A lot of things have changed since the last update on the mortgage. Certain assumptions that we had made in the last mortgage payoff calculation are no longer valid, and there are new numbers to consider.
After running the calculations, it appears we’ve got about 33 months left before the house is completely paid off. I’m hoping that number drops down to 2 years or less here soon. I’ve decided to add a tracker to the right hand side of the web site to show our progress against our original loan balance when we took out the mortgage almost 10 years ago. At the time we had a 30 year mortgage with a higher interest rate.
A percentage towards paying it off is much more consistent measurement and doesn’t fluctuate like the number of months left does. Perhaps one month that number could climb up several percentage points, where other months it only moves one point. It should however move at least 1 point each month with only 33 months remaining.
Here’s to the future without a mortgage!!!