Earlier this year, we refinanced our mortgage from an adjustable rate, 30 year to a fixed, 20 year one. We now pay $69 more a month but don’t have to worry about our interest rates ever increasing. Since our first payment isn’t due until April 1st, this is the first month in 10+ years that we don’t have a mortgage payment due!
So what we did we do with all that extra money? I debated whether or not to make a payment to our new mortgage. But I have this fear that since the loan is new, that money will get lost in paperwork hell somewhere. In the end, I put $1k into savings and the rest I will use to pay random annual dues/non-reoccurring medical bills that I have around.
Somehow I thought it would be more exciting not paying a mortgage payment this month. I felt like it would be a taste of debt freedom that would motivate me to pay off our new mortgage faster. It was anti-climactic actually thinking about how many more years I’ll have to make a mortgage payment. I’m feeling a bit discouraged.