Help me celebrate!

[kacaju]

congradulations We have 6 years left. I can't wait to pay it off

 

[DawnM]

Congratulations!

We don't have any other debt, but I don't see our mortgage being paid off any time soon. At least we have a 15 year loan.

Dawn

 

[mjmartin01]

congrats!!!!!

 

[Where'sPiglet?]

Congratulations!

 

[Gr8t Fan]

Wow - two years between mortgage and college - I'm jealous!

We'll be so glad when it's paid off. I recently got a raise, so we were able to bump up the payoff by another month.

 

[disykat]

We'll be so glad when it's paid off. I recently got a raise, so we were able to bump up the payoff by another month.

I'm guessing you have a spreadsheet too? We had a spread sheet so everytime we put it extra principle we'd go on and see where the payoff stood now. I always thought we were total geeks (with dh being head geek) but I guess we're not the only ones!

 

[Gr8t Fan]

I'm guessing you have a spreadsheet too? We had a spread sheet so everytime we put it extra principle we'd go on and see where the payoff stood now. I always thought we were total geeks (with dh being head geek) but I guess we're not the only ones!

You're not the only ones -- we're right alongside you -- we have spreadsheets and I run a new amortization schedule when I add to the principal. (In fact, I have our budget "generally" planned out until the year 2028 when our youngest graduates college). We've always paid something extra on our mortgage but have gotten really serious in the past year. I ran the numbers and found that if we got super-aggressive, we could pay it off in 19 months, then I squeezed a little more from the budget and we were able to get it down to 16 months, then 15. When the news of the lower FICA for this year hit, I figured that would be an extra $78 a month we could apply toward the mortgage, so I rounded it up to an extra $100 (but then our Illinois income tax rate was increased by 2%, but we didn't let it discourage us) which got it down to 14 months. When I found out I was getting a raise, I added that in, as well as a payment that we'll be done with in June and got it down to 12 months!!!! It's a bit of a squeeze each month, and occasionally I pull from savings for groceries (so I guess I'm not really staying on budget), but knowing that it will be paid off in less than 12 payments is so motivating.