I missed the period key when making an online "micropayment" toward the Home Equity Line of Credit this morning. Instead of 4.32 I paid $432.00, or close to six months' principal automated payments.
I had a chance to cancel, but I didn't see the amount clearly (no glasses, little caffeine).
The benefits are that my HELOC is five months closer to being paid off; I have less interest and more principal to pay next billing; my equity, mortgage paid, and principal paid numbers are up. Instead of having an "Oregon zip code" balance outstanding on my house, I have a "Honolulu zip code" balance outstanding.
The HELOC interest rate and term are higher than my car loan's rate and term as well, so I've saved myself some interest, maybe $140.04, or seven months' interest on the car loan. I don't mind so much the automatic $100 withdrawal requirement imposed by my credit union. I know someone who, seven years after borrowing on her HELOC funded by a major bank, is still paying interest and no principal.
A missed the period momentary panic
June 3rd, 2015 at 06:30 pm
June 3rd, 2015 at 07:42 pm 1433356955
June 3rd, 2015 at 08:26 pm 1433359604
June 3rd, 2015 at 09:29 pm 1433363357
June 3rd, 2015 at 10:50 pm 1433368235
June 3rd, 2015 at 11:22 pm 1433370177