Attacking the second mortgage – part 2

We are currently hacking away at our second mortgage debt to get it to a reasonable size to which we can transfer it to a credit card offering 0% interest to facilitate the paying off of the remaining balance next year.

Last month we were able to apply an additional $650 in payment toward the principal. We had hoped to pay more, but our excessive expenses in August kept us from doing so. At the time we had predicted we’d be able to pay another $2,000 toward the principal balance this month.

But since we’ve been doing a better job of keeping our expenses in check these past two months we were actually able to apply $3,000 toward the principal today. The loan balance now stands at $15,403.18.

The way things are going there is little doubt we could get the balance down under $8,000 by the end of the year, but we will stick with our initial plan to get it down to $10,000 and transfer the balance to a credit card at a no fee, 0% interest rate. We’d rather use the extra cash on hand for next year’s Roth IRA contributions and/or to top off our cash reserve after paying property taxes in late December.