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’m tracking our progress.
August 2011 Mortgage Stats:
- Original Mortgage: £138,485 (April 2006)
- Original term: 300 months (March 2031)
- Outstanding Balance: £110,305
- Reduction from last month: £1,106
- Paid off to date: £28,180
- Monthly payment: £542.34
- July over payment £657.66
- Actual payments left: 227
- Months until goal date: 76 (31st Dec 2020 2017)
- Original term reduced by: 8 months
Us vs. Bank: 20.34% vs. 79.66%
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!!
We finally hit the 20% paid off mark……now we’re chasing 28% because that’ll mean we’re out of five figure debt. According to our snowball chart that should be around June time next year, but I’m going to try and move that up a bit.
Paying off a mortgage may not be the right way to do things (for a lot of people), but I know that for me, it is. I have my focus back and want nothing more than to eliminate this debt.
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{ 3 comments… read them below or add one }
Every month it’ll get a little easier. It’s amazing how fast that last $50K goes. Maybe it’s because your goal is so close, you can almost touch and feel being debt free. I love the little milestones you make for yourself. They help a lot.
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movetoportugal Reply:
August 1st, 2011 at 9:51 am
Hi Sandy
The little milestones are a great motivator and a little less daunting than looking at the whole mortgage balance.
I can’t wait to be on the final £50k…although I don’t want to wish the time away
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Great job! You passed the 20% mark! You will be at 28% in no time…
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movetoportugal Reply:
August 2nd, 2011 at 6:52 am
Thanks Mike!
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You’re doing awesome! You work so hard at reaching your goals, I’m sure you can do this too!
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movetoportugal Reply:
August 2nd, 2011 at 6:54 am
Thank you Carla! Your constant support really means a lot
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