Whew! We have had a busy few months – but I’m back with an update on our progress to payoff our mortgage. For those new to the site –
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!
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 – 30.74% – and the amount we still owe – 69.26%.
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!
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 our stretch-goal.
Check back often to see how we are doing! Blessings.
Below 70%! And the principal portion just gets bigger with each payment.
Reducing a 15 year mortgage by 8 months is quite a challenge =) Thanks for sharing the advancements of this payback, very instructive and useful