At the end of June, our remaining balance is at 35.02% of our original mortgage that we took out in 2007. That’s a reduction of 2.21%.
How much longer?
Once all of June’s payments are applied, we’ll have reduced our mortgage balance by about $3002 this month. We’re finally below $50k and marching towards 40k. We’ve still got 15 payments left! That means our mortgage will be paid off on October 1, 2018.
I recalculated everything to make them a bit more conservative. Unfortunately, that adds one more month. However, we should be able to more easily reach this deadline. Before we were really stretching it and didn’t have a lot of flexibility for when other things come up.
I’ll be posting a new series soon that covers our budget. My guess is that there are questions out there about how we’re paying off our mortgage so quickly and being able to still live life in general. When we started budgeting, we did a lot of research trying to figure out how much other people were budgeting for different categories. Hopefully it will give some insight to everyone who reads about it.
Photo by Got Credit
At the end of May, our remaining balance is at 37.23% of our original mortgage that we took out in 2007. That’s a reduction of 2.68%.
How much longer?
Once all of May’s payments are applied, we’ll have reduced our mortgage balance by about $3648 this month. We’re almost below $50k. Currently, with the new monthly figures in place, we’ve still got 15 payments left! That means our last mortgage payment would be applied on September 1, 2018.
Where did the dramatic increase in our payment or the drastic decrease in our balance come from? I talked it over with my wife. We decided to go into extreme payoff mode to get this thing knocked out. In order to do this, we decided to delay some of our other goals. By lowering the amount we put into a couple of savings accounts, college savings, and Roth IRA, 7 payments are cut off!
It would be nice to do the savings, investing, and pay the house off all at the same time. However, not being able to do everything at once will encourage us to find new ways to pay it off faster so we can get to the extreme investing!
Photo by Tax Credits