It's official, I'm obsessed.
by, 12-11-2008 at 05:06 PM (856 Views)
Based on my mortgage "rules", I can't pay off my mortgage as quickly as I'd like, well, that's not quite right, I *could* but I'd have to pay all the interest if I pay over a certain amount. SO... I am going to do it there way.
Based on numbers, I can pay off by end of 2011, 2 years before I turn 40..lol.
Mortgage rules. I can double our payments. I intend to do this. PLUS I can pay up to 15% of mortgage per year. SO. I intend to this as early in the year as possible.
Our mortgage is up for renewal Dec 25, 2009. Great day eh? Anyway, when we renew i'll have paid all non mortgage debt, and hopefully have done 10K prepayments on the mortgage. In January, I'll have the bank double our auto withdrawals. And start snowballing until I hit that 15%.
Once I get to the 15%(my online banking tracks it so I won't get penalties), I'll put the rest in my high interest(whopping 3%). As soon as the anniversary rolls by, I'll be able to put the full 15% one shot on the mortgage. Then keep saving the snowball. By December of 2011 the mortgage will be paid in full. This is based on the snowball calculator that only shows monthly payments, but we'll be doing weekly payments so it will be sooner that that. AND we'll have a 20K EF built up.
SO... in less than 3 years, I can be debt free OF ALL DEBTS providing no major catastrophes occur. I know dh will "upgrade" vehicles some time next year, but we'll likely sell the old ones for more than he gets the 'new' for.
I can do this. I want to do this. Then we'll have heck of a party, not bad for being parents "who'll have no way of putting their kids through college". This will be complete before ds graduates, and have a nice savings to help out if necessary.
I'm such a geek..lol. I have been checking a rechecking the numbers..lol. Different ways. It all is within a month or so of it depending on the calculator. This is extremely thrilling considering my parents have only just paid off their mortgage and they are in late 60's. MIL and FIL have another couple years, he's mid 60's. My brother rents, and SIL and BIL - well, they owe more than their house is worth.
Our parents are going to be so thrilled when we share the news with everyone when it's done.
I can't wait! 3 years isn't that long away!