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 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.
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 doesnâ€™t represent our entire equity;Â it represents the amount we still owe on our mortgage.
Thank you for patience between regular posts.Â We’ve had an exciting but busy few months.