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Our mortgage payoff quest begins

July 13th, 2010 at 02:55 pm

Next month we will begin our quest to payoff our mortgage. Our goal is to pay between $500-$1,000 extra each month. I think we should be able to do this since we already have a nice emergency fund established. I've always wanted to this, but I feel even more inspired to do this ever since I read Crystal's from moneysavingmom.com blog about buying a house mortgage free. I will keep you updated on our progress each month. And just in case you are wondering, we will continue funding a Roth IRA and my 403B. I know this is very ambitious but I think we can do it or at least try. Keep your fingers crossed.

8 Responses to “Our mortgage payoff quest begins”

  1. Ladya70 Says:

    I'm also in the process of paying extra on my mortgage and I'm on track to have it paid by Aug 2012. Do you want to try and keep each other accountable?

  2. NJDebbie Says:

    Ladya70, I definitely would!

  3. creditcardfree Says:

    Good luck!! In 2011, I hope to at least start paying on our mortgage as though we only have 10-15 years left. Obviously, I haven't figured out how fast I want to pay it.

    Good luck to you, too, Ladya70!!

  4. campfrugal Says:

    I have been paying extra to my mortgage also. My target date is December 2017. Here's to us being mortgage free in the near future.

  5. Jerry Says:

    That is GREAT. I think that paying extra on the mortgage is excellent, and it always leads me to think about the people at the mortgage company shaking their fists in anger as the balance is paid off quicker! =) I hope that you have some insurance at being able to stick with this, and I do believe that having people to support the effort (in a similar boat) will help a lot. Good luck!

  6. rob62521 Says:

    You are so smart doing this...less interest is being paid and you will have it paid for in less time!

  7. Ladya70 Says:

    NJDebbie: I recently sent extra to my mortgage. Do u know when u will be making your extra August payment yet?

  8. NJDebbie Says:

    I sent my extra payment today. I'm excited!

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