PAYING OFF MY HOME ONE MONTH AT A TIME (post #4)

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!

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2 Comments

    1. Thanks Dumb Wealth. I think once you’re debt free that’s the ultimate goal. Just imagine the feeling you would have knowing that you’ll never pay rent again, you will always have a roof over your head, and if need be, you can always take out another loan (if you ran out of your emergency fund) on the home. Thanks for the comment

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