I called my mortgage company today to inquire about some things. In particular I wanted to know if after paying your last payment, how are property taxes handled?

News to me, but they're handled by me</strong> from that point on. This was one of those burning questions in the back of my mind because I know they have to get paid one way or another, but I wasn't sure how exactly that goes about happening. I hear Ramsey saying "how does it feel to not have any payments" but I still asked myself "well, you still have a monthly property tax payment don't you?"

The answer is actually no you don't. You can set up your own escrow things and essentially do that, but you can also just wait till the time of year you get your taxes and just pay them then.

The other thing I wanted to know was where I sit in regard to PMI. I put a chunk of change down on the house but was wondering where I was at since I first bought it. The PMI can be removed when you reach 80%/20% debt to asset ratio based on the closing price of the house. See, first of all, I knew about the 80/20 rule but I thought it was on market value. So I was confused on whether PMI could magically disappear if your house appreciated and, conversely, if it would be automatically re-instated if your home dropped in value.

It's such a simpler calculation to just base it off the closing price of the house. So PMI on a $200,000 house is eligible for banishment at $160,000. I was informed that I'm currently at 90.3%; yuck. My house didn't cost 200k though; *whew*

In any event, student loans are at the top of the list for the rest of the year; after that, comes the car. One of these days when the car is paid off, then I'll begin working to reach PMI banishment (if I haven't already reached it by then...probably won't). And if I can accomplish all that, then I start the long...arduous journey to no mortgage.

Anybody care to help the process along by contracting out support for nessquik? ;-)