Tuesday, August 12, 2014

Paying Down the Mortgage

I have this dream. I want to be able to go to Martha's Vineyard at Dave Ramsey's office and yell that we are debt free. 

Thankfully, God has allowed us to be debt free other than our mortgage. I know some people say your mortgage is an ok debt to have. I just can't help but think what we would be able to do without a mortgage. Oh that would be bliss. 

We bought our house a year ago July. I knew that the quicker we could get on paying down the mortgage, the less we would have to pay in interest. 

I found this mortgage pay off tracker on Mrs. Debtfire and this simple chart has been a good visual for me. A similar chart is hanging on our fridge. We mark off every time we get under another $1,000 on our mortgage. I like having a visual reminder. 

mortgage bricks

Our first year of owning our house, we were able to pay $6,000 off of our mortgage. 

My goal for this year is to beat that amount of pay off. At this rate, we need to pay $500 a month off the principal. This year will be a little harder as I don't have an income coming in like last year. 

I will update you occasionally throughout the year to let you know how we are doing. 

1 comment:

  1. Mortgage is widely known to be the largest debt that you have to pay in your life. However, it is also the most satisfying debt to pay, as you worked hard for it in order to be debt-free. It’s good to see that you still keep a positive attitude in paying the mortgage, as it shows how hopefully you of doing this till that very last payment. Thanks for sharing your experience, Lydia!

    Tasha Reeves @ West Coast Mortgage Group


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