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March 2017 Mortgage and EF

March 3rd, 2017 at 11:26 am

Mortgage:

$ 143,635.00 February 2017
- $358.96 Regular Principal
- $150.00 Additional Principal
____________
$143,126.04 March 2017

This was last payment that included PMI on our FHA loan! The April payment is already adjusted by the mortgage servicer!

EF:

$ 5,000 February 2017
+ 1,000 Added
_______
$ 6,000 March 2017

Mortgage, FE, 2016 Taxes

February 2nd, 2017 at 09:12 am

Mortgage:

$ 144,141.96 January 2017
- $356.96 Regular Principal
- $150.00 Additional Principal
____________
$143,635.00 February 2017

Finally 78% LTV! Monthly Mortgage Insurance cancellation in the works!

EF:

$ 4,000 January 2017
+ 1,000 Added
_______
$ 5,000 February 2017

2016 Taxes:

Ouch, did our taxes, but did not finalize, we owe Feds $1,800 and NYS $200. We have moved into another tax bracket and will adjust withholding as we both currently claim Fed M-0 and NYS M-0. Yeah, so we will split the additional withholding amount request between DW and I for 2017 pay check as we make very similar wages. I don't have a problem as March 2017 DW gets an "Extra" paycheck and will pay utilizing those funds, and should cover 90% and will make the difference up with cash flow. Bummer, but oh well, as that "Extra" check could have went toward something else.

Updates!

January 26th, 2017 at 08:53 am

It has been about 4 months or so since my last update, which have mostly been mortgage pre-payment updates, but some things have changed and thought I would share.

The mortgage pre-payment is still moving forward, but the $700 extra (for a total $1,000 off principal each payment) has been reduced to $150 (for a total of $500 off principal each payment). That was done in anticipation of the Holidays and potentially replacing my vehicle in the near future, as well as increasing our cash on hand to possibly move to a larger home sometime in the next 3-5 years. You may be asking why put additional to the mortgage? Mortgage payoff is pretty much what we would realize after a sale, if sold in the next couple of months. Mortgage regulations state, that I have read anyway, require 30% equity in order consider the rents on the current home to be considered income for a new mortgage loan application. Even if we don't rent, I still would like to have options.

Finally received a promotion at work, so 25% increase in base yearly pay is nice, but not effective until Jan 30, 2017, few days left. The management package, no longer union employee, is nice and savings on health insurance alone is a nice net in the pay check. The ability to cash out 2 weeks vacation and 2 weeks compensatory time are nice, which I will be doing for additional monies realized. Nice to see a decent "raise" after going without from 2009 to 2015.

I was done paying into the NYS retirement account (414H) back in July 2016, have since been diverting that to NYS Deferred Compensation 403B plan, and increased it from 3% (414H) to 5% (403B). I will most likely increase that after I see a couple checks to know the effect of the promotion and where we want to be.

The Vanguard ROTH IRA is doing great, just need to look into increasing, which was about 50% funded for both DW and I in 2016.

DW also signed up for her company 401K 6% match, for a total of 12%, she was able to get the match after 2 years of employment. She is up for a 5% raise in the next couple months.

Mortgage Payment - August 2016

August 2nd, 2016 at 05:00 am

$ 147,710.17 July 2016
- $342.83 Regular Principal
- $700.00 Additional Principal
____________
$146,667.34 August 2016

Mortgage Payment - July 2016

July 5th, 2016 at 05:28 am

$148,748.89 June 2016
- $338.72 Regular Principal
- $700.00 Additional Principal
____________
$147,710.17 July 2016

Mortgage Payment - June 2016

June 2nd, 2016 at 08:10 am

$149,783.52 May 2016
- $334.63 Regular Principal
- $700.00 Additional Principal
____________
$148,748.89 June 2016

Mortgage Payment - May 2016

May 2nd, 2016 at 07:20 am

$150,814.07 April 2016
- $330.55 Regular Principal
- $700.00 Additional Principal
____________
$149,783.52 May 2016

Milestone! Finally in the $140K's!

Mortgage Payment - April 2016

April 4th, 2016 at 05:16 am

$151,840.55 March 2016
- $326.48 Regular Principal
- $700.00 Additional Principal
____________
$150,814.07 April 2016

Mortgage Payment - March 2016

March 2nd, 2016 at 04:53 am

$152,862.99 February 2016
- $322.44 Regular Principal
- $700.00 Additional Principal
____________
$151,840.55 March 2016

2015 Taxes

February 26th, 2016 at 11:56 am

Last night I sat down and did our 2015 taxes, pretty simple, but not simple enough to do the 1040EZ for free, Haha!

After all said and done:

Owe Feds: ($135)
Refund State: $239
Turbo Tax: ($77.83)
___________________
Net: +$26.17

Pretty much perfect, just the way I like it!

I set that auto Debit for the Feds on 04-01-2016, we should have received our State refund by then and not have to worry about adding or moving money around, well, for that reason anyway.

Mortgage Payment - February 2016

February 2nd, 2016 at 05:11 am

$153,881.40 January 2016
- $318.41 Regular Principal
- $700.00 Additional Principal
____________
$152,862.99 February 2016

Mortgage Payment - January 2016

January 4th, 2016 at 06:40 am

$154,895.79 December 2015
- $314.39 Regular Principal
- $700.00 Additional Principal
____________
$153,881.40 January 2016

2016 Goals

December 30th, 2015 at 08:41 am

I don't think I posted any goals for 2015, but I compared them to 2014 and we are looking good.

For 2016:

1. ROTH - $200/ month both ROTHs; $400/ month total between the two.

2. Mortgage Additional - $700/ month.

3. E.F. - $500/ month minimum.

4. Mortgage at or below $139,999.99

Keeping goals #1-3 easily reachable, and #4 is reached, will be a bonus. October 2016 the mortgage will be 20% from original appraisal from 2010, therefore, good-bye PMI! Will be 10 months longer than originally anticipated, but couldn't be less than 5 years as loan stipulates can't remove PMI 5 within years or less or 20% equity from original appraisal, whichever is longer. October 2016 will be 5 years, 10 months.

Mortgage Payment - December 2015

December 2nd, 2015 at 09:55 am

$155,806.58 November 2015
- $310.79 Regular Principal
- $600.00 Additional Principal
____________
$154,895.79 December 2015

5 Years In!

November 25th, 2015 at 12:42 pm

About 10 days ago my wife and I purchased our first home 5 years ago, currently worth less than we paid and still owe, probably by a substantial amount, but oh well. Let me get to the numbers. We haven't always put extra money to the mortgage during those 5 years, but have consistently (and will continue assuming we remain gainfully employed) for the past 24 months.

Original Amortization to Date:
Interest: $40,534.31
Principal: $15,116.89

Current Amortization to Date:
Interest: $40,158.02
Principal: $22,908.18

I am not sure what I was thinking, but I was expecting more shaved off in total interest, which amounts to a savings of $376.29. Principal paid is, obviously more reflective, of an additional $7,791.29 that would have been added to today's balance if we hadn't paid any extra.

Pretty interesting to see, but this year is the first we paid more in Principal than in Interest, albeit forced. Feels good in a way, next year will be better!

Mortgage Payment - November 2015

November 2nd, 2015 at 05:20 am

$156,713.77 October 2015
- $307.19 Regular Principal
- $600.00 Additional Principal
____________
$155,806.58 November 2015

Verizon - Reducing Costs!

October 1st, 2015 at 11:22 am

I don't think I have ever blogged twice in one day!

Anyway, Verizon has this their new "Verizon" cell phone plans that are cheaper than out "Share More Everything" plans. My phone is no longer in contract, been that way for quite a bit. DW's phone is still in contract, so I'll explain savings below.

Share More Everything Plan
Line Access Me: $40
Line Access DW: $40
19% Line Access Discount: ($15.20)
4GB Data: $60
Verizon and Gov't Taxes Surcharges: $17.33
_______________________

Total: $142.13

Verizon Plan

Line Access Me: $20
Line Access DW: $40*
19% Line Access Discount: ($11.40)
3GB Data: $45
Verizon and Gov't Taxes and Surcharges (Est.): $13.00
________________________

Total: ~$106.60

DW is still in contract on her phone until 6/2016, so in June, the Line Access for that phone will further be reduced to $20 as well, and the cell portion of the bill should be under $100. This was completed yesterday. Good! Saving now = ~35/ mo. Savings in June 2016 = $55/ mo.

Our Verizon FiOS contract for our double play is up this Saturday. I'll be calling them tonight to see if we can get the new customer price again. We got it last time too. If not, I will cancel and DW will call back to get the new rate, as she is not on our current bill as a new customer. Current is Fios Double Play: 15/15 FiOS Internet and FiOS TV Select (190+ channels, 30+HD) for $79.99 + 16.99 DVR + $6.45 Taxes and Surcharges = $103.43.

The two options are:

1. FiOS 50/50 Internet only for $44.95/ mo. for 2 years. No DVR, or TV. We alternate between Netflix and Hulu Plus. Everything we watch is available. Savings = ~$52/ mo.

2. FiOs Double Play: 50/50 FiOS Internet + FiOS TV Local (70 channels, 15 HD) + HBO Free for $50 for the year. Will still need to pay DVR. Savings = ~$35/ mo.

Mortgage Payment - October 2015

October 1st, 2015 at 06:02 am

$157,617.39 September 2015
- $303.62 Regular Principal
- $600.00 Additional Principal
____________
$156,713.77 October 2015

Mortgage Payment

September 2nd, 2015 at 06:06 am

$158,517.45 August 2015
- $300.06 Regular Principal
- $600.00 Additional Principal
____________
$157,617.39 September 2015

Long time?! DW Promotion and Retro Pay!

March 26th, 2015 at 09:24 am

Apparently it has been a year since my last entry. I've been on frequently, just not blogging I guess, however, commented on a few other blogs.

My blog is usually straight and to the point, so this will be no different!

1. Wells Fargo (WF) Mortgage and Escrow. I FINALLY got them to pay our land taxes in a one-time yearly pay-in-full, now I don't have to hunt them down to get reimbursed for the installment fee.

2. Mortgage is due to be under $160K in June 2015 (with current additional payments), I may make it sooner, but trying to get rid of PMI. The loan documents state 5 years or 20% equity from original appraisal, whichever is longer. The use of DW's new promotion may actually make those criteria happen at the same time this December (read options below). I can't stand WF.

3. Retro pay (retro to Jan 4, 2015), will be close to $7K net. We should see that check in a week or two. That will just sit in the EF, which has been drawn down recently for medical expenses and some updates to the home (fence in 2014).

4. The raise that is doubling her salary,

Option 1. Mentioned above with removing PMI ($75/ mo), no, not really that bad, but 20%+ equity sound nice.

Option 2. Save to purchase land in the boonies, looking at about $70K for a 3.5 acre parcel. Expensive here in NY, and not much nice parcels left in this area. Pricey.

Option 3. Bank it all.

5. Retirement will be increased with any of the above. May be able to max both ROTH's out this year.

6. May need to look at opening some 401K's, the tax deduction may be needed to keep tax liability down and it will probably double from last year.

Problem, I am indecisive, DW trusts me and I include her in all large decisions, but my head spins thinking about the options, as we both want them all.

Some decisions to be made!

Mortgage Mini Milestone

April 3rd, 2014 at 05:03 am

I call is mini because it only changes the thousands digit. We are below $167K!

I have been adding at least $100 each month to principal so far this year as to meet one of our financial goals, which was at least $50 additional/ month.

The $100 allows the thousands digit to change every 3 months instead of every 4, so we knock a month off the entire length of loan (if we were to keep it) every 3 months given it's current location in the amortization schedule.

Random Updates

March 5th, 2014 at 05:13 am

I'll keep this short, my posts are usually to the point, so this one won't be any different!

1. Our new appliances. We received 3/4 of them, the fridge should be delivered today, if not, I feel sorry for the store that will have to deal with DW! We have been told many conflicting things regarding the fridge delivery and she has had enough!

2. The "NYS Surcharge" that showed up on an in-patient hospital bill late last year, well that reimbursement finally came to fruition. HR initially said it was our responsibility, well that is not what my contract states at work; $0 out-of-pocket for in-patient. I submitted all my evidence to the legal department here at work, and finally the employer was directed to reimburse me. $389 to the new appliances!

3. $100 to mortgage principal for 3/2014 payment! Still above my goal by double each month. $380 extra so far this year.

4. Sold our old fridge for $100 and posting old microwave for $125 on craigslist. Our out-of-pocket expense on these new appliances are low compared to their final price after taxes!

5. Got both NYS and Fed tax refunds.

6. Noticed the price of the new fridge and stove (already was delivered) went even lower on-line, we got the store to honor those new prices. $124 came back!

7. DW has an interview on Thursday that sounds really promising. I don't want to get ahead of ourselves, but both our ROTH's could be fully funded this year and exceed our EF funding goal. If she does as her income would grow at least twice. Cool to think about.

8. I'm not a big fan of Zillow "Zestimates", I take it with a grain of salt, but I do look at the trend of our "zestimate" and compare it to local actual trends of home values and sales, adjust for bedroom count, baths, lot size, location etc. I estimate we could sell easily for $159K-162K. "Zestimate" shows a value of $154K and has started to level out around that number nicely. We owe $167.2K, still a bummer. $8K under is a lot better than almost $30K we were looking at 2 years ago. I'd rather be in a position we could liquidate if needed and not owe anything at closing, even if we lost money from original purchase price and/or updates.

Ah well, that's it for now!

Escrow Frustration, It Has To Go!

February 17th, 2014 at 05:33 pm

I've blogged before regarding how our mortgage escrow company pays our City property tax in Quarterly Installments, but the City charges an installment fee to utilize that method. I usually have to go through hoops to get them to reimburse me as it is not our problem or choice they do so. Well, yet again, 4th year in a row they continue to do their "normal" practice. I called them up and it wasn't pretty needless to say, I've had enough. They finally blamed it on the "tax authority" and gave me the contact info as according to them, the "tax authority" requests the taxes be paid in such manor. Well, it is our money in that account, not theirs, I say how the money is spent!

Anyway, I'm tired of it, the mortgage will be going quickly as humanly possible. We had already made a goal of at least $50/mo. toward the mortgage for 2014, we want to escrow ourselves, I am tired watching their every move like a hawk.

Extra payments so far this year:
Jan = $115.00
Feb = $165.00
Mar = $310+$750(tax refund)+$300(CU Cash Rewards)

Auto Loan Gone!

February 2nd, 2014 at 08:03 pm

While all of my social network was posting and commenting on who the are going to bet on for the Super Bowl, we did something better, with guaranteed 'returns', used my "extra" paycheck and away it went, along with the auto loan!

The only debt we have is our Mortgage!

We officially own both vehicles:

2007 Honda Civic Si Sedan (PIF: 11/2011, 11 months early, on 60 month loan)
2010 Honda Civic LX Sedan (PIF: 2/2014, 22 months early, on 48 month loan)

Auto Loan Deteriorating!

January 25th, 2014 at 10:12 am

The Auto Loan regular payment posted yesterday and bring it down to:

Regular Payment: $321.70
Amount to Interest: $6.12
Principle: $315.58
Total Remaining: $1,647.64

Loan Details:
2010 Honda Civic LX 4 Door Sedan
Loan Origination Date: 12/2011 $14,300
Loan Length: 48 Months

Currently at month 26 of loan, therefore, we are 22 months ahead!!

Will be paid off by month 30 (at most!), or 1.5 years (at least) early!

It's that time again...

January 21st, 2014 at 11:56 am

...the time of year I get a letter ready to send to Wells Fargo Home Mortgage Escrow Division. Our property is split, City and Town, our taxes are as follows:

City Property Tax
City School Tax
Town Property Tax
Town School Tax

How they are paid out of escrow:

City Property Tax - Quarterly Installments
City School Tax - Bi-Annually Payments
Town Property Tax - Paid in Full
Town School Tax - Paid in Full

The only one I have an issue with every year is the City Property Tax disbursement, as the City charges an installment fee to pay in such manner. The first year they gave me no problems, the second and third years they gave me a bunch of bull, but in the end, I've always gotten it back. In my opinion, I should not have to ask every year; either they pay in full or they automatically refund my money!

This year it will be $33.06.

Gas and Electric Bill

January 14th, 2014 at 10:39 am

We are budget billed on our gas and electric provider, still using less than previous owner as our budget bill was set-up using their average 12 months. We pay the budget amount every month, but the meters are read every two months.

I logged on our account and noticed the meter has been read, and I compared it to same time last year:

Electric:
2014/01/10 703kWH $139.76
2013/01/09 731kWH $137.64

**Average daily cost for billing period was $2.1838/ day.
**Average cost of energy purchased was $0.06605/ kWH.

Gas:
2014/01/10 226CCF $314.09
2013/01/09 232CCF $320.02

**Average daily cost for billing period was $4.9077/ day.
**Average cost of energy purchased was $0.56027/ CCF.

Using less, however, obviously, it appears electric was cheaper the previous year for the same period.

In addition, it appears we could have done even better in the gas department if it wasn't for the Polar Vortex!

Mortgage and Auto Loan Get a Happy New Year!

January 1st, 2014 at 06:56 am

Sent $115.00 extra to mortgage principal and $275 extra to auto loan principal!

Both 'thousand place' digits changed, even though it was intentional! Haha!

Sitting at:

Mortgage - $167,998.42
Auto Loan - $1,994.11

In addition, the 'ten thousand' digit changed on our total debt, which is just the two added together, also intentional, which is why I took advantage of this whole "unique" situation!

Total Debt - $169,992.53

Happy New Year!

2014 Goals

December 24th, 2013 at 10:01 am

It's that time again; 2014 Goals!

Debt Service:

1. Auto Loan paid off by June 2014. This will actually happen by itself with regular payments, which will be 18 months early on our 48 month loan. Once it gets down below $1,000 I may reevaluate with a lump sum payoff. Right now, it costing us less than $6/ mo. in interest.

2. Mortgage principal only payments. Sending $50/ mo. additional principal only payments for 2014. I have automatic payments set-up from our savings account.

Retirement/ Savings:

1. ROTH IRA (ME), fund $50/ mo. I have automatic contributions set-up from our savings account.

2. ROTH IRA (DW), fund $50/ mo. I have automatic contributions set-up from our savings account.

3. Emergency Fund to $10,000.

Home Improvements:

1. Fence for rear yard. DIY project. $1,500-2,500 depending on materials used.

I made the goals a little more accessible this year. I had hoped to have the auto loan paid off six months ago, but other things came up and DW switched job to a much less stressful one, but at the expense of less wages.

Here's to 2014! Smile

Just a Quick Update

October 29th, 2013 at 07:20 am

Our Auto Loan had a minor milestone of under the $3K mark! I did add $55 to principal only for that to happen. I get an "extra" paycheck extremely early in 2014, January to be exact, so a good chunk will most likely be going to the Auto Loan. Once it is down around $1300 is probably when a lump sum pay off will occur.

The Mortgage also had a minor milestone of under the $169K mark this month. Not much progress there at all besides regular payments. There is a home for sale a street over that is very similar in size and style to ours that is listed for $169K, so I will keep an eye on final sale price once and if it sells. I expect high $150's low $160's.

The reduction of Verizon services is already paying off, the first bill saw a savings of $61, so that works for me.

DW changed jobs, less hourly pay, less hours until January 1 and much less stress. After that, a raise and back to 30-35 hours instead of the current 25.5 hours. So the dept shovel has been reduced a bit, for the short term. However, the new job at the Dental office does provide opportunity for a monthly bonus of $500-$5,000, so in reality, the effective pay could be significantly more than her previous employer. There is also a yearly bonus on top. I just had to rework our budget schedule as she now gets paid weekly and not bi-weekly.


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