Debt Reduction, Mortgage

Paying Off Our Mortgage – Update For February 2017 With Chart

February 20, 2017

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.  We have been paying off our mortgage for 7 years now – and it’s cool to see more and more of our monthly payment go towards our principal.

 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 – 42% – and the amount we still owe – 58%.

Our process is pretty simple –

We make our regular, monthly payment on the first of each month.

We make an additional, principal-only payment on the fifth of each month.

On the fifteenth of each month, if we have managed to earn or save any money, we send and additional, principal-only payments.

Payments are initiated via our online bank, and a notation of “principal-only” is included, when applicable.

This chart doesn’t represent our entire equity;  it represents the amount we still owe on our mortgage.

Thank you for patience between regular posts.  We’ve had an exciting but busy few months.

Thanks for checking out No Credit Needed.  Please subscribe to No Credit Needed via daily email or rss – and follow me via Twitter and Facebook – for future content.  Blessings.