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!