At the end of January, our remaining payoff balance is at 23.39% of our original mortgage that we took out in 2007. That’s a reduction of 3.01%.
How much longer until the mortgage payoff?
Once all of January’s payments are applied, we’ll have reduced our mortgage balance by about $4086 this month. That brings our balance just below $32k. According to our schedule, we have 8 payments left. That means our mortgage will be paid off on October 1, 2018.
We’ve been plugging away pretty steadily this month at the mortgage. We were given an unexpected gift that we applied. It helped to get us back on track and give us a bit of buffer room.
Any extra money that we’re finding is going towards the debt. Now that Christmas is behind us, the number of unexpected expenses has dropped a bit and should make it easier for us to stick to the budget.
On a positive note, several things are happening with my software consulting business, Adro Solutions. As different projects are added to the pipeline, completed, invoiced and paid, we may be paying it off sometime this summer!
Also, Julie has started a new business. I’ll hopefully have more information on that soon as well! Exciting times in our house.
The next category I’ll be covering in the budget series is about gifts. Do we budget enough?
Photo by brad.coy