Since my last post, I’ve continued to do quite a bit of thinking about our house, finances and debt. After toying around with various calculators, I realized that if we sacrifice and work hard for 5 years, we can payoff our mortgage giving us options to use it as an investment property, stay put or sell it get a new home. So, I’ve finally decided! My company, the Charm household, will streamline operations, layoff some expenses and pay off the mortgage by December 30th, 2020. This will be about 15 years early and save us over $60K in interest. We achieve this goal by completing two steps:
- We will living off of my husband’s paycheck and use mine completely for extra mortgage payments starting April 2016.
- We will reduce spending/side hustle/snowflake to obtain an extra funds to use for additional monthly payments. Target goal is an extra $770 a month starting in May 2016.
Sounds simple enough! Let’s see if we can make this happen! #teamkillingthemortgage