Our goal is to be financially independent by December 2020; being mortgage free is part of that goal and every month {hum, hum} I’m tracking our progress.
We’re back to boosting our cash savings at the moment and no mortgage over payments are being made. We have a lot going on this year and want to keep our options open as to where the money goes. That said, we do hope to make some sort of overpayment later in the year.
January 2011 mortgage update:
- Original Mortgage: £138,485 {April 2006}
- Original term: 300 months
- Outstanding Balance: £114,838
- Paid off to date: £23,647
- Actual payments left: 234
- Months until goal date: 119 {31st Dec 2020}
- Original term reduced by: 8 months
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{ 3 comments… read them below or add one }
Nice work! Keep hacking at it!
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Laura Reply:
January 27th, 2011 at 8:24 am
Thank You Executioner!
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All I’ll say is that every little bit does help and adds up over time.
Keep at it. It’s achievable especially when you have a modest mortgage like yours and not some ludicrous sum to pay off.
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Laura Reply:
January 27th, 2011 at 8:25 am
Thanks Sandy! Somedays I feel like it’s a huge figure to pay off!
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Looking good so far! And the satisfaction that you will have once you realize that you are paying more on the principal (rather than just the interest) will be worth it! Cheers! Cristina
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Laura Reply:
January 31st, 2011 at 12:22 pm
Thanks Cristina!
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