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 –

chm15

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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