At the end of November, our remaining payoff balance is at 26.40% of our original mortgage that we took out in 2007. That’s a reduction of 0.66%.
How much longer until the payoff?
Once all of Decembers’s payments are applied, we’ll have reduced our mortgage balance by about $895 this month. We successfully got the mortgage just below $36k by the end of the year. According to our schedule, we have 10 payments left. That means our mortgage will be paid off on November 1, 2018.
We reached our safe amount of padding in our savings account, so extra money each month will now go straight to the mortgage. We’re going to be pushing it kind of close to make the November 1 deadline, but I have a plan.
I’ve increased my goal of how much I’d like to bring in from side work. I also plan on ramping up selling items on eBay and Amazon this year. I’ve done this in the past with various levels of success, but I think with proper coaching and guidance I will bring in $1000 a month.
This is important because we’ve already planned a celebration vacation in December which means we’ll need to save up extra to pay for that as well. I believe it’s all possible, it’s just a matter of planning and getting there.
I haven’t forgotten about the budget series and the personal care category. I’ll hopefully have an update for you on that soon.