After our latest mortgage principal payment, I took a look at our amortization schedule and realized we now officially own 44.75% of our home! I base this figure strictly on our home’s original purchase price, so the percentage is most likely a bit larger in actuality. It is motivating to see this number climb upwards!
While I would love to look at this number from the perspective of what our home is actually worth now, I believe it is better for me to look strictly at this from the original purchase price perspective since it is a better gauge of how far we’ve come. Equity is amazing, but I feel like including it in the total might give me a false sense of security. I don’t want to let off of the gas!
We purchased our home in August 2017 for $255,000. At the time it appraised for $268,000. Also, since then we added an additional 400 square feet of living space to our home by finishing the garage.
Watching this percentage move in our favor is very slow going, but it is also encouraging and rewarding. By the grace of God we paid off the first 16 years of our mortgage schedule in 16 months. The reason we are doing this is freedom! We don’t want to worry about money. (Within reason. A budget is always important!) We want to be a blessing to others, too.