Someone asked how we paid off $7500 in 4 months and I thought this would make a good post!

First of all, I have an excel spreadsheet that calculates pay down with additional principal payments. That has helped us know what we need to do to reach our goal.

Also - our regular payments are included in the $7500. The spreadsheet shows how much of our regular payment each month is interest and how much is principal (we are mostly principal now).

Here's the breakdown:

January: owe $18029

principal from regular payment - $1034

additional payments -

- 150 budgeted for principal paydown,

- 23.75 insurance refund from USAA, 70 gym payment for teaching,

- 312.05 net rental income from our Irish house (which was paid off a year ago; we pay an average of $400/month - one month 300 and the next month 500 but this is in euros, so it's a little more in dollars)

February: owe $16,400

principal from regular payment - $1039

additional payments -

- 150 budgeted for principal paydown

- 5.21 extra principal (because our escrow amount went down but we're still paying the same payment

- 57 gym payment for teaching

- 532.19 net rental income from our Irish house

- 38 consigned a coat and payment came through

March: owe $14,590

principal from regular payment - $1044

additional payments -

- 155.21 budgeted for principal paydown

- 86 gym payment for teaching

- 316.48 net rental income from our Irish house

- 67.5 D's side work

April: owe $12,910

principal from regular payment - $1044

additional payments -

- 155.21 budgeted for principal paydown

- 5.21 - my banking mistake, but I made it up in another category

- 75 gym payment for teaching

- 318.56 net rental income from our Irish house

- 75 D's birthday gift which he used part of and put this amount toward the mortgage - that was nice of him!

- 633.37 - distribution from work (long story, but I took a distribution and decided to pay down mortgage principal with it)

Now owe: $10,600

Our circumstances are very different now that our Irish house is paid off. D bought it for $100k Irish pounds (back before the euro!). We did not pay down principal since the interest rate was low; we just did regular payments until it was paid off. It is rented out to two friends. We feel ok taking $400/month out to help pay down our mortgage here. The rest of the rent money is for repairs and taxes.

If it helps, our take home pay every month is $6446. Of this, we pay $850 toward tuition and $800 toward our IRA's (we are trying for $1000). I will post our full budget soon. Not sure what other people make, but I am happy to be transparent if it helps someone!

# How we paid off almost $7500 in 4 months

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