The interest for the mortgage just got withdrawn for the month - $498.62. I'm finally under $500 a month! I've put the monthly interest in the sidebar so I can track it.
I just paid $500 into the account to cover the interest. For a few months now I've been paying the monthly mortgage interest like a bill, to keep that balance moving downwards asap. Currently its $160,881.
I've also added another page with the amortisation schedule for the original mortgage - $200,000 over 30 years. We are almost at the balance for the end of Year 10.
To reach my 2018 goal of < $100,000 is not going to be easy, but I just keep focusing on that number and believing we can do it. I know I'll have a nice big tax return to use and I have a meeting this week about extra work. All that income will go off the mortgage.
DH has had some hassles at his workplace over the last few weeks.Not sure how its going to turn out - wether it will settle down or wether they will offer him a payout. Hopefully it settles down and we can just keep on plodding along towards retirement!
* I added some photos to the post about our retirement unit:
2 comments:
Well done!
Wow, you are making fantastic progress. We refinanced our house in January, going from a 30 year (taken out in 2015) to a 15 year. Doing so also reduced our interest rate from 4.5% down to 3.25%. Goal is to pay it off in 8 years.
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