May 2018 Mortgage Pay-Off Update: Paying the Mortgage is Boring ($195,979)

I’ll be honest with you. Paying off the mortgage is rather boring.

There isn’t the flurry of small wins here and there. It’s a long slog through hundreds of thousands of dollars. At every turn, there are shiny new things to tempt us, as well as renovations and fun projects we are itching to do. Don’t get me started on travel plans, too!

Would you be jumping for joy as you pay off your mortgage? Maybe. I don’t know that I am jumping for joy each time we send money along. It’s not as exciting as I thought it would be.

I remember paying off our student and auto loans, which funny enough, took YEARS. It felt much more satisfying, but maybe because even though we paid off over $97,000 in debt there were small loans along the way that we could knock out every 12-24 months.

The mortgage is a completely different beast. Add that to the controversial idea of paying off the mortgage vs. investing and I have a hard time deciding what the best thing to do is.

With that said, we’re still sending a little along to the mortgage each month from side income. Next school year, we’re going to do a super frugal experiment in the fall and make some decisions in this arena, too.

May 2018 Mortgage Numbers

  • Starting May: $198,164.71
  • Prepaid May: $1,523.00
  • Ending May: $195,979.12

Side note: these numbers don’t include our regular monthly payment, so that’s why the math doesn’t add up

Looking at the chart above, we’ve cut almost a decade off of our mortgage. That’s pretty awesome! I do look forward to seeing that green line drop straight down in the coming few years. Maybe I just need to look at the charts more often to help with my discouragement. I am surprised, we actually did pretty well this month to put a nice dent in the balance.

Updates on the Mortgage Goals

Here are our goals:

  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.

Maybe once we reach goal number 3, I’ll start to feel like progress is being made. That could be as early as this time next year or sooner.

I’m super thankful that we have another year to look forward to on this journey as well as in our many other ventures. We’re chipping away a little at a time and now looking at the data we are making very good progress. I can envision that final mortgage post now…

Are you paying off your mortgage (if you have one) or investing? Why or why not? We’re doing it for the personal satisfaction of knowing we are homeowners and taking that balance out of the equation of future decisions. Plus, we plan to stay here until our final days, so it’s worth it for us to knock it out in the long term.

4 thoughts on “May 2018 Mortgage Pay-Off Update: Paying the Mortgage is Boring ($195,979)

  1. We were paying off our mortgage for a while, while also investing. We stopped for a while to save up money for a down payment on a rental property, but will probably start up again soon. We have $50k left. I look at it as part of a balanced investment strategy, just another way to reduce risk. Stocks may be volatile, and bonds a little less so, but paying down the mortgage will always result in the equivalent of a 4% gain (or whatever your interest rate is).

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