I have absolutely no idea how much in total is owing on two of my main assets:
my house and my car. I've not seen a recent annual statement for the mortgage, nor am I set up to monitor its progress online. I've just confirmed the service is available.
While there is equity in this house, the amount is not clear. I paid my last house off in its entirety, over a 10-year period. That turned out to be a costly decision, and I do not aspire to do such a thing again in my lifetime. This one is financed over a 35-year period at a rate of 4.9%, and the $845 monthly payments are mostly interest-only. To date they have been lower than rental payments would be, and the house has significantly appreciated in value.
The car loan scares me a little. In addition to the outstanding loan amount of approx. $10K, I recall it was financed in a accordance with a lease-style arrangement to keep the monthly payments low with a shocking interest rate of .8% (less than 1%, really not a typo). The final monthly payment for the vehicle is followed by a lump sum; I don't how the amount is determined. Will it exceed the car's book value? It still runs well, and for that I am grateful. I've kept the mileage low, installed a trailer hitch for our bike rack, and invested in a second set of (winter) tires on rims for it. The current value is hovering close enough to $10K.
I know precisely how much is left on the adoption loan ($7250), and the rate at which I have been clearing it. National Bank sends me an annual statement. The interest rate is much lower than I thought it was, hovering variably between 3% and 3.75% in 2010.
Light bulb moment:
Realizing why the credit line torments me. Mortgage excluded, it may be my primary debt. There is something wrong with this picture. It's supposed to be for unforeseen expenses.
