<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Archive: November, 2012
 

Archive for November, 2012

So Close!!!

November 27th, 2012 at 01:25 pm

My 12/1/12 Mortgage payment cleared today.
Previous balance: $102,496.77
Payment breakdown: $1396.41 (regular monthly payment)
Additional Principle: $1400
New balance: $100,453.77

Oh so close to breaking that six figure mark!

Discussions about Mortgage Payoff

November 26th, 2012 at 07:06 pm

Over the Thanksgiving break I was having dinner with several friends. Some are nearing retirement age and one commmented (lamented really) about how she wished she had paid down her mortgage early. It got me to thinking about when/how/why this became a priority for me.

Working as a career counselor I met with many people since the 2008 economic downturn who lost their jobs and some eventually their homes. Many of these people had adequate EF's, (at that time the recommendation for an EF was 6 months living expenses I think) but simply could not find employment. It really inspired me to make paying off my mortgage a financial goal. The security of having a paid off home (at least for me)is priceless. I am not a risk taker, so this makes sense for me.

There are many different ways to prepare ourselves financially, some disagree with paying down a mortgage and heavily invest instead. This is not a post about what is "right or wrong" in terms of financial planning. Just my own thoughts about my own personal way of planning for my future!

Update

November 12th, 2012 at 07:01 pm

I joined the site last year but haven't blogged much. I am hoping to write more often to help keep myself motivated!

My main goal remains to pay off my mortgage as quickly as possible. I have no other debt. Over the past year I always pay an additional $1000 to my principal each month. As of today my mortgage balance is $102,493. My projected payoff date (with the additional principal added in) is 08/2017. Not bad considering I just bought the house in 06/2010 with a 15 year mortgage.

I ran some numbers and if I can add an additional $400 dollars a month to principal my payoff date would be 09/2016. I think I can do this if I really tighten up my budget. My biggest area that needs attention is the dreaded grocery shopping and eating out! I really dislike cooking and grocery shopping, but I am determined to do better in these areas.