Well here I am again…trying to keep my promise by updating the paying off of my mortgage post by posting every 2 weeks.
For this post I am showing you the month of August.
I was only able to pay $1183.11 towards the principal this month. I was saving cash for an upcoming vacation.
As you can see the balance is coming down at a good pace and it is now only a 27 year mortgage. I have paid off 3 years of a 30 year mortgage in 5 months!
Dave Ramsey would say to get a 15 year mortgage, but I think I am doing pretty well paying it down myself. I just have to remain focused and intentional (as Chris Hogan would say – finance guy, not football player).
As the months continue to fall to the wayside, it is getting harder to pay more of them. As I look through my amortization table I realize it will take me longer to pay off each year as the principal amount gets larger. I am not sure I will be able to continue to post every 2 weeks. Since I get paid every 2 weeks, I try to squeeze as much out of my bi-weekly budget as I can to put towards the principal. It may boil down to just posting updates once per month. But I encourage you to follow me for updates and to keep you encouraged to pay off your debts and your mortgage.
Here’s to reading on!