Category Archive: 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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Paying Off Our Mortgage – Update With Chart March 2015

It’s time for an update on our progress to payoff our mortgage – early.  Our progress chart is below, but first, a few words about our mortgage.

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!  However, that’s much slower than we initially planned.  So, over the past few months, we have stepped up our game – and we are aiming to payoff the entire remaining amount over the next five years.

I use a simple pie-chart to track our progress. Having a visualization keeps us motivated and excited about the progress we are making.

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

chm15

The percentages above represent the amount of our mortgage we have paid – 29.66% – and the amount we still owe – 70.34%.

Click here to check out our method for reducing our debt and paying off our mortgage.

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.

Here’s more on how we found the perfect house for our family and decided how much to pay for our new home.

We have reduced the length of our 15-year mortgage by 7 months. Each month, the amount of money going towards principal increases, and the amount for interest decreases.

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

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5 Years In Our New House – Mortgage Update!

I was reminded by my son: As of today, we have lived in our new house for 5 years. So, it’s time for a mortgage update – with handy-dandy chart!

When my wife and I financed the purchase of our new home five years ago, our goal was to pay it off in less than ten years. We have a fixed, conventional, fifteen-year 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 7 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 –

215

The percentages above represent the amount of our mortgage we have paid – 28.28% – and the amount we still owe – 71.72%.

Click here to check out our method for reducing our debt and paying off our mortgage.

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.

Here’s more on how we found the perfect house for our family and decided how much to pay for our new home.

We have reduced the length of our 15-year mortgage by 7 months. Each month, the amount of money going towards principal increases, and the amount for interest decreases. Things should really begin to progress, as we ramp up our efforts in 2015. Blessings.

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Paying Off Our Mortgage Early – Update With Chart

My wife and I financed the purchase of our new home five years ago.  We are working hard and paying off our mortgage early.  Our goal is to own our home in less than ten years.

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 –

1214mortgage

The percentages above represent the amount of our mortgage we have paid – 27.76% – and the amount we still owe – 72.24%.

Click here to check out our method for reducing our debt and paying off our mortgage.

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.

Here’s more on how we found the perfect house for our family and decided how much to pay for our new home.

We have reduced the length of our 15-year mortgage by 6 months.  Blessings.

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