Loan #3 is DUNZO!

As of today, the payment has been processed by my lender and I have officially paid off Loan #3!  This is the smallest of my loans, so it wasn’t really a great feat, but I’ve worked hard to save and put every little bit of money toward it.

It feels great to have worked for something and see that it paid off (pun definitely intended, bro).  This is a great way to start a four-day Thanksgiving weekend.

For those of you who wondered what I paid, how much was in interest vs. principal and how I got rid of the debt in just TWO months, here’s the breakdown:

October –        2 Payments: $400 and $299.45

                        Total paid: $699.45

                        Interest paid: $537.16

                        Principal paid: $162.29

November –    4 Payments: $400, $214.50, $800, $415.86

                        Total paid: $1,830.36

                        Interest paid: $5.32

                        Principal paid: $1,825.04

Total paid on loan: $2,529.81

Estimate if paid minimum amount ($29.29) for duration (10 years): $3,514.80

This means that by following an aggressive debt repayment plan I managed to save myself about $984.99.  Obviously, I won’t see that (almost) grand until I pay off my other two loans, but a couple of years down the road, that’s going to be a really nice addition to a vacation fund, or some furniture for my house!