I did it. I was able to make my extra mortgage payment today on the 2nd of the month instead of the the middle of the month (like I did in Feb. and Mar.). I have enough reserves built up so that making the payment at the beginning of the month didn't drain my bank account completely. It has been only 2 weeks since I made the extra payment for March so this seems really soon. If only I could make a payment every 2 weeks, how fast it would go!
Anyway, I paid an extra $1,236 toward the principle today bringing the mortgage total to...$47,462! If I follow my current plan I will have it paid off in 1 year and 7 months. I love making progress.
My boss was asking me about my home building plans today. I do hope to build a house on this land some day so I just talk about the kind of house I might like to build. It also gives me a chance to complain about the 10% pay cut we got since I now qualify for 10% less of a construction loan. I wonder if banks are even doing construction loans nowadays. I haven't heard anything about them. I told my boss that if I use one acre of my property as a down payment and it is worth, let's say, $50k, then I can get a $150k mortgage. That isn't much considering that to dig a well I would have to pay over $30k. Perhaps I could build a garage with an overhead apartment for that price. My boss could understand why building a house would not be in my near future. Building my shed-house is more realistic but my boss is sure that I am kidding about that :) We will see. Who knows what the future will bring.