In doing my monthly calculations, I’ve realized that the amount I pay in interest has slowly but surely come down. Sallie Mae’s interest compounds daily (ugh), and I tracked the last few days to see that it’s been $8.29 per day of interest since my last extra payment. Which makes for about $240 to $250 per month in interest, which is a bit less than the $300-ish a month when I first started the blog.
At this point, I’ve paid down about 19% of the original amount, woohoo! That’s almost one-fifth! So it makes sense that my interest has gone down about one-fifth as well. I still have a ways to go but it is nice to see that the numbers are slowly budging. Even if it does seem soooooo slooooooow!
Anyone else calculate how much interest they are racking up each day? It’s eye opening! It’s like an entire meal!