I tend to calculate my mortgage information in percentages. Mortgages vary depending on region and I live in a higher cost of living area. The mortgage was high when I first bought my apartment but now it is at a semi-reasonable spot. (Well at least I have enough in assets, albeit retirement assets, to pay it off if I had to.) In any case, percentages allow for a more apples-to-apples comparison amongst those seeking to payoff their mortgage early.
This month's over-payment equated to 0.20% of the mortgage. It's tiny but it does add up!
2016's goal is to overpay the mortgage by 3%. I'm on track to achieve this as I will be overpaying by about 0.19% to 0.20% each month and then I will put part of my tax return towards the mortgage to get me to the 3%.
KILL My Mortgage!!! Page has been updated.
Pru
Thank you! I was so gung ho to pay off my mortgage when I first purchased the place I burnt out. But now a little bit extra each month means I have time (and money) for other goals. And it is so nice to know that I'm paying less and less interest each month!
ReplyDeleteFantastic, Pru. All those tiny amounts will end making a large amount, but you know that :)
ReplyDeleteThanks January! It's all about the mental part of personal finance - squirreling away little nuts here and there. Sometimes you just want to spend it but a little bit of patience does pay off! Literally and figuratively :-)
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