Hi! My husband and I are trying our darndest to pay off our mortgage as fast as we can without dramatically altering our quality of life. Right now I am 25 and DH is 27, we would LOVE LOVE LOVE to be mortgage free by the time DH is 40.
Current Time Line
September 2007 - Took out $160K mortgage, 30 years at 5.75%
November 2007 - First Payment due
April 2009 - Refinanced $144K balance to 20 year, 4.80%
Here are the extra principle payments we have made so far:
November 2007 - $217.99
December 2007 - $217.99
January 2008 - $217.99
February 2008 - $217.99
March 2008 - $251.60
April 2008 - $391.10
May 2008 - $258.44
June 2008 - $396.40
July 2008 - $273.69
August 2008 - $371.55
September 2008 -$318.94
October 2008 - $416.57
November 2008 - $313.72
December 2008 - $411.34
January 2009 - $408.49
February 2009 - $5.64
March 2009 - $313.69
April 2009 No payment due to refinance
May 2009 - $344.57
June 2009 - $341.73
July 2009 - $38.88
August 2009 - $387.26
September 2009 -$544.21
October 2009 - $500.51
Originally I was figuring the extra payments to make our total payment an even number.....but I quickly changed that to making exta payments that bring our balance to an even amount (I am an even number FANATIC).
I use a spreadsheet I found online at vertex42.com it is amazing and lets me easily see how much we need to pay to get to the next milestone, plus has a seperate column for my principle payments so it is always up to date.
2010 is looking like it may bring hefty medical bills (UGH!)so I am planning on a flat principle payment of $350, then the couple extra dollars down to the next even amount, and then our change bucket each month, usually $10-$20 bucks a month.
If we don't have to pay as much as expected for medical maybe we can throw some more at it near the end of 2010.
We WILL be mortgage FREE!
October 20th, 2009 at 11:41 pm
October 21st, 2009 at 12:02 am 1256083343
October 21st, 2009 at 12:19 am 1256084395
October 21st, 2009 at 01:41 am 1256089271
What a relief that is!
Good for you cutting yours down!
October 21st, 2009 at 12:59 pm 1256129975