As many of you know, I reluctantly made a principle only payment on my mortgage last weekend. Since then, I’ve been anxiously waiting to make sure it applied correctly and doubting my decision to break into our 6 month savings to pay it off early. This morning, I checked my mortgage online and it was updated. As a result, I knocked off three months of payment! Whohoo!
The question remains if I will continue on the killing of the mortgage mission. Thank you for all the comments and suggestions! Since I’m pretty risk adverse, a plan that has me not sleeping at night doesn’t seem like a smart one. My job is somewhat stable, but grant-funded. If the grant doesn’t get renewed, I’ll be out of a job at the end of 2018. Knowing this, we have attempted to use my paychecks for savings only. In reality, we use it for kid activities, charities and other non-essential items. On the other hand, the stability of my husband’s job is questionable. Each year, there always seems to be a number of layoffs.
I am still debating what to do, but it sure feels good to have reduce the maturity date even it was only three months.