February 2012 Mortgage Reduction Report

I have been neglecting the blog for a while as I have been busy with other things. I started looking at some numbers the other day and we are won’t achieve our goal of paying off our $316,000 mortgage and being totally debt free in 5 years. It was a lofty goal, and may have been achieved if we cut back on vacations, eating out and some of the little luxuries. You still have to enjoy life.

Our mortgage balance is currently at $142,435 and it should be fully paid by July 2014. I look forward to the day when we don’t owe any money to anyone and we are totally debt free. This means payments of approximately $5,000 a month, which would be achievable if the prepayment privileges allowed it. There are some work arounds, but I am not sure just yet of how we are going to work it. I will explain this dilemma in a future post.