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Extra Principle Payment on my house and Pay Down plan after I get hitched

May 26th, 2015 at 09:42 am

Balance $161,150.00
-$600.00 Principle Payment
New Balance $160,550.00

My roommate/tenant has already given me his rent for June, so I put it against the principle on my mortgage! My regular payment for June will come out on the 10th and I will make an additional principle payment at that time as well to get under $160K!


DF and I have been talking extensively about what our paydown plan will be once we get married and combine finances. We will have my mortgage (roughly $158K at that time), his mortgage (roughly $88K at that time), his HELOC (roughly $29K at that time), and misc debts of his (ring loan, debt consolidations, roughly $10K at that time). At this time, we think we will tackle the misc debt first, and I think we can have that paid off within a year. Then the HELOC and I think we can have that paid off by the end of 2017. Then his mortgage (goal of 5 yrs), then mine (goal of 10 yrs). Things will definitely change in that game plan as we decide if we are comfortable being landlords, and also if (prayers!) we are able to have children. But for now that is a rough outline. We also know we would want to move to or build a new home within the next 5yrs or so. But we hope to keep both of our current homes as rental properties if we can.

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