Paying Off Our Mortgage – Update With Chart July 2016

My wife and I are working to pay off our fixed-rate, conventional, fifteen-year mortgage.

Our goal is to eliminate our mortgage debt in less than 10 years.  We purchased our home in February of 2010 – so we have a little over four years to reach our goal.  (Realistically, it looks like it might take us a total of 12 years – but we’re still trying!)

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 –

blogchart0716

 

 The percentages above represent the amount of our mortgage we have paid – 38.15% – and the amount we still owe – 61.95%.

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

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

With more than 60% to go – and just 4 years to reach our stretch-goal – it would be tempting to get discouraged.  However, with each payment sent, the amount allocated towards principal gets higher and higher, while the amount allocated towards interest gets lower and lower.

I find that when I update this site regularly, I stay a bit more focused on our debt reduction.  Thanks for checking out the article.

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