This weekend is kind of a big deal….we’re moving into our house!!! By the time you read this, we’ll (hopefully) be packing everything into boxes. And instead of that cute outfit, I’ll be wearing scrubby shorts, T-shirts, and tennis shoes. Hopefully we’ll take a break and sneak away for a Memorial Day BBQ. I’ll pull out the cute clothes for that….if I can find them :)
While owning a house is huge and really exciting, I’m a little sad about leaving our neighborhood in the city. The lake is only a few blocks away and everything is within walking distance. Or an easy ride via public transportation. Plus, it will be a little harder to get together with friends. I guess it’s all a part of growing up.
And nothing makes you feel more like an adult than a 30-year mortgage. Well, maybe having a family, but we can’t speak for that one yet. Yes, we have the pleasure of making our first payment on June 1. In preparation for that momentous event, I checked out our loan amortization table and made a few additional calculations.
Our monthly payment is pretty reasonable, so I calculated how much we could save in the long run by paying $100 more towards principal each month. Through the magic of compound interest, we could potentially save $35,000 in interest and pay off our mortgage a little over 4 years early! Sweet! John and I decided to pass on cable for now and use that money towards larger loan payments. And if we ever need that extra $100/month, we can make the standard mortgage payment.
And since it is Memorial Day weekend, I’d like to say a big “thank you” to all who have served in the armed forces, especially those who have fallen in service to our country.
PS – More Friday’s Fancies can be found here!