Wednesday, April 16, 2014

Another One Bites the Dust!!!!

I'm proud to say that I have now paid off 4 of my private loans in the total amount of ***$26,354.72*** (!).

That's right!  I've paid off yet another loan.  How sexy is that?  ;)

I paid off a loan that fell under the Private Loan 3 umbrella, in the amount of $10,749.01.  This particular debt monster had a 3.71% interest rate and a $117.34 monthly payment.  This loan was from undergrad and it has been *OVER* 10 years since I took it out.  It was about time that debt monster went away!  I took out money from my savings to pay for this.

Here's an updated breakdown of what I owe now that this loan has been paid off:

Student LoansAmount OwedAmount Paid OffInterest RateMonthly PaymentPayoff Date
Federal Loans$124,335.206.00%$1,093.65
Private Loan 1$11,344.155.00%$0.003/7/2014
Private Loan 2$9,962.073.01%$81.18
Private Loan 3$11,599.863.21%$84.77
Total $163,389.39$26,354.72$1,362.95

I have to admit, every time I push that button in my account to confirm I want to pay off another loan, I get a rush of adrenaline.  I think I'm getting a little addicted to paying off my debt.  :)

This is definitely hard work, and I have moments where I feel completely overwhelmed by the burden of this debt, but it's so so nice to start seeing some progress.  If I hadn't paid down some of my private loans, and I was continuing to pay the monthly amounts I was previously paying (about $647/ month), my monthly payments would be up to $1,740.65 by now!!!!!!  That makes $1362.95/ month seem a lot better.  It's all relative, I guess.  :)

How is your debt payoff plan coming along?

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