Mortgage Payoff Update – 20% Paid Off!

Posted By on March 12, 2012

I just wanted to throw out a quick post highlighting our mortgage payoff achievement that just happened today. We officially have 1/5 (20%) of our house paid off, and we only just celebrated our one year purchase anniversary on March 3. Needless to say, we are eager to pay it off, and have been putting a lot of extra money toward it! This also includes my tax refunds, which are substantial, and my Christmas bonus, which is also, thankfully, a substantial amount.

To give a small overview of what we are working toward – we are paying $1,000 a month toward the balance, plus tax refunds and bonuses. I am also going to start putting extra budget money that we don’t spend toward the balance which could be a bit more than $100 a week. Our goal is to have the entire balance paid off by January 1, 2015, which is about 2.5 years away. If we can do that, I will have accomplished my goal of being debt free with a paid for house/land by the time I turn 30 (I’ll will actually be 28 at that point). 🙂

If you hadn’t noticed, you can track our progress in the side bar on the right. We have a progress bar and a countdown highlighting how far we are.

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2 Responses to “Mortgage Payoff Update – 20% Paid Off!”

  1. Lynn says:

    Congrats to you! Attacking your mortgage debt with such aggressive payments will lower that principal SOOO fast that you can see the results! It’s a wonderful and triumphant feeling to make the “last payment”…. I know you’ll feel just as great as we did. Stay focused and you will succeed!

    • Jonathan says:

      Thanks Lynn! Yes it is dropping, but I find myself getting anxious to make the next payment as soon as I’ve made one. I love paying it off as fast as I can! I don’t know what I’ll do for happiness when it’s gone. 🙂

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