Since I got a check from my renters this month I have sent another additional payment in to my mortgage company. The rent covers the $800 mortgage and I pay $1,200 additional towards the principle. That is $800 that I would be paying for the mortgage if I was living at the house plus $400 that I have scraped up from my budget. It makes my budget very tight but I really want to be free of this mortgage as soon as possible because it is what keeps me tied to my job.
Every month I adjust my mortgage amortization spreadsheets to see how they are affected. I know it's kind of weird but I like to see those months drop off the end. I have 8 different mortgage repayment plans from the shortest, 3 years and 4 months to the longest, 13 years. And then there are the ones in between. There's one if the house is rented out for 1 year, 2 years, 3 years...There's one if I move back in and don't pay any extra...There's one if I only rent it out one month a year during the tourist season. You get the idea. I have a plan for all of them. Hopefully, one of those plans will work!
It all sounds very complicated! Good for you though for paying some more back.
I like to have back up plans for my back up plans! That way I don't get too discouraged:)
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