Just for kicks, I thought I'd add up the interest charges on each of these debts for the past month. It's not nearly as bad as I thought, but considering the fixed rate mortgages are both at 4.5%, the HELOC is at 2.75% and I have a zero promo rate on a couple of the credit cards it shouldn't be too terrible.
Overall, I paid $1,309.68 in interest for the month. If you use an average outstanding balance of $390K, that works out to about a 4% annual rate. I know I should be thankful that it's as low as it is. But there's that part of me that wishes I had that $1,309.68 (or $43.65 per day) to spend on what I want to spend it on instead of handing it over to the bank! And how depressing to quantify just how many hours I need to work each and every day just to pay interest!!!
How This Family Moved To The “Hood” and Paid Off $120,000 in Debt
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Recently, I decided to start a new series where I interview people who are
doing extraordinary things with their lives. First up was JP Livingston,
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Your depressed.....I'm depressed and jealous. :-) I would love to have my interest payments amount to this low number. :-)
ReplyDeleteYeah man, I can't even fathom that type of interest rate. I am more familiar with nosebleed levels. Kneecap breakers, loan shark rates... pick your favorite terminology.
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