Oddly Giddy to Pay Down Mortgage Debt: Mortgage Goals

It’s been quite a long week here in our household. We had a few exciting events this week (Monkey’s first winter concert!) and now we’re finally slowing down in our second jobs, as well as going to be off for winter break in another week. I’m thankful that after the fall rush of schedules and responsibilities, the start of winter means a much needed time to reflect, enjoy family, and take a breather before it all ramps up again mid-winter through the spring.

With that, I’ve also been more and more excited on payday to send money along to the mortgage. While I was hesitant at first thinking if this was the best use for our secondary income, I’m feeling more and more motivated to keep going and knock that huge mortgage number down.

We’re already down over $10,000 since we started… crazy!

The best has been when we literally wake up and our second sources come into our account, I happily go to my computer and set up the transfer. This usually occurs around 6 am in the morning while we’re all getting ready to go out for another day. Chris has started laughing at my giddiness, as I say, “Alright! I’m off to send more money to the mortgage, isn’t this great!?!”

Slaying the Largest Beast

Paying down such a huge debt is new for us me. I’m not entirely sure that Chris cares much either way, but he’s known how far I’ve taken us on a better financial path and he’s trusting of my ideas to keep the trajectory going. All of our other debts probably at one point added up to the total or more than our mortgage debt, but they were all a $10,000 here or $36,000 there. They were manageable numbers (is there such a thing with debt?) now that I look back at them. They wiped out quickly once we got rolling, and the mortgage is a whole other beast.

When I mention to Chris, “we’ll only be around $180-190,000 left to go the end of the school year,” he looks at me and says that’s fantastic. I am saying it in a way of, “man, we’re getting nowhere” and he reminds me what a huge feat going from $221,000 down to the $180’s is. I know in the 2nd year of this plan, hitting below $140’s will feel even more amazing and closer to a manageable mental number to break down… for me.

Why am I sharing this?

Well, simply put, I am thankful this season that we are fortunate to have learned a new way to live without miserly existences, and also that we are able to keep forging ahead on an unconventional path as a solid team.

Plus, surprise, we’ve already met Goal #1 of our mortgage pay down: get it under our life insurance payout.

Entirely by accident, I happened to look up my life insurance benefit when checking to make sure my pension information was correct. I noticed that my lower salaried position still would pay off the mortgage if I were to pass (so, Chris’ obviously would at a slightly higher salary). Our insurance is through our jobs based on 3.5x’s our salaries.

Without even trying, we hit a goal already and that makes me even more excited to keep going and reach more goals in this pursuit of complete debt freedom, the desire to no longer need to borrow money, and eventually push forth toward financial freedom!

The Goals

I realized, I never shared my goals for our mortgage payoff, so here they are unofficial:

  1. Make the total balance less than our life insurance payout would be. ✓ October 2017
  2. Push the balance below $200,000 just for aesthetic purposes. ✓ March 2018
  3. Reach under a $160,000 balance which was what we sold our underwater house for and lost tens of thousands.
  4. Hit below the $120,000 range because that’s what Mr. 1500 owes and decided not to pay it off.
  5. Zing into the under $100,000 in debt club.
  6. Maybe reach $50,000 because that is a manageable number, I kid.
  7. Pay that final $1 off.

I hope that by the time I celebrate 40 years old, we’re completely debt free and even more of the world opens up!

I’m also trying to decide the best layout for my blog that isn’t totally overwhelming, as I like simple minimalist clean pages. Hopefully, I’ll find the right balance soon and not keep changing things around, but I definitely don’t want the site to look too overwhelming and be of good use for you!

Photo by Ben White on Unsplash