Our goal is to achieve Financial Freedom by December 2020; being mortgage free (as soon as possible) is part of that goal and every month I track our progress.
Okay first up the stats and then our plan for 2012.
December 1st 2011 Mortgage Stats:
- Original Mortgage: £138,485 (April 2006)
- Original term: 300 months (March 2031)
- Outstanding Balance: £106,322.34
- Reduction from last month: £455.46
- Paid off to date: £32,162.66
- Monthly payment: £542.34
- December over payment £0.00
- Actual payments left: 223
- Months until goal date: 72 (31st Dec 2020 2017)
- Months until stretch goal date: 48 (31st Dec 2015)
- Original term reduced by: 8 months
Us vs. Bank: 23.22% vs. 76.78%
- Mortgage neutral (mortgage – savings) by December 2015
- Mortgage fully paid off by December 2017
- Mortgage fully paid off by December 2015
No over payment this month as we wanted to add the money to our ‘moving abroad costs fund‘, but in January we’re going ahead with a big bid towards mortgage freedom and increasing our monthly payments to £2k.
Our mortgage debt target figure for December 31st is £83,000, a reduction of £23,322.34 on our current balance. We’ve been working on our budget for next year and think, if we are really frugal in our day to day living, we can do this. But to keep a balance we have allowed money for travel.
Anyone else attacking their mortgage in 2012? If so, I’d love to hear your plan.