Your hubby pays roughly $3.60 in interest per day. That’s why the interest amount differs between the 06/10 and 06/14 payments. It’s the amount of interest earner per day between your payments. I hope that makes sense even though it’s not exactly $3.60
Congrats for the @$37k payoffs and paydown plus getting down into the $60k's. Also for reducing the balance enough that youre seeing the difference in dollars of interest paid; this can be self motivating. Super congratulations for devoting commission money to student loan payment.
The more extra you pay early in the loan, the more interest benefit you will see over the course of the loan. In terms of the benefit you get with each extra $1000 against principle, compare the dollars of interest saved on the loans versus the amiunt earned in the HYS.
Great job! Look at that interest going down! In a few months the minimum payment will be more that your interest! I wonder if they will try to reduce your minimum then to try and keep you paying longer? 🧐
Do you have a debt calculation on the sum of the student loans, full pay off date, and the interest you would have paid with just minimums at the onset of your current journey? It would be interesting to periodically compare those numbers with what ever your current numbers are. And, i will assume the difference amazing at the end of this journey when all is paid off.
