Wednesday, March 18, 2009

Mortgage Down Under $50k!

Yea! I reached the next milestone. I made an extra principle payment of $2,236 which brings the mortgage total to: $49,078! It took longer than I expected to reach this goal. I hope getting under $40k isn't as hard.

If everything goes as planned I will have my mortgage paid off in 1 year and 8 months.

If I didn't make any more extra payments, my mortgage would be paid off in 8 years and 5 months. I have had this mortgage since October of 2004.

Part of the money I hope to use is going to come from some stocks that I own. I have no idea if they will be worth anything by the time I cash them in. I estimated that they probably lost $1,000 from their $5,000 value of 2 years ago. When I added them all up last week the total was $3,910. Close. I would have to subtract the fees for selling them too when the time comes. Maybe they will *gasp* actually go up in value by the time I want to sell them.

Other than the variable stock value, I just need to keep my job and keep my tenants and I should be able to stay on track with my mortgage repayment program. Oh, and I need to stay off Craig's List so that I don't buy any cute campers!

14 comments:

the weakonomist said...

Wow, just wow. You are an inspiration to those looking to reduce their debts.

I'm not one of them (for now), but I draw upon the energy of people like you. Thank you for sharing this and good luck on the rest of the mortgage reduction journey.

Cute kitty too!

Over the Cubicle Wall said...

That is a big milestone - congrats!

Just imagine those cute campers have wizards scenes airbrushed on them, and you won't want them. Who put that idea into my head? :D

Frugalchick said...

Congrats! Your motivation is so encouraging.

Daizy said...

Thanks weakonomist, what a nice comment.

Over the Cubicle, perhaps I could airbrush flames on that camper. Then it would be cool!

Frugalchick, thanks so much. It is good to hear that my experience is helpful to others.

Michael Harr said...

This is very good stuff! I'm always excited for people that (1) recognize that a paid of home is awesome and (2) actually take the steps to make it happen. Have you planned your mortgage burning party yet? If I may suggest, copies of The Total Money Makeover, The Automatic Millionaire, or some such book as freebies for your guests and only the finest cheap champagne to be shared at the burning ceremony. Great job and the best of luck the rest of the way!

Daizy said...

Hello Michael Harr, thanks for your comment. I'll have to check out your blog. It looks interesting. I haven't thought about the mortgage burning party but those are some good suggestions!

Anonymous said...

Who Hoo!!!! Congrats. Well you know I am here everyday to read all your trials and tribuations.

Don't burn anything though. You need to keep that sort of thing as proof should you need it.

Laura @ move to portugal said...

I'm so excited for you Daizy, inspirational :)

Sharon Rose said...

Hi there-a big yaay, well done indeed Daizy!! Keep up the fab work, you're not far now if everything goes to plan!

Sallie's Niece said...

Woo hoo, congrats on this milestone. You are an inspiration. I agree with PP though, don't actually burn the mortgage, burn a copy or a statement instead. :-)

Big Sis said...

Daizy, congrats on that milestone! It is wonderful that you are able to celebrate while at the same time immediately adjust your sights to focus on the next goal. Good job!

Money Minder said...

Congrats! There is a light at the end of the tunnel. You are doing great!

Lizzie said...

I am well impressed Daizy, congratulations! Considably nearer the dream than most.

Daizy said...

Anonymous, thanks and don't worry, I don't really plan to burn anything and the end still seems like a long way off anyway. Plenty of time to think of ways to celebrate.

Hi Laura, you are inspiring too! I'm glad I can read about your mortgage progress so I don't feel alone.

Sharon Rose, thanks so much. Every day gets me closer!

Sallie's Niece, hmm, now you have me thinking of what I could burn. Perhaps a little paper house made out of Chase Bank mortgage statements?

Thank you Big Sis, I get to celebrate every time I make a payment. My life will be so dull without a mortgage. :)

Money Minder, it is great to be moving forward again. I lost a lot of momentum over the winter but now it's moving again.

Thanks Lizzie, one step at a time and we will all get closer.