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Mortgage Update

April 8th, 2014 at 06:24 pm

Our mortgage is our only debt, and we're trying to chip away at this as much as possible while still putting money in our IRAs ($5000 each per year).

This month we put $210 toward the mortgage principal: $150 savings (budgeted) and $60 which I got for teaching at the gym.

We've paid $2053 in additional principal so far this year. At the beginning of the year we owed $79,141 and we now owe $73,634.

If we don't make any more principal payments ever again on the loan, it'll be paid off in August 2020. If I just continue to pay $150/month extra, it'll be paid off in October 2019 (which would coincide with my 53rd birthday. But our goal is to pay this off sooner, so every snowflake, ebay sale, swagbucks reward, pinecone reward, craigslist sale, etc. goes toward the mortgage.

I want to note that I make $$43,800 a year and my husband makes $45,000 (gross, not including small jobs on the side when we can). We pay about $14,000 per year for private school.

5 Responses to “Mortgage Update”

  1. Carol Says:

    You are doing a terrific job!

  2. Mooshocker Says:

    Truly, an inspiration!

  3. TashaC. Says:

    2019 sounds so much closer than 2020. Keep going!

  4. Kiki Says:

    Do Architects have to be licensed (in the field not business license) in a particular state to do work?

  5. Shiela Says:

    great job.

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