In February of 2010 my wife and I purchased our very first home. We have a conventional 15-year mortgage and our plan is to pay it off in less than 10 years. Our stretch goal is to pay it off in less than 7.
As of February 28, 2011, we have made 12 regular mortgage payments – and several additional principal-only payments.
When I posted last month’s update, we had paid off 4.95% of our mortgage debt.
As of or most recent payment, we have now paid off 5.72% of our mortgage debt.
Here is our most recent chart –
The chart below shows two percentages. The blue percentage is how much I still owe – the balance. The red percentage is how much I have reduced – the paid.
This chart does not represent how much of my house I actually own – it simply reflects how much of our mortgage balance we have paid. We actually “own” much more than 5% of the house, based on appraised value and initial down payment.
As of today, we have made 12 regular payments and have lived in the house for just over a year. We now have right at 9 years to pay off our mortgage and reach our paid-in-10-years-or-less goal.