Sangl Home Pay-Off Spectacular – December 2007

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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

Paid-For Squares:  674 691

Squares Remaining:  1754 1737

% of House Owned By The Sangl's:  27.8% 28.5%

% of House Owned By Wells Fargo:  72.2% 71.5%

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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4 Comments

  1. ken on December 6, 2007 at 9:02 am

    Your spectacular drawing makes me very happy.



  2. HS on December 6, 2007 at 11:25 am

    I love your house payoff! I will do the same one day, I’ll even have you create my house chart if you dont mind!



  3. TINA HARKEY on December 10, 2007 at 12:41 pm

    Joe, You could have paid off another I’m guessing .05 of a square (I have no idea how much each square is worth…I tried to find it on here, but didn’t see it)if you had of paid 02 cents cheaper for gas yesterday with Savings Freak and maybe another 0.05 with the gas you used to drive past the other station. And then maybe 0.01 with the extra gas you left in the nozzle for the next person to put in their car. ha/ha. Tina

    http://www.savingfreak.com/?p=103



  4. Warren on December 31, 2007 at 7:30 am

    YES, go for it! We’re paying off our house this week and couldn’t be happier. Having my entire income at my disposal for investing and saving is going to be an amazing experience.



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