Debt at start of blog (July 2008): $51,497.33
Debt at end of May 2009: $21,499.43
Difference: $29,997.90
Current Breakdown:
Car loan (at 5.75%): $0.00
Grad School Loan (at 6.55%): $6,708.79
Undergrad Loan (at 2.125%): $14,790.64
We were able to completely pay off the car loan by making an extra payment of $365.98 this month! This was a huge accomplishment. It was so satisfying to get our title in the mail as well as a confirmation from the bank stating that the loan was completely paid off.
We made an additional payment of $1047.08 to the graduate loan this month. We had budgeted to contribute an extra $1200 toward debt this month, and after paying off the car loan, there was $834.02 of this left that we then applied toward the grad loan. The rest of the extra contribution was broken down as follows: $108 from a garage sale we had, $80 back from redeeming the Worldpoints on my credit card, and $25.04 that was left over from the budget this month.
No extra payments were made to the undergraduate loan.
