Debt Reduction, Mortgage

Paying Off Our Mortgage – Update For February 2017 With Chart

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.

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