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Refinance & Goal Progress

July 9th, 2020 at 03:00 pm

We closed on our appraisal and got a total of $7,005 cash out. $5,000 will be saved back to finish our dirt work project. $1,770 will be used to pay for the water heater, and the rest will be put towards the new fridge we had to buy since ours went out this week... Ugh.

At least every appliance is new now.

We also effectively gained the $2,000 I had set back for our taxes and insurance since the new loan has escrow included now. It will just remain in our savings account for our EF.

Our payment went from $603 to $510 (Plus $175 for escrow) with an additional $11,000 added to the loan. Our interest rate dropped from 4.75% to 2.875%. We are going to pay $525 a month and save the other $75 difference in our EF.

With the money saved from this month's mortgage payment I went ahead and paid off the first medical loan!! So now we are down to just one 0% loan. This crosses goal #3 off our list. Goal #4 is soooo close.

3 Responses to “Refinance & Goal Progress”

  1. Wink Says:

    Congrats on paying off the medical loan!

  2. Amber Says:

    I refinanced as well and will be throwing the extra $200 saved to my EF.
    Congratulations on paying off the loan

  3. rob62521 Says:

    Good job on paying off the medical loan!

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