Following yesterdays post I am looking at what I’ll need to make my 10% principal payments over the next four years. The payments are laid out as follows:
Year 1 - $15,200 - PAID!
Year 2 - $15,200 - Sitting in bank account waiting to be paid
Year 3 - $15,200 - $4,697.90 sitting in bank account
Year 4 - $15,200 – Not saved yet
Year 5 - $1,900 – Not saved yet
Amount still needed - $27,602.10
The biggest way to take a bite out of that would be to get funding for my Masters tuition thus freeing up the $15,700 that I have set aside. Other sources of money are
Tax Returns - $1050/year for four years. ($4,200)
Yearly bonus - $300/year for four years. ($1,200)
Tutoring 3hrs/week until September. ($720)
Tutoring 1.5hrs/week past September. ($4,590)
If all of these pan out I would be short $1,192.10. That said I may be able to pick up extra hours with my day job, or more students after I finish my Masters. I estimated low on my tax returns and assumed that my yearly bonus would not go up at all. In a pinch, near the end I could dip into the $9,000 that I have put aside for a car but am not planning on using as long as I have two working legs and the bus system keeps running.
In other words . . . bring it on world, that mortgage is toast!