As of December 8, 2015, we are $322,489.36 in debt with a mortgage. We currently have $914,767.35 in assets. Our investment accounts are at $493,010.04. Our Net Worth is $592,278.09, up from $587,477.65 last month (0.82% increase)
Dad got an almost $4000 bonus this year, and we used that to cover our interim property taxes (the mortgage company did an early escrow analysis and sent us some money, but about $1800 short), and pay more off the line of credit.
I’ve switched to making minimum payments on the cars in order to use some of that money elsewhere. It’s only about $100, but it can pay off the line of credit faster, and the line of credit has interest, the car loans don’t. The amounts this month are slightly lower than the actual minimum payment because I had “pre-paid” so much previously by rounding up the amounts. So, next month, we’ll be paying more on the cars.
We’ll likely pay off the cars “on schedule” according to the loan agreement, but I can’t get really excited about paying off a 0% loan early when that money could be going to investments.
On the plus side, the line of credit is scheduled to be paid off February 2016, so I’m looking forward to that. December is a three paycheck month for Dad and so I can spend that extra paycheck on the line of credit in January.
Next month, I’m going to be re-valuing the cars as well through KBB, so I expect to see a drop in net worth from that. Hopefully, the surge of HSA money we get in January from Dad’s company will make up for some of that.
Debt (in the order we’re paying it down):
- Line of Credit (8.75%): $4,000 (-1,600.00)
- Car loan – RAV4 (0%): $8,320.62 (-429.38)
- Car loan 2 – Camry (0%): $24,161.50 (-388.50)
- Mortgage (3.875%): $290,007.14 (-487.09)
Total paid off in November: $2,904.97