It’s time for an update on our progress to payoff our mortgage – early.Â Our progress chart is below, but first, a few words about our mortgage.
We have a fixed, conventional, fifteen-year mortgage.Â Our goal is to pay it off in less than 10 years.Â Our progress for the first five years was decent – and we managed to reduce the length of our mortgage by 7 months!Â However, that’s much slower than we initially planned.Â 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.
Hereâ€™s a chart with details for our current progress â€“
The percentages above represent the amount of our mortgage we have paid â€“ 29.66% â€“ and the amount we still owe â€“ 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 doesnâ€™t represent our equity â€“ it represents that amount we owe on our mortgage.
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.Â It will take a bit of sacrifice and determination, but that’s out goal.Â Check back often to see how we are doing!Â Blessings.