Saturday, October 31, 2015
Mortgage Progress for October 2015
I paid an extra $1,200 which gives me a balance of $42.799 left on my mortgage. At this $1,200 rate, I will have it paid off in 2 years and 5 months. That's a bit disappointing because I want my mortgage payoff to coincide with my nephew's going off to college (hopefully going off to college). I will have to try harder and speed things up.
It feels great to be paying down the mortgage again. I know many people would rather invest the money but with my goal of retiring early, I am not in a position to take risks with my savings. Plus, I find paying off the mortgage to be the most motivating. I tried saving instead and it didn't work out. There were so many other things that I wanted to spend the money on. Locking my money up in my house keeps me from spending all of my early retirement money before I even retire early.
The plan right now is to sell the house in 3 years and use the money to live on for the next 15 years when I will be able to tap in to my 401K. I hope it works out. My retire date seems to be forever moving backwards. I'm back on track for now. Only $42,799 to go.