My family and I have lived in our current home for almost 5 years. We are working hard – paying off our 15-year, conventional mortgage.
I use a simple pie-chart to track our progress. Having a visualization keeps us motivated and excited about the progress we are making.
We purchased our home in February of 2010. Hopefully, we’ll pay it off in less than 10 years – which is our stretch goal – but as of right now, we have shaved 6 months off of the length of the loan. Our progress was slowed, just a bit, when I changed jobs, but we are back – on-track – making principal-only payments on a regular basis.
Here’s a chart with details for our current progress –
The percentages above represent the amount of our mortgage we have paid – 27.25% – and the amount we still owe – 72.75%.
Each month, we make our scheduled mortgage payment, plus an additional principal-only payment. (Some months, we make more than one principal-only payment.)
Keep in mind, this chart doesn’t represent our equity – it represents that amount we owe on our mortgage.
This month marks a bit of a milestone – In less than 5 years, we have paid off more than 25 percent of our mortgage! That’s pretty cool.