Category Archive: Mortgage

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 –

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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 –

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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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We Found The Perfect House For Us

Four years ago, my wife and I purchased a new home.  With three kids, we needed a place that was big enough for a family of five, close to work, and within our budget.  Here’s how we found the perfect house for our family –

First, we looked for a house located within reasonable driving-distance from where we worked.  There are several neighborhoods in our area, but we managed to narrow our list down to a top five.

Second, we each jotted down a few must-haves and would-likes – to create the list- the things we were looking for in our new home –

Must-Haves:

a quiet neighborhood with paved streets

four bedrooms

two bathrrooms

a two-car garage

space for a workshop

outdoor space for the kids to play

paved drive

trash pick- up  (If you have lived in the country, like me, you’ll get this one!)

less than 10 years old

municipal water / sewer

   Would-Likes:

front porch

covered back porch

workshop / shed

area for a garden

tall ceilings

extra-large closets / plenty of storage

tank-less water-heater

With our budget, our top five neighborhoods, and the list – we began our search –

house-48818_640

We started online – using sites like zillow and realtor – and we also searched the local papers and spoke with friends.  We walked through several homes – and drove by dozens more – but none of them met all of our criteria.

We searched for several weeks, driving through our preferred neighborhoods, checking with local realtors, and talking with friends.  We were beginning to feel like we would have to change either our budget or the list – but then, it happened.

We stumbled upon our perfect house – our home.

We were driving through one of our preferred neighborhoods, checking on a house that I had found online.  We decided to take an alternate route, a road we rarely used.

My wife spotted the “for sale” sign.

I pulled into the driveway – and we knew.

I dialed the number and scheduled a walk-through.  The house had almost everything on the list – and it was within our budget.  We were so excited, but we knew that finding the house – and finalizing its purchase – were two entirely different things.

Thankfully, i only took a few weeks, to negotiate the final price and sign all of the paperwork.  Four years late, we are thrilled with our decision.  The kids love the place and we couldn’t be any happier.  I’m glad that we created the list and stuck with our budget – and I’m thankful we took that road, that day, to this house.  Now – to pay if off in less than 10 years!

Side note – For those interested, we got almost everything we wanted on the list – except for the covered back porch and the workshop.  For now, my shed will serve as a workshop – and my next project is to put a roof over the back porch.  Also, I added gutters to the house, which were not on our list, but should have been!  (Sounds like an idea for a future post….)  Blessings.

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