Debt free scream scheduled for October 2027?
Tonight we graduated from Financial Peace. We've been aggressively paying off debt for a while but I'm really glad we took the class together. I got home and decided I wanted to do some extensive excel projections on how things would look if we did things the "right" way, and how long it'll take us to be debt free.
Debt:
Car payment: $456 ($5,500 balance)
Student loans: $181 ($33,000 balance)
+ $2,183.00 snowball payments
Fun milestones:
Our car loan will be paid off with our May 2019 payment
Our student loans will be paid off with our May 2020 payment
Our $13,000 6 month emergency fund will be funded in September 2020
We'll begin funding retirement at that point (we currently have this paused)
We will put our snowball towards savings, and have $60,000 for a down payment by May 2023
We plan to buy a home in the $225,000 price range with $60,000 down in Spring 2023. On a 15 year mortgage, the total PITI mortgage payment will be approximately $1,600.00 total. We are projecting high on the interest rate since we don't know how they'll look in a few years.
We plan to pay at least $3,000/month on our mortgage (increasing it by $100/year), invest $565/month in mutual funds, and continue to save 15% each month for retirement.
So here's the fun part...... See you guys in October 2027 for my debt free scream, where we'll also have approximately $204,000 in retirement, and $42,000 in mutual funds before the age of 40!
Posted Mar 18, 2019, 4:19 AM UTC
This. Is. Amazing.
I don't have the analytical skills to create something like this for myself, so I'll just be super excited for you guys.
Woooohoooooo!
You can do it, it's just algebra and some basic excel formulas!