Thursday 31 August 2017

Wanda Payment Update

It is not just any Thursday, but a Wanda Payment Thursday, so I thought that I would take a retrospective look at the Wanda Loan.

First of all, the extra bite taken out of the Outstanding Balance of the Wanda Loan increased by $3.19. 

This is up significantly from the previous regular payment of $2.15. I am not sure exactly what impacts this amount but it does vary somewhat.

The other interesting thing about this loan is that when is started taking note of this loan, last October, a few things have changed.

For one, before I started making large regular payments on the loan, the amount of regular payments taken up by interest was 64.80%. 

Today that number was 26.51% and it keeps on dropping each payment that I make. 

So that means that 73.49% of this morning’s regular payment went towards the Outstanding Balance.

That is a huge change which means the lower that number is the more of my regular payments (the ones I have to make anyways) goes towards paying down the Outstanding Balance.

This is a way of leveraging those regular payments to help pay this loan off faster. This is the real power of making extra payments on a loan, even if it is only a few hundred bucks a payday.

The Outstanding Balance has been knocked down to the range of a cheap, small car loan. I can see the end of this loan. 

I am excited to see that I am truly nearing the end of this the last loan which has been the largest loan that I have ever had. 

Once again, I am 4 paydays (inclusive) away from that auspicious day of making that last and largest payment on the dreaded Wanda Loan.

As always: Keep your head up, your attitude positive and keep moving forward!

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