Our goal is to achieve Financial Freedom by December 2020; being mortgage free is part of that goal and every month I’m tracking our progress.
June 2011 Mortgage Stats:
- Original Mortgage: £138,485 (April 2006)
- Original term: 300 months (March 2031)
- Outstanding Balance: £112,420
- Paid off to date: £26,065
- Monthly payment: £542.34
- Monthly over payment £57.66
- Actual payments left: 229
- Months until goal date: 114 (31st Dec 2020)
- Original term reduced by: 8 months
Us vs. Bank: 18.82% vs. 81.18%
We made a small overpayment on June 1st (£57.66), but we’ve made changes in our budget to allow for an over payment increase in July; increasing it to £557.66. If I do manage to get a job over the next few weeks then we may increase it further.
I’m totally focused on paying off this mortgage debt now, perhaps, as Sandy mentioned in her comment earlier this week, after slogging to pay down consumer debt you just need to take a little break before starting again.
{ 3 comments… read them below or add one }
Being mortgage free is a wonderful goal…one that I hope to reach in about 10 years…Our mortgage is really high, and we just switched to a 15 year loan. We are seeing our principal go down very fast now. Oh how I wish I switched to a 15 year loan about 10 years ago! Hopefully we’ll be able to pay it down once I get some savings in place.
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Laura Reply:
June 5th, 2011 at 8:54 am
Thanks Sharon! Hindsight is a wonderful thing – at least you’re on the 15 yr loan now
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Congrats on paying down your mortgage. I know every little bit helps! We round up to the next $50 so we end up paying $22.50 extra every month- it isn’t much but while we focus on all our other debt it is about all the extra I can swing.
Continued success with this- and once you start putting an extra 500 toward it, it will go down even faster!
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Laura Reply:
June 5th, 2011 at 8:51 am
Thanks Sandy! You’re right every little does help, so even though at this time you can only pay a little, eventually it will be more, and then you’ll already be a little nearer to being mortgage free.
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I don’t know if it’s just me, but the balance seemed to go down faster once I had 5 figures of debt instead of 6. It’ll be a big psychological boost to get under that $100K mark.
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Laura Reply:
June 8th, 2011 at 6:18 pm
@First Gen American..five figures is definitely our first target. We should get there in approx. 12 months…hopefully sooner
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