March 2018 – Mortgage Payoff Update

At the end of March, our remaining payoff balance is at 17.73% of our original mortgage that we took out in 2007. That’s a reduction of 2.19%.

How much longer until the mortgage payoff?

Once all of February’s payments are applied, we’ll have reduced our mortgage balance by about $2971 this month. That brings our balance to just above $24k. According to our schedule, we have 5 payments left. That means our mortgage will be paid off on September 1, 2018.

We didn’t have anything extra of significance to throw at the mortgage this month, just some small amounts here and there.

I’ve had some projects wrap up with my side business and have gotten paid for them. That’s how we’ve been able to cut off an extra payment. In order to reach the September 1 deadline, we were going to have to use some money from savings. From this point forward, anything extra we throw at it over what is planned, will reduce what we take out of savings to achieve the September 1 goal. Once we don’t need anything from our savings, then we’ll work towards cutting off an extra payment.

Budget Series

I’ll be publishing an update on this soon!

Leave a Reply

Your email address will not be published. Required fields are marked *