Thursday, June 7, 2012

Murdering the Mortgage May 2012

The single biggest purchase and debt people will take on in their lives is the principal house and related mortgage.  In this post, I will track the slow demise of my mortgage.  I had hoped to be essentially mortgage free by now, but the need for a larger home for our growing family forced a regig of that plan.

As you can see in the chart, we were under 20K in 2010 and then we rented briefly in a difficult search for a dream-like house.  You can then see the sudden increase to a 90K mortgage in 2011.

It has been 11 months now at our current house and we have managed to get the mortgage down by $12250.  We hope to keep up this pace, but with some coming changes to our family, we will have other challenges to work out.  More on these later.

At this pace, we will be mortgage free in just over 6 years.

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