Posts Tagged ‘Loan Payoff’

Say what??? I thought, and I was pretty sure we were ok, with our current budget process and bill pay model – however, that has not turned out to be the case.  I was finding, over the last 6-weeks or so, that our Mortgage and Car Payment were not getting the funds they required in order to a) be current and b) make a serious effort to pay off those items.  After reading several other blogs, namely this one inspired me to change our payment schedule.  So I did some heavy duty thinking and even more manipulation of the numbers and figured out how much needed to be added to my monthly car payment in order to pay it off sooner, as it appears Citi is going to continue to park themselves on our restructure with no real direction for the time being – more on this later, and so we can keep that $750 we had allocated for the down payment (and maybe even work to help that to grow some) or at least get the payoff lower before going shopping for a replacement.  

Below is the payoff map that illustrates how much will be needed each bi-week to pay off the loan before next Summer:

 $7,751.00 Total Paid    
 $4,044.00 Bal. Due      
 $11,795.00        
         
 $367.64 Monthly Payment x 11 Mos  $183.82
 $404.40 Monthly Payment x 10 Mos  $202.20
 $449.33 Monthly Payment x 9 Mos  $224.67
 $505.50 Monthly Payment x 8 Mos  $252.75
 $577.71 Monthly Payment x 7 Mos  $288.86
 $674.00 Monthly Payment x 6 Mos  $337.00
 $808.80 Monthly Payment x 5 Mos  $404.40
 $1,011.00 Monthly Payment x 4 Mos  $505.50
 $1,348.00 Monthly Payment x 3 Mos  $674.00
 $2,022.00 Monthly Payment x 2 Mos  $1,011.00

The 1st Column of Numbers  is the Bal. Due divided by the #of possible payments (middle section) with the last column being the first divided by 2 for the number of monthly payments (does that make sense?)  I’ve opted, for now, for the 11 mos payment plan, and rounded that $183.82 up to $185.00, as I work in whole numbers, and incorporated that into the budget.

So then I figured out our bi-weekly payment on our mortgage, $824.00/mos divided by 2 payments/month = $412.00/bi-week

Secondly, I plugged in the numbers for our monthly expenses/auto-draft payments for other bills and developed the best working scenario I can come up with.

Lastly, I averaged over 6-Weeks the amounts of our Misc. Expenditures – or rather non-budget purchases and plugged that number into the equation to account for that spending every two weeks as well, the actual number was $62.55 and again I rounded up as I work with whole numbers to $65.00

These numbers are examples – not actuals:

Week 1 – Week Ending 06.09.13

 $766.24    
 $89.00 APM Int’l  
 $677.24    
 $185.00 Credit Acceptance
 $492.24    
 $80.00 Brigades  
 $412.24    
 $170.00 Groceries  
 $242.24    
 $40.00 Jimmy’s Money
 $202.24    
 $25.00 Dinner, 6/14
 $177.24    
 $25.00 Cat & Dog Food
 $152.24    
 $25.00 DB Plumbing
 $127.24    
 $65.00 Misc. Spending
 $62.24    
 $20.00  Lara’s Co-Pay 
 $42.24  $42.24  
7%  $2.96  
 $2.96  $39.28  

Next is Week Ending 06.16.13

 $805.52      
 $412.00 CitiMorgage  
 $393.52      
 $80.00 Brigades Boys & Girls Club
 $313.52      
 $5.00 OT Solutions  
 $308.52      
 $5.00 Coastal Behavioral  
 $303.52      
 $40.00 Gas    
 $263.52      
 $25.00 Dinner, 6/21  
 $238.52      
 $25.00 Jimmy’s Money  
 $213.52      
 $25.00 Cat & Dog Food  
 $188.52      
 $150.00 Utility    
 $38.52      
 $25.00  DB Plumbing   
 $13.52      

On the weeks the Mortgage is paid money will be very tight depending on how much we’re paid and how much rolls into this week from the previous week – as you can see there’s like ZERO wiggle room!

Week Ending 06.23.13

 $779.76    
 $185.00 Credit Acceptance
 $594.76    
 $80.00 Brigades  
 $514.76    
 $170.00 Groceries  
 $344.76    
 $25.00 Jimmy’s Money
 $304.76    
 $25.00 Dinner, 6/28
 $279.76    
 $25.00 Cat & Dog Food
 $254.76    
 $25.00 DB Plumbing
 $229.76    
 $5.00 WHA  
 $224.76    
 $21.39  Blockbuster 
 $203.37    
 $5.00 CCA  
 $198.37    
 $64.47 State Farm
 $133.90    
 $65.00  Mis. Spending 
 $83.90  $83.90  
7%  $5.87  
 $5.87  $78.03  

Week Ending 06.30.13

 $844.27    
 $412.00 CitiMorgage
 $432.27    
 $80.00 Brigades Boys & Girls Club
 $352.27    
 $5.00 OT Solutions
 $347.27    
 $48.00 Great Lakes
 $299.27    
 $40.00 Gas  
 $259.27    
 $25.00 Dinner, 7/5
 $234.27    
 $25.00 Jimmy’s Money
 $209.27    
 $25.00 Cat & Dog Food
 $184.27    
 $150.00 Utility  
 $34.27    
 $25.00  DB Plumbing 
 $9.27    

I certainly hope that this scenario doesn’t play out and we’re left with more than $9.30 at the end of the week! We’ll see though…so we’re crossing our fingers this actually works out.

As for Citi – um yeah still ZERO movement there – late fees are piling up and our ‘counselor’ has been LESS than responsive – that idiot scheduled a call-back with Jimmy for Tuesday morning before he went to work and he didn’t call – all we’re getting are those canned form letter emails telling us the same thing – it’s with the final underwriters for review. I’ve responded asking for more than just the canned letter with no response – might be time to call this idiots manager…this is getting insane!

So yup – this is where we’re at right now!

Until tomorrow kids!

 

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So had a small victory yesterday – I actually picked up the phone when Credit Acceptance called and this time I actually had good news for them – I had made a payment for 1/2 of our back due total, $500, scheduled to go out to them before the end of this week and that the balance due ($506.30) would be paid in two weeks time when I pay my bills again – Well what do you know the lady on the other end of the phone was pleasant and amiable and actually told me that my 10-Day payoff might actually be quite a bit less than the 30-Day payoff quote I got last week!

Well well what do you know?!?!?!

What’s even better in my minds eye though is this – after the 20th my phone# will change and they won’t have it, I am laughing all the way to the dealership!! I won’t jinx it or get cocky, but man alive it feels good to know that with a little $$ a lot can go away…

Lesson Learned: Money Talks and the Poor are Screwed!