Land Payment: April 2012
In March we finally had our taxes completed and found out we would be receiving a small refund. In April, when we actually received the refund from both the state and federal government, we immediately applied the money to our land mortgage! While it wasn’t a lot, every little bit helps, and decreases the amount of interest we have to pay every day!
Prior Months Equity Balance: 55%April 1 payment % to Principal: 89% % to Interest: 13% One Day’s Interest: $11.40 Extra Payment: State Taxes % to Principal: 86% % to Interest: 14% One Day’s Interest: $11.31 Extra Payment: Federal Taxes % to Principal: 96% % to Interest: 04% One Day’s Interest: $11.05 April 15 payment % to Principal: 94% % to Interest: 06% One Day’s Interest: $10.91 Current Months Equity Balance: 57%
We increased our equity by 2% this month! I know it doesn’t seem like much but it’s twice as much equity as we earned last month. We also decreased our daily interest by 72 cents from March. I’m pretty excited when I see such a big drop in the daily interest, because it is daily and compounds. I can’t wait to get to the single digits for daily interest. Yes, sometimes it is the smallest things that can make us happy.