Mortgage Freedom: December 2011 Report

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 Goals:

  • Mortgage neutral (mortgage – savings) by December 2015
  • Mortgage fully paid off by December 2017

Stretch Goal:

  • 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.

{photo credit}


  1. says

    My ideal monthly overpayment is also £2k but haven’t managed this the last couple of months as I am ashamed to say we are going on a skiing holiday in April. You gotta live though! You will blast that mortgage away if you’re chucking £2k each month at it. Good luck for 2012!

  2. says

    We paid off 2 mortgages in the last 5 years…our house and the home my mom lives in. My mom’s house she kicked in 1/2 but I’ll tell you the milestones I really liked hitting…going from 6 figures to 5 figures.. Once you get under $100K, it’ll feel like a lot less money. I also loved that point where I was paying more in principal vs interest. Then when you get to about $30K…you can almost taste it and you get supercharged to finish it up. Those last months of mortgage payment I was insanely obsessive about funneling every last extra penny towards it.

    I was a little too obsessed though. I literally forgot how to spend money in a reasonable fashion. This year for me has been all about getting back to healthy spending patterns and being able to buy stuff I need without feeling guilty about it.

    • laura says

      @First Gen – thanks for sharing your story – it’s really inspiring to hear how others have accomplished something that seems like such a ‘big ask’. I’m excited to get below 6 figures too, it should be in April :)

  3. says

    Well I’m sure attacking my line of credit – got it down from $56,00 0 to $29,900 by the end of December and by next December it will be at $5,900 – can’t wait!! I love your aggressive plan!