Mortgage

Paying Off Our Mortgage Progress With Chart November 2014

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 –

mortgage payoff chart

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.

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4 thoughts on “Paying Off Our Mortgage Progress With Chart November 2014

  1. Where did you get the chart from? I would like to do that with our mortgage also. Thanks and you are doing great. It is hard to stay really fired up with such a large balance to go.

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