Category Archive: Mortgage

Paying Off Our Mortgage – Update For February 2017 With Chart

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 have been paying off our mortgage for 7 years now – and it’s cool to see more and more of our monthly payment go towards our principal.

 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 –

 

The percentages above represent the amount of our mortgage we have paid – 42% – and the amount we still owe – 58%.

Our process is pretty simple –

We make our regular, monthly payment on the first of each month.

We make an additional, principal-only payment on the fifth of each month.

On the fifteenth of each month, if we have managed to earn or save any money, we send and additional, principal-only payments.

Payments are initiated via our online bank, and a notation of “principal-only” is included, when applicable.

This chart doesn’t represent our entire equity;  it represents the amount we still owe on our mortgage.

Thank you for patience between regular posts.  We’ve had an exciting but busy few months.

Thanks for checking out No Credit Needed.  Please subscribe to No Credit Needed via daily email or rss – and follow me via Twitter and Facebook – for future content.  Blessings.

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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.

Thanks for checking out No Credit Needed.  Please subscribe to No Credit Needed via daily email or rss – and follow me via Twitter and Facebook – for future content.  Blessings.

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Paying Off Our Mortgage – Update With Chart September 2015

It’s time for a new chart!  We are working to pay off our fixed-rate, conventional, fifteen-year mortgage. Our goal is to pay it off in less than 10 years.

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 –

11

The percentages above represent the amount of our mortgage we have paid – 32.83% – and the amount we still owe – 67.17%.

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!

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

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