March 2018 Mortgage Pay-Off Update & Our Mini Retirements

We reached our first goal in March to dip under a $200,000 balance! Wahoo!!

I never got around to posting our mortgage pay-off update at the beginning of April. So, here we are, the middle of April and I’m sharing it with you. Since mid-March and reaching that first goal, we’ve been shifting more money toward filling our Emergency Fund by June vs. paying down our mortgage.

I plan to use the rest of our second incomes in the coming months to put toward the mortgage, but as of July it’ll take a break until we’re back up and making money again in September. We don’t get paid during summers at all, so we save all year to cover those costs and enjoy a mini-retirement every summer to spend with our children.

Wait, We Retire EVERY Summer!?!

Hey, how about that? I never realized we literally “retire” every summer for 2 months.

One-SIXTH of the year, we’re retired; every single year. This has been for about nine years now; 18 months worth! We are mini-retirees already! We save all year for our summers and I guess we technically retire from working during that time.

Look at that, we are interesting early retirees…

Back to the story at hand.

March and April 2018 Mortgage Numbers

  • Starting March: $201,307.27
  • Prepaid March and April thus far: March $688.00 + April $458.40
  • Ending April: $198,352.71

These prepaid numbers don’t include our regular monthly payment. So that’s why the exact math doesn’t add up directly. I only add up the prepaid amounts outside of the normal $200 extra we throw into our regular monthly payments.

As you can see, our payments have gone down quite a bit as Chris is teaching one less course this semester and I’ve cut back hours in my second job. The goal to fill our Emergency Fund is one I’m more interested in completing by June so we have that… in case of an Emergency.

 

Speaking of emergencies, tomorrow I’ll tell you about one we had this week.

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