Debt Reduction, Mortgage

Paying Off Our Mortgage – Update With Chart May 2015

Whew!  We have had a busy few months – but I’m back with an update on our progress to payoff our mortgage.  For those new to the site –

We have a fixed, conventional, fifteen-year mortgage. Our goal is to pay it off in less than 10 years. Our progress for the first five years was decent – and we managed to reduce the length of our mortgage by 7 months!

I use a simple pie-chart to track our progress – and post our updates here at No Credit Needed.

Having a visualization keeps us motivated!

Here’s a chart with details for our current progress –

may2015

The percentages above represent the amount of our mortgage we have paid – 30.74% – and the amount we still owe – 69.26%.

Each month, we make our scheduled mortgage payment, plus an additional principal-only payment.

Some months, we make more than one principal-only payment!

This chart doesn’t represent our entire equity – It represents that amount we still owe on our mortgage.

We have reduced the length of our 15-year mortgage by 8 months!

I have a plan in place to payoff the rest of our mortgage in 60 months – that’s 5 years. It will take a bit of sacrifice and determination, but that’s our stretch-goal.

Check back often to see how we are doing! Blessings.

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2 thoughts on “Paying Off Our Mortgage – Update With Chart May 2015

  1. Reducing a 15 year mortgage by 8 months is quite a challenge =) Thanks for sharing the advancements of this payback, very instructive and useful

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