This month we put a pin in paying any extra on our debts, as we prepare our finances to pay our tax bill next month. We were pleasantly pleased that we owe less in taxes than we thought this year, BUT it is still a decent sized tax bill.
Truck Loan = $16,483
This is on a 2016 Nissan Titan XD that I use for my business (hauling horses to shows). Our interest rate on this loan is 1.99% so we have not been terribly worried about killing this loan. However, at this point, the monthly payment is one of our largest expenses (1. Mortgage, 2. Daycare, 3. Truck) and we are trying to clean this up ASAP.
The goal: Payed off by Labor Day 2019
Mortgage = $124,522
We refinanced our house to a 10 year at 3.25% in November of 2017, so if we do nothing extra, this will be paid in full in October of 2027. We have about $80k in equity at this point.
The goal: Payed off by December 2021
Our son ends daycare in July, so that combined with our truck payment, rolled into paying on the mortgage will help us make some big headway fast on the house. To hit our goal on the house, we need to start putting $3,000 extra against the house every month starting in September, which is obviously a big challenge.