At the end of November, our remaining payoff balance is at 27.06% of our original mortgage that we took out in 2007. That’s a reduction of 2.14%.
How much longer until the payoff?
Once all of October’s payments are applied, we’ll have reduced our mortgage balance by about $2910 this month. We are on track to be below $36k by the end of the year, which was the goal we set earlier this year. Like I said before, we’ve made some temporary adjustments to our payoff schedule. If we kept our accelerated schedule, we’d have 11 payments left. That means our mortgage will be paid off on November 1, 2018.
This month, I had some extra money come in from side work which helped us to boost the payoff a bit more. Once we’ve got a reasonable padding in our savings account, I plan on putting anything extra directly towards the house again. The padding should be built up by the end of December at the latest. After that, we’ll be making much larger payment against the principal.
I’ll be continuing the series that covers our budget. The next category we’ll be covering is personal care. What is “personal care”?