Quick debt paydown update for 2014

So, as projected, our ability to pay down our debts has been significantly slowed by buying a house. Additionally (as also expected), my initial guesses at budgets weren’t all accurate and we’ve had to make a few adjustments here and there over the last year, generally by eating into the amount we’re overpaying our last credit card’s minimum payment. We’ve only just passed a year in the house, so I won’t know what our adjusted utility payments will be for another week or two; I prefer to use plans which balance out the payments for the entire year, so we don’t have crazy-high electric bills in the summer, but most utilities require a year’s usage data before they’ll sign you up. So, things may adjust around a bit more in our budget, further altering the following projections.

If you recall from my last debt pay-down update, due to buying a house and taking out a ~$100k mortgage last March our total debt went from ~$47k last January (after paying down $45k in balances between 3/2008 and 1/2013) to $142,723.88 as of closing on the house. One year later, our total debt balances stood at $138,557.51 – a reduction of $4,166.37, year over year. That was around $1230 off our last credit card, around $1166 off the student loans, and roughly $1769 of the principal on the mortgage. We also paid approximately $6740 in interest on that debt, about half of that on the mortgage.

As I said above, everything slipped a little, and I’ve got an adjustment in my spreadsheets for a predictable change in expenses coming up next year, so we’re currently projecting we’ll pay of that final credit card in early 2019, the student loans in late 2026, and the house at the end of 2034. Not exactly exciting news, but we’re still paying things down, and there is an end on the map, if not in sight. Certainly, we don’t want to be taking on any new debt in the near future. Buying a car or going back to school are not viable options in the next several years, for example, and would set back our ability to continue making headway by a significant margin. But maybe there’ll be some really nice, affordable electric cars on the market in 2019, right?

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