Mortgage Under $200,000
It’s finally happened! Our mortgage is under $200,000!!!
As I have mentioned before, I am one of those people who want to pay off their mortgage. This is one of my biggest goals right now. When I say “debt-free” I want it to mean ALL debt and not just everything but the mortgage. I 100% understand all the supposed cons to this decision. People have been “kind enough” to share them with me multiple times and in great detail. However, the pros of getting rid of this thing far exceed the cons to me. Freedom in the form of $2000 a month. Not much can top that.
When we refinanced on the mortgage, we went from a 25 year mortgage that was one year in to a 15 year mortgage which saved us 9 years of paying off this thing. If we continue at our current pace of overpayment we would pay this thing off in nine years. This is not counting any extra payments we may be able to make. If we were able to meet the yearly goal of $25,000 extra on top of that, then the mortgage would be paid off in five years. While that would be awesome, my income is variable and highly dependent on the market so we can’t count on that happening every year. A woman can dream though. 🙂
For now, one huge milestone is achieved and that’s fantastic. Next stop: Under $175,000.
How’s your debt payoff going? Working on your mortgage or something else?
P.S.- Happy Star Wars Day! May the fourth be with you. This is a geek website. Did you really think I forgot. 😉
Congrats, what an awesome milestone!!! I’m right there with ya on wanting to pay off the mortgage. 9 looong years until we can get there though. We break into the 100’s in July.
Yay! Looking forward to July for you! 🙂
Thanks for reading!