Mortgage

Paying Off Our Mortgage Progress With Chart November 2014

My family and I have lived in our current home for almost 5 years.  We are working hard – paying off our 15-year, conventional mortgage. I use a simple pie-chart to track our progress.  Having a visualization keeps us motivated and excited about the progress we are making. We purchased our home in February of 2010.  Hopefully, we’ll pay it off in less than 10 years – which is our stretch goal – but as of right now, we have shaved 6 months off of the length of the loan.  Our progress was slowed, just a bit, when I changed jobs, but we are back – on-track – making principal-only payments on a regular basis. Here’s a chart with details…

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Debt Reduction, Mortgage

How We Are Paying Off Our Mortgage

We have a 15-year fixed-rate home mortgage – and we are working hard to pay it off in less than 10 years. We purchased our home in February of 2010.  The original mortgage term of our our loan was 180 months, with the loan due to be paid off in March of 2025.  So far, we have whittled away 7 months from that date. Here’s what we do – Each month we make our monthly mortgage payment.  We do so via an auto-draft from our online banking account. Then, we make an extra, principal-only payment.  We write (type) the words “apply to principal” in the memo section of the check.  Our mortgage company knows to apply this payment towards our…

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Mortgage

Mortgage Payoff Progress With Chart – April 2014

My family and I have lived in our current home for 4 years. We are working hard to payoff our 15-year, conventional mortgage. I keep track of our progress using a simple spreadsheet and pie chart.  This provides motivation to keep going, especially when we are tempted to feel frustrated with our progress. Here’s a chart with details for our current progress – The percentages above represent the amount of our mortgage we have paid – 23.72% – and the amount we still owe – 76.28%. Each month, we make our scheduled mortgage payment, plus an additional principal-only payment. We keep chipping away, month-after-month.  We have already shaved 6 months off of the length of our mortgage.

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