Comments on: How Much Our Debt Costs – November 2009

By: How Much Our Debt Costs - December 2009

How Much Our Debt Costs - December 2009 — Tue, 05 Jan 2010 17:40:02 +0000

[...] on our student loans was calculated over the last 2 months. If you remember back to our November cost of debt statement… our student loan interest was higher due to the way their interest is calculated [...]

By: Interest Paid: How Much Debt Costs Spreadsheet | Debt Free Me

Interest Paid: How Much Debt Costs Spreadsheet | Debt Free Me — Mon, 07 Dec 2009 21:42:01 +0000

[...] How Much Our Debt Costs – November 2009 [...]

By: Jason @ Redeeming Riches

Jason @ Redeeming Riches — Thu, 19 Nov 2009 18:56:16 +0000

Looking forward to the spreadsheet! I’m a closet spreadsheet geek – don’t like to admit it to too many people! =)

Interesting in your last comment about your income generating sources are self taught – that reminds me of SMI’s post about the value of a college education.

By: Interest Paid - The How Much Your Debt Costs Spreadsheet - Google Docs | Debt Free Adventure!

Thu, 19 Nov 2009 18:54:41 +0000

[...] How Much Our Debt Costs – November 2009 [...]

By: Matt Jabs

Matt Jabs — Thu, 19 Nov 2009 15:17:58 +0000

The spreadsheet rocks, well… at least for finance geeks like me.

Per debt: I would rather owe nothing and have nothing than owe and have.

Per education: Although I did graduate college, all my income generating sources (IT, Finance, and Blogging) are all self-taught.

By: Financial Samurai

Financial Samurai — Thu, 19 Nov 2009 13:21:14 +0000

Whoo hoo! Looking forward to the spreadsheet to help save us all. I’ll surely include it in my wrap.

To quell the rage though… $1,200 in interest a month may sound like a lot, but it’s important to see what you’re getting! A home and education is PRICELESS!

By: Lydia aka Ms. MoneyChat

Lydia aka Ms. MoneyChat — Wed, 18 Nov 2009 21:03:52 +0000

new spreadsheet? yippers!! i’m looking forward to it. i pay about $560 in interest each month now that i’m down to just a mortgage. i’m so looking forward to the day when that too is paid in full.

By: Elle

Elle — Wed, 18 Nov 2009 21:02:40 +0000

I like how you have visualized the your debt’s interest costs. I’m glad you’re attacking the debt aggressively.

By: BG

BG — Wed, 18 Nov 2009 20:03:56 +0000

“Too bad the extra days added $640 more interest.”

I just spit coffee on my keyboard — hilarious.

By: FreeMyInterest

FreeMyInterest — Wed, 18 Nov 2009 19:29:10 +0000

Man you are right. That has been bugging me for YEARS. Silly me trying to use more complicated functions (days360) rather then just subtracting. Thanks for helping me perfect my sheet even more. Too bad the extra days added $640 more interest.

By: Matt Jabs

Matt Jabs — Wed, 18 Nov 2009 19:12:04 +0000

The extra days interest charged this month don’t matter because they would have been charged later anyway. ie.) Next month I will only be changed interest on 28 days.

There are always a finite 365 days in a year and we will be charged interest on all 365… regardless of how much is charged each month due to weekends and such.

Thank you for bringing this up for clarification.

By: BG

BG — Wed, 18 Nov 2009 18:58:44 +0000

The nice effect of making that large principle payment to the LC loan is that your monthly interest is _permanently_ at $70 (or lower). It’s the gift that keeps on giving

FreeMyInterest): I just tried Excel 2002, and it gave me 31 days for:
A1 = 10/25/2009 (formatted as date)
A2 = 11/25/2009 (formatted as date)
A3 = A2-A1 (formatted as number)

By: FreeMyInterest

FreeMyInterest — Wed, 18 Nov 2009 18:32:11 +0000

If you were set up through the loan companies autopay the weekend wouldn’t affect your interest for the month. They will forward it to the next month as if you paid on the same date. Which makes sense because I think you said you set auto payments through your bank instead.

What always screws me up is the extra day in 31 day months. Excel doesn’t understand that when subtracting dates it thinks there is 30 days between 10/25 and 11/25! I am a bit anal with my spreadsheets.

I like the way you look at debt in having interest motivate you. I guess I can relate to it. One day I forgot my mega debt repayment spreadsheet and had to do quicker calculations. Thats when I came to the realization that when my interest each month was zero my debt was gone. Its more motivating to look at it that way for some reason.

By: MoneyEnergy

MoneyEnergy — Wed, 18 Nov 2009 17:52:42 +0000

$1237 in interest alone each month? Ouch, that is really painful – congrats on whittling it down. I’m trying to get rid of one of my student loans before it is “due” just so that I don’t have to pay *any* interest on it. Of course I need to get rid of my two credit card debts first. Hoping to kill one off by Christmas.