around some numbers.
Total interest paid over the life of the loan (no pre-payment): $322,459.53
Annual prepayments of $10,000.00 for 5 years
Total interest paid over the life of the loan (with pre-payment): $245,588.91
Your Savings: 5 years and 7 months shorter loan
Total interest saved: $76,870.62
Annual prepayments of $12,000.00 for 5 years
Total interest paid over the life of the loan (with pre-payment): $233,895.42
Your Savings: 6 years and 6 months shorter loan
Total interest saved: $88,564.11
Annual prepayments of $15,000.00 for 5 years
Total interest paid over the life of the loan (with pre-payment): $218,142.25
Your Savings: 7 years and 11 months shorter loan
Total interest saved: $104,317.28
Annual prepayments of $10,000.00 for 10 years
Total interest paid over the life of the loan (with pre-payment): $215,785.50
Your Savings: 9 years and 1 months shorter loan
Total interest saved: $106,674.04
Enough about me, let’s admire your progress!
@clareyfrey: Now that we earn more than we did when he opened it, @FreyDrew converted his traditional IRA to a Roth. #1goodmoneything
@PhoenixStorm24: #1goodmoneything I’m trying to predict how much it would cost us a month to get a newer car with insurance, when we’re ready for it.
@imawindycitygal: I spent the weekend doing free fun things like kayaking on the river and cooking/eating dinner in. #1goodmoneything
@femmefrugality: Balanced the budget. The numbers are looking good even with Q3 this month! #1goodmoneything
@femmefrugality: Got the bills paid for this half of the month. #1goodmoneything
@FunnyAboutMoney: #1GoodMoneyThing Canceled NY Times; got NY Review of Bks & Economist for less than half Times’s cost.
@imawindycitygal: Stopped at Whole Foods tonight to buy one thing, and came out spending less than $100. :-/ #1goodmoneything?
@NotSoSerene: Did the math, and with my new job starting in October, if I really dig deep I could pay my loans off in 1 year, 10 months #1goodmoneything
@TheAsianPear: Ate my packed lunch & went for walk instead of buying take-out (although I still want a lobster roll) #1goodmoneything