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 –
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.
Congrats! That’s a percentage to be proud about. Good work!
This is a great percentage and it starts looking bigger each month. Congratulations for your determination and best of luck with achieving your debt free goal.
What’s the reasoning behind paying the regular payments early? You might as well chuck that in an interest savings account until it’s due. Congratulations on reaching 20% though!