The summer was a slow time for paying down our mortgage, as we don’t make income every summer. So, that means were early retirees each year, right?!
As fall approached, some items popped up in our planning for the coming year with regards to travel, so we haven’t been able to be as aggressive in paying down our mortgage this fall as I had hoped we’d be.
The good thing is, we may have the ability to be more aggressive next spring than we had planned, so it may possibly level out over the course of the year. I’d like to put a bit more into savings and investments to hedge our bets and peace of mind before we rid ourselves aggressively in this area.
As it is, we’ve already cut off almost a decade from our mortgage and have gotten it down to being paid off in 2035. Now, of course, we’re still hoping for a pay-off at least 10 years before that or earlier.
It’s not looking too bad, as we still owed $196k in May, right?
And we only started this process about one year ago, and at that time, we still owed $216k. We’ve dropped $26k in one year with extra payments and our regular payments. On our average salaries and higher cost of living expenses in the North East, that’s pretty decent I’d say.
I am glad we have this chart at least to look at our progress. Sometimes paying off the mortgage appears to be going way too slow, and 3-4 years seems like forever. When looking at the images, it helps me to see how far we have come and what we’ve been able to accomplish.
I’m a visual person, so seeing the lines, the numbers, and the changes each month help me to feel progress is happening, but man, mortgages are a beast! One we’ll slay sooner than later if all goes well.