At the end of October, our remaining balance is at 29.20% of our original mortgage that we took out in 2007. That’s a reduction of .64%.
How much longer?
Once all of October’s payments are applied, we’ll have reduced our mortgage balance by about $873 this month. We finally crossed the $40k mark and are slowly working towards $30k. Like I said last month, we’ve made some temporary adjustments to our payoff schedule. If we kept our accelerated schedule, we’d have 12 payments left. That means our mortgage will be paid off on November 1, 2018.
Last month, we started saving up money for some potential changes in the future. In order for us to have a reasonable idea on a potential mortgage payoff date, I’m determining the payoff date based on if we applied all the money we’ve saved up “just in case” and added any extra money that should be coming in from other sources over the next 12 months. I have to be pretty certain that the money is going to come or else I don’t add it.
I’ll be continuing the series that covers our budget. The next category we’ll be covering is entertainment. Everyone needs to have some fun money, but how much do you really need?