Personal Finance

Yet another post about my mortgage

If you are a frequent reader, you know that 1) I am working on paying off my mortgage by September 2022 and 2) I am losing motivation because six years is like a millions years away. Okay, I know that technically six years is really only six years, but lets consider a few things. In six years, my sweet 9 year old will be a moody 15 year old teenager. My “baby” son will almost be a teenager as well. And heaven forbid, I will be in my mid-40s! Oh my! My current grant-funded job will be over in July 2022 which is actually months before I plan on paying off my mortgage. Hopefully I’ll find another job, but what if I don’t and I can no longer put extra payments on my mortgage? How long will I have left just making standard payments? Another year? Two years?! Goodness!

I have got to find a way to pay this off sooner! Even if its only 2-3 month, I should probably try and have it paid off by the time I am unemployed! That way I can ponder my next steps without having to worry about silly things like paying off a mortgage early. Isn’t that what financial independence/freedom is really about any? Here are three potential ways I can send extra money to my mortgage.

  1. $1588 more a year or $9,528 over 6 years. This morning, I realized that I have my payment plan set up based on receiving two paychecks a month. While this is typically true of most months, there are two months out of the year that I get 3 paychecks that I had not added into the payoff equation.
  2. $250 more a month or $18,000 over 6 years. My boss is still working on my hour increase from 25 to 30 hours a week. I haven’t really pushed her since I really am not thrilled about working more. But I could be proactive and start working more. I am not really sure about how it will effect my paycheck, but I think I should get about $250 more a month after taxes.
  3. $50 more a month or $3,600 over 6 years. My boss has also hinted at a title change with more compensation. This is the one I am most uncertain of since I could not get a raise or I could get a raise of like $1 more a month. Who knows, but since its a possibility, I might as well list it.

If I do all of this and my shady loan calculators are correct, I could pay of my mortgage by December 1st, 2021. Then I could spent the rest of my employment saving for an amazing international travel adventure with my family in June or July of 2022. Yes, lets do that! December 2021 – it is on!

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6 thoughts on “Yet another post about my mortgage

  1. I totally understand your frustration when the goal seems so far away. Heck, I’m frustrated and our debt-free goal is on the horizon! I think what I find frustrating is that there’s always something MORE to pay down or save for. (If we were to buy a house, then we’d have a mortgage, for instance!) We want to save for travel, like you, and we also want to save more for retirement, for our daughter’s college, etc., etc. Another question I struggle with: how can there simultaneously never be enough money in our household but also so much more than others have?

    Anyway, I think it’s great that you’ve nailed down some concrete ways to bring more cash to your mortgage payments. Are you planning a little celebration when you reach a mini-milestone? That might help! So if you hit one mini-milestone but don’t quite reach another mini-milestone, you’ll still know that you can do it and have some kind of mental payoff… Does that make sense?

    Good luck!

    Liked by 1 person

  2. I have been thinking a lot about your question: “how can there simultaneously never be enough money in our household but also so much more than others have?” This is exactly how I feel all the time! How is this possible!?

    Like

  3. I think in following your blog these last few months and seeing how much you want your mortgage paid off, I actually think you will pay it off in time. You have too much conviction and determination (in a good way) not too.

    Liked by 1 person

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