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Mortgage Payoff Update

As I proclaimed, lol, my husband and I are attempting to pay off our mortgage within 6 years or less – specifically, by the end of 2013. My personal goal is to shave another year off of that – so by the end of 2012. In order to stay on track, I’ll be posting updates here as we make progress. I have really stunk on the updates, but here’s what we have accomplished so far:

Payoff Amount on our goal start date (10/26/2011) – $62,634

Payoff Amount as of 1/8/2012 – $42,728.52

Our basic overpayment on 12/8/11 helped hit a bit off of the total, but the big bite came from the $6000 principal payment on 12/31/11.  I’m hoping to make similar hits on the total over the next few months.

Quick Background

Let me get down to the nitty gritty.  You all probably already know how much I hate debt – specifically, I cannot stand paying a speck of interest.  Since my husband and I were able to start off after college without school debt, the next obstacles were mainly cars and to avoid credit card debt.  We decided to keep living super cheap, so we’ve have never carried a running balance on our cards despite the fact that we do use them for most of our expenses.  As for our cars, we did have Chevy Aveo debt from 2005-2007 and we had Toyota Prius debt from 2008-2010.  We now have an ING savings account that we fund with those two payments every month so we will hopefully never have car debt again.  That leaves us with the mortgage we first took on in 2007…

My General Plan of Attack for 2012

All of that said, the last $43,000 of our mortgage is annoying me.  Alot.  It’s the last thing in our lives that dictates how our money is used.  After this, we will have 100% control over every cent we have.  That is going to feel AMAZING.

Our plan of attack for the last 4 months was to continue living on our budget and we were splitting the monthly extra –   75% towards the mortgage and 25% towards investments.  That has been working big time, but Mr. BFS and I actually discussed our progress and have come up with a new plan. 

We want this thing killed off by June 2012.  That means we want it dead in 6 months or less.  To accomplish this, my husband actually suggested that we put 100% of the monthly extra towards paying off the house until it is completely done.  So from here on out, the mortgage is being attacked without mercy.  We will own our home by June 2012 or else.

Please cross your fingers for us – we’ll need it.  🙂

How do you feel about mortgage debt?