Friday, February 21, 2014

Epic Mickey Debt Count Down- Month 30!


Say WHAT?! "You ARE actually still doing this?!" some might ask. 

Well. Yes. Yes we are. Of course, it has been ohhhh... like 9 months or so since I lasted posted about it. Since June actually. Sorry about that. It might have been the new baby, or the selling our old condo, moving twice, a new church calling, school, termites, and a million other things that kept us from getting back into the routine of Epic Mickey but excuses no more!

It has been a financial adjustment, to say the least, since selling our condo and buying a new home- a real home more than 3 times the size of our teeny tiny condo. Some might say, "But you are going against what Dave Ramsey teaches..." And you would be partially right. But that is another post to to come in the future. Keep your eyes peeled!

So without further ado... we jumped from month 21 to month 30! With not much progress on Mickey but LOTS of progress elsewhere. We DID pay 20% down in the new place which would have been more than enough to finish off Epic Mickey. It just made more sense to put it on the house and avoid PMI while simultaneously lowering our mortgage payment. PMI(Private Mortgage Insurance) would have been $240 more a month on top of the mortgage...what a a joke!

This does push our Student debt payoff back a bit but we have done our calculations and we *should* be on track to have it paid off by Feb 2015- JUST ONE MORE YEAR. We can make it!
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2 comments:

Chad Graham said...

Did you guys use the money that came from the selling your condo as down payment for your new home? Families with new babies (congratulations!) generally find living in a condo too cramped. And there are other hidden expenses in condo living, so moving to a house seems like a cheaper option, even though it does not look like that from the start.
Chad Graham @ GrahamAK.com

Julie said...

Yes, we were lucky to be able to pay the entire 20% down because we sold our condo! It was a huge blessing and it was definitely cramped! LOL! 6 of us in 1105 square feet, 1 bathroom, and no garage for storage was really getting to be a hassle.

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