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We WILL be mortgage FREE!

October 20th, 2009 at 11:41 pm

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.

4 Responses to “We WILL be mortgage FREE!”

  1. mooshocker Says:

    Great job. I am a HUGE proponent of this concept. Best of luck. God bless.

  2. NJDebbie Says:

    I agree with mooshocker; we currently apply $200 extra to the principal of our home mortgage, but as soon as we hit $50K mark on savings we will aggressively pay down our mortgage. We figure that by December 31st we will meet our savings goal; just in time for the beginning of 2010. Good luck with your efforts.

  3. LuxLiving Says:

    I paid extra principal payments on almost every single mortgage payment we made. Wasn't always very much, but I did it - we are now out from under the mortgage.

    What a relief that is!

    Good for you cutting yours down!

  4. creditcardfree Says:

    Great job! Keep it up and you will make it.

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