Land Payment: January 2012

Welcome to a New Year with new goals and challenges! Our Land Repayment goal for 2012 is to earn an additional 10% in equity in our land. At the end of December, 2011 we had achieved 23% equity in our land. We also talked about last month, by adding the payments we no longer will be paying to Discover Card, Kubota, and Best Buy we are hoping to achieve 1% in equity each month! While we have a few other items coming up at the end of 2012 that we will temporarily be diverting extra land payment money to, we think 10% is a doable goal.

Our STRETCH goal for equity is 15%. We are going to work hard on trying to achieve the 15% this year, but we are also planning on trying to take a vacation, which may hinder that growth in equity. Wish us luck as we start our new 2012 journey!

Prior Months Equity Balance: 23%

January 1 payment 

% to Principal:  71%

% to Interest:     29%

One Day’s Interest: $19.57

 

January 20 payment

% to Principal:  43%

% to Interest:     57%

One Day’s Interest: $19.57

 

Current Months Equity Balance:  24%

 

EDITED: So I noticed today that my January 15th payment was not automatically transferred between my account and the mortgage. Bummer! I guess I’m paying 5 extra days of interest this month- or almost $100!! I will need to check into why this happened this month? The 15th was a Sunday and Monday was a holiday, but I thought it would still be transferred. The payment that was supposed to be made on the 1st was actually withdrawn from my account on the 30th, because the 1st was on the weekend. Very odd… 

 

On a positive note: on the 1st about $100 MORE will be applied to principal!

Good luck as you start your 2012 year!