October 2017 Mortgage Pay-Off Update
Another month has gone by already, and we’ve been able to shovel a bit of money to the mortgage once again. This time around, we were able to put a little more toward it since our second sources of income started to be deposited into our account. We haven’t been using our main incomes to put toward the mortgage, as we’re still building our emergency fund.
We have three main goals I’d like to achieve over time toward paying off the mortgage.
The first goal is to get the mortgage under $200,000. Just being below that number will feel good for me. We should hit this mark around February or March.
The second goal is getting it under what our life insurance would cover from our full-time jobs, which is about $150,000. Once we reach that number, in about another year and a half, I’ll feel really good and safer with our financial picture.
The third and last goal, outside of paying it off, of course is to get under the $100,000 mark! I’d love to see our loan be below that number as it seems easier to chew on mentally. At that point, we might decide to funnel more money into investments depending on the market.
Not too much exciting here, other than transferring the money as we get paid right over to the mortgage. Here’s the update…
October 2017 Mortgage Numbers
- Starting October: $215,968.55
- Prepaid October: $2,418.00
- Ending October: $212,976.32
If we paid nothing extra at this point, our mortgage balance would sit around $222,526.38. So, we’re a good $10,000 down, with lots more to go!
In a snazzy chart form…
Since it’s side income we’re using to pay of our mortgage, it doesn’t feel as painful than if we were diverting all of our additional income to the mortgage. This side income has helped us reach various financial goals in the last two years, adding to savings and retirement accounts, so it has always been earmarked for a certain job.
At times though, I do wish we didn’t have to work extra time or second jobs to make up for our main income salaries. I would love to have Chris home more often with the boys, or not have to head back out after a regular day of work to go work a few more hours.
In the end, I know if we can keep up this pace for a few more years by the time our children will be old enough to remember and explore the world together, we’ll have no mortgage and the choice to make to spend more time off doing fun things with them. Luckily, our second jobs bring us joy, so they aren’t drudgery and are more just something to keep our professional passions alive as well.
I just get tired. It’s a long week without Chris home two nights, and not being home one night myself. Plus, Chris gets home late another night, so it just leaves us Friday, Saturday, and Sunday together as a family. We’re hoping a slight schedule change next semester can come through and give us an extra family day. Here’s to hoping!