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  1. #1

    House Mortgage -- Countdown

    House Mortgage Debt . . . count it down.

    I've a long waaaaaays to go . . 10 years including this year is my target.

    Mortgage Principal : $207K

  2. #2
    You can do it! We paid $240K in three years by using most of our savings, every extra cent we had after paying bills and the remaining $77K, we paid by selling our rental property. You will not regret it; my husband lost his job a month after we paid the house off and we've been able to pay our bills as well as save with my income alone.

  3. #3
    As of today our mortgage principle is $104.5k. We'd like to pay it off in 10 years too. We'll see how it goes.

    Look forward to following your journey.

  4. #4
    Randomsaver, are you making any payments directly to principal over and above your required monthly payments? The real issue is how amotorization tables work, interest is front loaded. To make matters worse, most mortgagees seem unaware that their monthly payments also include property tax, some include mortgage insurance [PMI} and some even include ordinary house insurance. Check your documents to determine terms and conditions to add a separate payment directly to principal. Creditcardfree on SA Blogs is doing an incredible job of moving all extra sums to her relatively new mortgage principal where small bites are reducing her principal in big chunks.

    It may not seem like much initially but I was gobsmacked when I discovered that intermittent, small sums applied directly to principal cause a 30 yr mortgage to be paid in full in 13 years and the real benefit was how much it saved in interest. Cost avoidance is not easy to track but it sure makes a difference in total outgo.

 

 

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