We can see the light at the end of the tunnel!
A milestone was reached this month. Yes!! Our mortgage is now below $100K. With the regular payments and a prepayment our balance is now $96,490. Getting below $90K is just a couple months away and then our prepayment room will be used up for this year.
Once my taxes are done and my RRSP gets topped up we will start putting money into TFSAs for each of us and then start making mortgage prepayments next January.
The mortgage should be fully paid by June of 2015. I will be 45, so two years short of the goal, but impressive to pay off $316,000 plus interest in 7 years. If debt free by 45 rhymed perhaps we would have been able to achieve our goal.
Well 2012 has come and gone and with any luck I will manage to blog just a little more. I keep saying that though.
With a fairly substantial prepayment and the two bi-weekly payments this month the balance on our mortgage is down to $101,316. This means in February we will be under the $100K mark. The light at the end of the tunnel is getting brighter.
A lump sum payment in October has brought our mortgage down to $116,119. Although I didn't think it would happen we have run out of prepayment room for 2012. This means there will be no extra payments until January. The good news is January's extra payment should be in excess of $5000.
Again, I have been neglectful in the last month to post anything. The best I can do right now is posting our mortgage balance. $119,157 is where we sit. The means we paid just over $50,000 in the last year. No complaints there. Slowly and surely we will get this paid off!
Have a good month.
I have been quite neglectful of my poor little blog as of late, but not willing to let it die as of yet.
Our original mortgage balance in July of 2008 was $316,000. Four years later we have a balance of $124,435. Making very good progress, but it doesn't look like we will meet our goal.
When I came up with Debt Free by 43 the goal was to have the mortgage paid off by July 2013. That won't happen, but we are on track to have it paid off in another 2.5 years. Although I am a bit disappointed paying off a $300K+ mortgage in under 7 years is no small feat.
We will keep on plugging away and hopefully I will have some more time to pay attention to my little blog.
Thanks for reading.