Wednesday, September 23, 2009

The One with an Extra $98.50 found!

I just updated all my account balances. I have a running total that I keep of all asset accounts and debt accounts. This helps to motivate me to see how quickly items could be paid down. Currently we are working on paying down the HELOC, but also need to pay $1,500 towards the Orthodontist over the course of the next year. We have student loan with an interest rate of 1.625% and then the car loan at 4.9%. The house is at 6% and currently I am toying with the idea of refinancing into a 20 year mortgage. The monthly payment would go up about $150/month, but the house would be paid off 7 years earlier (we are 3 years into the 30 year fixed mortgage). Down side is we'd have to pay the fees associated with it, which works out to be about $10K.

Anyway, I logged into my student loan account, and to my surprise, the balance was $98.50 lower. And we aren't schedule to make the payment until the 28th.
The extra principal payment is made only once per quarter, and it is from the Upromise Rewards Card. So the payment applied 09/18/09 was for rewards collected through June 30th. It's like earning an extra $100!

The bummer part is that I still have to make the regular payment, so it doesn't solve the dilemma of all the birthdays I have to pay for in October, but still, it's pretty cool!

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