Tuesday, February 8, 2011

Waiting For Interest to Work In My Favour

My annual mortgage statement came in the mail last night. I'm glad, I was beginning to wonder where it had gotten off to. That was right about where the glad part ended. There is something rather unfortunate about paying almost $17,000 onto a loan and only seeing the balance improve by about $4,500. It's like having one of those payday loans, only it has a nicer name.

Hey you, yeah you Interest, I've got something to say to you: Bite Me.

I have the sudden urge to empty my wallet into my lump sum payment jar right now. In fact, I'll probably do that as soon as I'm done typing here.

The envelope wasn't entirely filled with suck though. Apparently my mortgage provider is starting a website where I can go to check my balance, review my statements, change my payment frequency or amount, or make lump sum payments. That last one makes me happy, it will make the process much easier come the end of the year.

Home sweet home. One day you'll be all mine.


target10mil said...

4500 / 17000 is pretty darn good. You have a 3.99% interest rate on your mortgage which is killer. I'm jealous and wish I had that!

For contrast I run about 2000 / 12000. But my interest rate is also much higher than yours.

Getting that yearly statement definitely puts a pit in my stomach when I see how little went to my principle.

Cassie said...

Damn, I hear ya on that! That's why I plan on adding extra payments to mine this year. I only wish I could lock that rate in for the life of the mortgage, I doubt I'll get that low again when I have to renew it in a few years.

Good luck on the 10 Mil target :)