February 2013 Mortgage Reduction Report

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.