How do you pay off your home early? By being focused and on fire. The following shows how I am using my amortization schedule to keep track of how much I currently owe on my house. I will show you every two weeks how my progress is going (growing?).
2 weeks ago I showed you how I was paying off my home early using the amortization schedule from my lender. Here is the 2nd post showing how much has been paid off.
As you can see, the monthly interest portion decreases as the monthly principal amount increases. This will make it a little rougher each time I make an extra payment. As much as I want the house paid off, I need to concentrate, be disciplined, and most of all be FOCUSED.
For the month of May through June, I only made 2 extra payments, which the total amount of the extra payments were $2030.33, but it paid off an ENTIRE YEAR of house payments! So by the 7th of June I had already taken my 30 year loan down to 28 years.
At this point I owe $135,669.76. I wonder if Dave Ramsey would be proud of me?
Here’s to reading on!