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Mortgage payoff update

August 7th, 2011 at 07:03 am

We paid our August mortgage payment in July utilizing our June paychecks, since technically the summer months are "no income" months for our family. I sent $150.21 extra when I made the August 1st payment. I also scheduled a $200 principal payment two days ago with extra cash from my hubby's summer job. Last night I scheduled an electronic payment of $22 principal payment. The money came from my coin jar. I figured why let the coins sit in the jar when it can be put to work for us.

August update in review:

$372.21 extra principal payments

To date:

$18,549.38 has been paid to the mortgage principal

4 Responses to “Mortgage payoff update”

  1. snafu Says:

    How awesome to have exceeded your 2011 mortgage reduction target by July. Do you plan to increase the target? Have you run the figures to see how much you've reduced the over all payout?

    Kudos for effective money management made more difficult by having a 12 month salary paid out in a 10 month contract. DG is a good guy taking on summer employment, when so many collapse at the end of June or do summer school.

  2. LittleGopher Says:

    Yay - great job!

  3. LuckyRobin Says:

    Great job at getting ahead of the mortgage.

  4. PatientSaver Says:

    Excellent. That's the way to do it.

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