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Mortgage Accounting for 2015

December 14th, 2015 at 07:07 pm

I just paid our last mortgage principal payment for 2015... it consisted of $100 gym payment and $20 Craigslist sales.

The totals for the year:
- House value about $600k
- I wanted to pay down $8k in additional principal in 2015
- Actually paid down $10,127
- Our mortgage was $64,601 at the beginning of 2015
- It's now $43,327 (so that is $21,274 of principal from our regular payments)
- If we don't pay down another dime and just make regular payments, we'll pay off the house in July 2019...

... but you know we're not going to do that!

I know that there are good arguments for putting the money into IRA's instead, but these are our reasons for paying off the mortgage:
1. We will need the money to pay for F's school
2. It has trained us to live on less (we might just have spent the money without this goal)
3. When the mortgage is paid off, whatever does not go to the school will go to savings now that we're trained not to spend our excess

And... It's snowing, and I made this chocolate cake for dessert tonight! We'll be eating it for days!

3 Responses to “Mortgage Accounting for 2015”

  1. FrugalTexan75 Says:

    Way to go with the paying on the mortgage!

  2. Livingalmostlarge Says:

    Woohoo! Congratulations.

  3. VS_ozgirl Says:

    Awesome pay down on the mortgage!!

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