Every month there will be an update of Joe & Jenn's Home Pay-Off Spectacular! The third monthly update is TODAY!
We are even more fired up about getting rid of the mortgage!!! Why? Because we are taking REAL ACTION to reduce our expenses so that we can send even more money toward principal!
So Jenn and I have shook hands and made an agreement that the house payments will be gone within by October 2011 (Three years and 11 months). You guys will all get to watch the mortgage leave by watching the "Sangl Family Home Pay-Off Spectacular" turn green!
Here is the update!
Total Squares: 2,426
% of House Owned By The Sangl's:
% of House Owned By Wells Fargo:
Another whopping 0.7% paid off! Wow!
I am comforting myself by telling myself that for each $1,000 of principal I pay off, I am saving $62.50/year (5.21/mo) in interest (The mortgage note is 6.25%). That means that I get to save that $5.21/month for the 28 months that it would have taken to reach my new principal balance should I have paid it as scheduled.
With all of the savings going toward additional principal reduction, I am CHOPPING the legs out from under Mr. Compound Interest!
Here is an analysis of the impact paying different payments makes.
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