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Mortgage Milestone

September 25th, 2011 at 05:05 pm



Was just paying the October bills since we will be on vacation soon. Making sure everything is in order and paid ahead of time.

I am not 100% sure, but think we have reached the milestone of lowest mortgage balance ever. $201,333. Woohoo! (Hard to tell because all I have record of is some mortgage payoff when we sold our first home - the payoff included interest).

We are on track to hit $199,999 by 12/31. I expect a $250 Christmas bonus, and so just have to scrounge $165 Christmas money to top it off. $199,999 will most definitely be the lowest mortgage balance we have ever had. Big Grin

& so I welcome FORWARD PROGRESS.

Story is that our first mortgage was $210k or so (for just a condo). But we traded for a luxurious home (+ yard and garage and stuff like that) for a $230k-ish mortgage. My dh also got laid off and we had a child, so we dropped the 15-year mortgage. Which basically means it took us, oh, 10 years to get back to where we started. A $202,000 or so mortgage. But, you know, no complaining here. The infinitely nicer home, and the spouse not working for a decade - all that is 100% WORTH IT. But I am just excited to make FORWARD PROGRESS. Versus, owing as much at age 34 that I did at age 24.

In another 10 years, we pretty much expect to have our home paid off. (I can handle the 15-year amortization, and dh doesn't need to bring in that much income to knock off 5 more years).

Woohoo to forward progress!

The super plus side is that we were paying in the realm of $1800/month for a smaller mortgage in the year 2001. 15-year amortization. For the next year, looks like we can cobble together $1400/month to the same end (15-year payoff). Low mortgage rates are definitely not all bad. (We can't even justify refinancing below 4.875%). That said, if interest rates stay low, and we can knock off enough principal, we will refinance to a 15-year. I am salivating at 3.25% rates. We just aren't quite there yet.

Hard to whine since we are saving $400/month over our last 15-year amortization. 10 years ago I was paying $1800/month for a flipping condo in a so-so neighborhood. Today we pay $1400/month to pay off dream home in 15 years (same mortgage balance). I suppose we have experienced much forward progress - just nice to move forward with the debt numbers, too.

3 Responses to “Mortgage Milestone”

  1. Petunia 100 Says:

    Congrats on breaking a milestone. Smile

  2. rob62521 Says:

    Great milestone! That has to make you feel good!

  3. NJDebbie Says:

    Woo hoo!!!!! /

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