Mortgage Payoff Progress

It’s been a while since I gave an update on our mortgage payoff progress. The last time I talked about our progress (or lack thereof) was a little over a year ago. We’d just gotten back from a quick trip to Paris, so although our mouths were saying that we wanted to payoff the mortgage, our wallets were saying something else entirely. (And I do not regret Paris for a second, that was awesome.)

Our goal

At any rate, our goal was to have paid off our mortgage by December of 2011. We’ve had that goal for about 3 1/2 years now, but really only started working toward it in the summer of 2010. (When I realized that duh, we’ve got to actually do something if we want to reach our goal. There’s a big difference between dreaming & doing.)

Finally making progress

My husband and I started out with a mortgage balance of $95,106.47, which if I remember right included a little bit extra that we took out during a refinance to get a new air conditioner. By March of 2011, we’d paid 38% of that off, so we were down to $58,966.01.

Things stalled out then for a bit, as we got distracted by other things and only made minimal progress. By which I mean we paid down a little less than $10K more.

In late September 2011, our no-cost mortgage refinance went through. We borrowed $49,500, refinancing from a 20-year fixed at 4.625% to a 5-year ARM / 30 year at 3.25% — dropping our interest rate by 1.375%. We refocused in October and started making get our mortgage paid off a priority again.

Where we’re at now

8 months later, our mortgage balance is now $19,543.97. It felt REALLY good to see that number drop under $20K. The closer we get, the faster we want to go. Unfortunately, Murphy seems to have reared his ugly head.

My son’s truck had problems. There was that issue with my car. We needed medical tests, and I had to have gum surgery. (I can talk easier today though, woohoo!) Our dog has valley fever. I’ve been spending on crap I don’t need, too. My income has dropped, by kind of a lot.


December or sooner

Our new goal is December 2012 or sooner, and I can taste it. My husband can taste it. We’re going to get our mortgage paid off ASAP.

$19,543.97 seems so much more doable than $95,106.47. We’re 79% of the way there, according to my Pay Off Debt app.

So one day soon, we’ll be saying goodbye to that mortgage for good! I can’t wait.