Yesterday, I finally hit a milestone in my journey paying off my mortgage. My loan is now under $175K, or $174,345.21 to be exact! What is even more exciting is that I hit the milestone a month earlier than expected! As a result, I shaven a year and 10 months of the original maturity date. As several of my readers mentioned, having milestones has helped motivate me to stay focused!
I have a pretty huge goal to for a principle payment this month. Since I get paid three times in September, I would like to try to get the principle under $170K. Crazy, I know! However, my paychecks will make up $3268.00. That would leave me to try and find $525 by September 30th! Can I do it? I am definitely going to try!
It is interesting that I reached this point right when I am debating refinancing my loan. Thank you all for the helpful feedback. I think the cons for extending the duration of paying off the loan as well as the high closing costs make it an unlikely option. Unless refinancing helps me pay it off quicker and doesn’t increase my monthly payments, it is probably not a good deal for me. I’ll figure it all out. But for now, I will just celebrate being under $175K!