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.Â We purchased our home in February of 2010 – so we have a little over four years to reach our goal.Â (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 â€“ and post our updates here at No Credit Needed. Having a visualization keeps us motivated!Â Hereâ€™s a chart with details for our current progress â€“
Each month, we make our scheduled mortgage payment, plus an additional principal-only payment.
This chart doesnâ€™t represent our entire equity â€“ 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.Â 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.Â Thanks for checking out the article.