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!!!
Thursday, Joys all around!
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Sissie is on her 8th pair of pants that needed to be patched in the
crotch. It is not easy work, you think it will be, but it is tedious. But
she did...
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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