Todd and I signed the paperwork a couple of weeks ago our refinanced mortgage. Just to recap, we originally bought our house in 2007 – got a 20 year, 5.99% loan. 3 years later, we refinanced for 15 years at 3.85%. We are cutting 2 years off of the mortgage, have a lower payment every month (not by much, but it still counts!) and will save over $25,000 in interest charges.
If we pay an additional $150/month, the mortgage will be a 10 year mortgage.
How awesome is that? I would be 40 – Todd would be 50 if we were to pay the additional $150/month.
We are on a debt payment budget right now, and strongly believe in Dave Ramsey’s teachings. That being said, I am thinking about straying a bit from Dave’s teachings and pay the additional $150/month while paying down our other two debts (Todd’s vehicle loan and his credit card from BEFORE we were married.) I am considering trying to start selling items on etsy.com and making this extra $150 so that it does not effect the other parts of the budget.
Do you or have you sold anything on etsy?What are your thought on this? Are we doing the right thing?