Debt Progress Report

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This page will be used as a debt progress report on our payoff efforts. The table below shows a detailed accounting of our outstanding debt. Thanks to Amanda at Dream Beyond Debt for her inspiring story and transparency as she paid off her student loans.

We also have a primary home mortgage, which isn’t included because it’s just too demoralizing right now.

Student Loan 1 – (Status: ACTIVELY PAYING DOWN)

This is the amount we owe from my MBA.

Interest: 6.55%

Term: February 2038; we have selected the extended graduated payment term to ensure our required monthly payment would be the lowest possible. We felt this would give us the most flexibility when deciding which debt to pay off first.

Current minimum required payment: $232.87

Student Loan 2 – (Status: PASSIVELY PAYING DOWN)

This is the amount we owe from my wife’s masters.

Interest: 2.4 – 6.55%

Term: November 2040; similar to Student Loan 1, we have selected the extended graduated payment term to ensure our required monthly payment would be the lowest possible.

Current minimum required payment: $295.12

Auto Loan – (Status: PASSIVELY PAYING DOWN)

This should be self explanatory. We purchased a new (gasp) van before our awakening, this is our penance.

Interest: 2.54%

Term: August 2019

Current minimum required payment: $466.60

Credit Card – (Status: PAID OFF)

We opened an interest free credit card for some big expenses we saw coming for the new house we purchased in December 2014. What can I say about this? We were financing our lifestyle.

Interest: 0.00%; interest set to increase in September 2017. I have no idea what the new rate would have been, because I had no intention of carrying this debt until then.

Term: September 2017

Current minimum required payment: $0

Personal Loan – (Status: DEFERRED)

This is the loan that gives me the most heartburn. It consists of a series of 3 personal loans from my parents at various times over the past several years

Interest: 0.00%

Term: N/A

Current minimum required payment: $0

Debt Progress Report

DateStudent Loan 1Student Loan 2Auto LoanCredit CardPersonal LoanTotalNet Difference
May 2017$33,815.59$52,787.72$12,695.55$ -$51,000$150,298.86$537.08
Apr 2017$33,860.70$52,839.51$13,135.73$ -$51,000$150,835.94$6,285.71
Mar 2017$35,164.64$52,882.92$13,574.09$4,500$51,000$157,121.65$5,520.86
Feb 2017$38,167.99$52,950.44$14,014.32$6,509.76$51,000$162,642.51$834.36
Jan 2017$38,423.88$52,993.41$14,450.82$6,608.76$51,000$163,476.87($252.08)
Dec 2016$38,592.98$53,036.66$14,886.39$6,708.76$50,000$163,224.79$1,047.01
Nov 2016$39,060.53$53,087.96$15,312.55$6,810.76$50,000$164,271.80$901.01
Oct 2016$39,383.23$53,130.90$15,744.92$6,913.76$50,000$165,172.81$903.32
Sep 2016$39,697.06$53,181.79$16,178.52$7,018.76$50,000$166,076.13$899.03
Aug 2016$40,015.99$53,224.31$16,610.10$7,124.76$50,000$166,975.16$890.85
Jul 2016$40,325.91$53,266.59$17,040.75$7,232.76$50,000$167,866.01$1,049.41
Jun 2016$40,783.72$53,317.28$17,471.66$7,342.76$50,000$168,915.42$895.58
May 2016$41,097.05$53,359.70$17,900.49$7,453.76$50,000$169,811.00$598.52
Apr 2016$41,103.06$53,410.09$18,329.61$7,566.76$50,000$170,409.52($2,783.69)
Mar 2016$41,116.38$53,484.82$18,757.87$4,266.76$50,000$167,625.83$924.91
Feb 2016$41,151.65$53,543.14$19,189.19$4,666.76$50,000$168,550.74$687.81
Jan 2016$41,172.27$53,585.12$19,614.40$4,866.76$50,000$169,238.55-