Paying down the mortgage

Discussion in 'Mortgage Payoff Diaries' started by Kerri, Dec 12, 2015.

  1. Kerri

    Kerri New Member

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    Status today - $233033.37
    Amount due each month - $1445
    Minimum payment weekly is - $361.00
    Amount I pay over is - 138.00 to round it off at $500.00 paid each week

    According to the amortization table I will be paid off in 12 years rather than the 27 years estimated by the bank
     
    cdub likes this.
  2. cdub

    cdub Club Founder Staff Member

    Joined:
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    Mortgage Debt:
    $250717
    Interest Saved:
    $20028
    Principal Pre-Paid:
    $10377
    Welcome to the site! That's great. Since I'm fully buffered on my business side soon I'll start being able to pay more into my savings and mortgage... but of course the holidays are coming up so I won't be working for maybe 2 weeks so that might give that buffer a little hit. (I only get paid when I work - self employed)
     
  3. Kerri

    Kerri New Member

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    Indeed self employed is a blessing but there is that downside of - no work no pay - I am happy to have my job, no real plans to retire early as I enjoy what I do - public librarian of some 25 years. But I will retire at 60 I think with a healthy superannuation and the house paid off so life should be great. My next short term goal is saving for a holiday in New Zealand in June/July next year, so that will be a nice goal, after that it will be a new set of hearing aids. I like setting short term financial goals to keep me on track, paying off the mortgage seems so far off into the distance at times to be almost unachievable.
     
    cdub likes this.
  4. Kerri

    Kerri New Member

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    Just checking in today, update current mortgage is 227439.63, reduction of $5594.07. Feels good to see some real reduction in numbers
     
    cdub likes this.
  5. cdub

    cdub Club Founder Staff Member

    Joined:
    Oct 14, 2015
    Messages:
    44
    Likes Received:
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    Mortgage Debt:
    $250717
    Interest Saved:
    $20028
    Principal Pre-Paid:
    $10377
    Awesome!
     

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