Paying down the mortgage

Kerri

New Member
#1
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

Club Founder
Staff member
#2
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)
 

Kerri

New Member
#3
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.