Here are my numbers from June
$4,575 at 6.80%
$6,420 at 5.25%
$5,000 at 5.00%
TOTAL = $15,995
I will do this by putting all of my investment (except my amount to get my employer match) against my debt. Also, I have various savings goals for larger car for my wife (used) (2 years) and a down payment (5 years). I will throw both of these lump sums against my debt half way through. Both of these can be paid back using my reduction in payment prior to the end of their goal. I will also, at the end, throw my car repair fund at the debt. I can use the increased cash on hand due to reduction in debt to cover car repairs as they come (no longer saving for them).
Here is my progress:
$2,577 at 6.55%
$6,314 at 5.25%
$5,000 at 5.00%
TOTAL = $13,891That is a change of $2,104 in 3 months.Not huge for three months but it is something. At this rate it will take me 2 years; however, this hasn't factored in my Savings goals which I will throw against this debt at the very end the end. I will include the current status of my savings goals below for information. Remember these savings goals are still growing so I am getting closer and closer.
Car Repair - 3,000 (funded at a rate of 200 $/m)
Car Replacement - 1,900 (funded at a rate of 175 $/m)
Down-payment - 1,000 (funded at a rate of 135 $/m)
So my actual status including savings goals (which will eventual be thrown against debt) is closer to 8k remaining. The only reason I haven't pumped these into my debt yet is that I am hedging my bets. If anything goes wrong with my cars I have it covered. The down-payment is being held on to because I may use it to insulate my house which I bought in May. I should have a 100% handle on the Down Payment by end of year (next planned update).
Lastly, I am throwing about 800 $/m at my debt which I was previously investing (this is where the initial 2k indicated above came from). If you take the current status of 8k remaining and assume 800 $/m (previously investment) + car repair + car replacement + down payment; I could be done in 6th months. Which would be 3 months ahead of my schedule (which was conservative to start with). If no unexpected costs come up in the coming months then I could pay this all down in 9 months total. We will see. Wish me luck.
PS - The 5k is in my wife's name so I need to get that updated from her. The highest debt was previously listed at 6.80%; however, there were two loan groups in that one at 6.80% and one at 6.55%. The 6.80% is paid off.