May 2018 – Mortgage Payoff Update

mortgage blackboard

At the end of May, our remaining payoff balance was at 12.78% of our original mortgage that we took out in 2007. That is a reduction of 1.57%.

How much longer until the mortgage payoff?

Once all of May’s payments were applied, we’ll have reduced our mortgage balance by about $2138 this month. That brings our balance to almost $17k. According to our schedule, we have 3 payments left. That means our mortgage will be paid off on September 1, 2018.

We’re getting really close to this series of posts being wrapped up. I’ve been searching for ways to potentially just wipe the mortgage out right away because the end is near. It’s possible, but more likely that this type of action will happen in July and not June.

Progress slowed down a bit in May because I transitioned to a new position. That means the gaps in paychecks occurred. However, June should be back on track and the side business is really picking up steam. All of this happening at once could potentially push the mortgage to be paid off by the end of July! More updates to come and you can rest assured there will be a post the day the mortgage is paid off.

Budget Series

May has been pretty busy, but I still plan on covering our “activities” budget next.