Personal Finance

Mortgage Update – Are we there yet?

Typically I update my blog as soon as my monthly mortgage reflects new payoff information (which usually happens on the 2nd of the month). Here we are going on the 6th day of July and I am just getting around to making this post. The reason for the delay wasn’t because I was on vacation or sick (well actually I did catch the flu, but that’s another story). I simply could not motivated myself to report how much I have to go in paying this stupid thing off. I say I’ll pay it off in six years, but its actually six years and three months to date. Boo hoo! I am losing motivation fast!

Here’s how it works. I work and my paycheck gets direct deposited into my mortgage payoff account. On the first of the month, I also transfer our regular mortgage payment from our general checking account to the payoff account. Then my mortgage company takes all the money in that account and I’m left with like a $1 or so. Rinse and repeat for six years and three month. Tada!! Mortgage killed. Did you fall asleep reading that? Wake up! I know its super boring.

Anyways…here are the numbers:

  • If I abort extra payments today, I’ll pay it off by: 11/01/2034 (as opposed to 3/2036)
  • Saved in interest payments so far: $13,316.03
  • Current principal balance: $178,606.81 (aka too damn much!)

There’s got to be a way to make this a bit more exciting. Any tips or great blogs to read would be much appreciated.

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6 thoughts on “Mortgage Update – Are we there yet?

  1. Something that sometimesByers me through a motivational slump is to break them down into mini goals, so figure out how long it would take you to pay off $50k of that debt and focus in that only. That was the only way we were able to pay off $120k in 2.5 years, we focused on my debt first, then Mr. MMCs.

    Liked by 1 person

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