Category Archive: Mortgage

Mortgage Payoff Progress With Chart – April 2014

My family and I have lived in our current home for 4 years.

We are working hard to payoff our 15-year, conventional mortgage.

I keep track of our progress using a simple spreadsheet and pie chart.  This provides motivation to keep going, especially when we are tempted to feel frustrated with our progress.

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

may2014

The percentages above represent the amount of our mortgage we have paid – 23.72% – and the amount we still owe – 76.28%.

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

We keep chipping away, month-after-month.  We have already shaved 6 months off of the length of our mortgage.

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We Have Paid Off 20% Of Our Mortgage – October Update

My wife and I continue to work hard to payoff our home mortgage.

As of the end of October 2013, my wife and I will have lived in our home for 3 years and 8 months.

We have paid off more than 20% of our mortgage balance!

We have a conventional, fixed-rate, 15-year mortgage and our goal is to pay off our mortgage in less than ten total years.

As of November 1, 2013, we will have made 44 regular, monthly mortgage payments.

We have also made several principal-only payments, too.

We usually make our mortgage payment on the first day of the month, but we made our November payment a few days early.

Additional principal-only payments are made throughout each month, as we earn additional income and find ways to decrease budgeted-for expenses.

Here is our most recent chart -

oct2013The chart 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 reflects how much of our mortgage balance we have paid – not how much we actually own. That percentage would be much higher.

While property values in our rural neighborhood have remained relatively stable, recent home sales in our area show a slight uptick in sales prices.

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Mortgage Payoff Progress For August 2013

My wife and I continue to work hard to payoff our mortgage.

As of the end of August 2013, my wife and I will have lived in our home for 3 years and 6 months.

We have a conventional, fixed-rate, 15-year mortgage and our goal is to pay off our mortgage in less than ten total years. We are behind on our goal – but working hard to achieve it!

As of September 4, 2013, we have made 42 regular, monthly mortgage payments.

We have also made several additional principal-only payments, too.

We usually make our mortgage payment on the first day of the month, but we made our September payment a few days later.

Additional principal-only payments are made throughout each month, as we earn additional income and find ways to decrease budgeted-for expenses.

Here is our most recent chart -

chart913

The chart 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 reflects how much of our mortgage balance we have paid – not how much we actually own. That percentage would be much higher.

While property values in our rural neighborhood have remained relatively stable, recent home sales in our area show a slight uptick in sales prices.

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How We Found Our Home

Four years ago, my wife and I decided that the time was right for our family to purchase a new home.  With a down-payment in our savings, we started our search.  Here’s how we found our home -

We began our search within a 20 mile radius of my wife’s workplace.  We live in a rural part of our state – but there are several small neighborhoods within our desired area.

Once or twice a week, I would check the local online real estate listings.  We found four or five homes that we liked, but all of them were outside of our price-range.  I also checked our local paper, but had no better luck.

Speaking of our price-range – we qualified for a substantial loan amount – but we were only comfortable taking out a loan that we knew we could pay back in 15 years, or less.  We were not simply focused on the payment we could afford.  We were focused on the house we could afford.

Eventually, we found  houses in our price-range, but upon viewing, none of them worked out.  We were looking for a home that was move-in ready and relatively new.

One evening, we took a drive, and ended up in a neighborhood that we had never before considered.  That’s when we saw it – our new home!

It was for sale – by owner – so it was not listed online.

We called the number listed on the for sale sign – and a friend of the owner came over with a key and showed us the home.  Instantly, we loved it.  (I think I read somewhere that most folks decide if they want to purchase a new home within the first minute.  For us, this was definitely true.)

We called the owner and were excited to hear that the four-bedroom home was well within our price range.  Over the course of a several conversations, we negotiated and settled on a price.  For us, working directly with the owner kept things very simple.  Even though we loved the home, we took our time and stuck to our budget and price-range.

Over the course of the next several weeks, we went through the mortgage application process, packed up our stuff, closed on the home, and moved in.  The process was pretty straight-forward and we love our home.

Looking back, I’m so glad that we took the time to search for the perfect home for our family.  By knowing our budget, our desired size, and our preferred location, we were able to take our time and find just the right place.

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