Thursday, March 8, 2012

Mortgage Musings

With our March prepayment of an extra $415 towards our principal, our mortgage (on our primary home) is now below $265,000.  Whoo-hoo!

I like to imagine us being debt free and no longer having a mortgage payment.  [As an aside I don't include our investment properties as our personal debt regardless of the fact that it is personal debt.]  At our present pace, our mortgage will be paid off in 14 years, which is 7.5 years ahead of schedule, and that is just with an extra $415 a month.  If we upped our extra principal prepayment we could have our mortgage paid off in 10 years.

When I start thinking this way, I really get excited about paying down our debt and start seriously contemplating funneling extra money to the debt rather than savings.

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