We now owe $138,500 on our home! We purchased our house for $255,000, and our starting loan balance was $242,250. After paying our mortgage down $40,000 once our previous residence sold, the remainder of the balance has been paid with a lot of sacrifice.
Seeing this number fall while our net worth grows is an amazing feeling!
Paying additional principal towards your mortgage is so worth it! Our mortgage company provides a chart that explains just how much interest we could save by sending in just an additional $50 to $200 per month.
Take a look at these numbers, ladies! Amazing stuff happens when you add a zero or two to their suggestions. This chart is specific to our mortgage, but I bet yours would look the same, or even better!
We are currently passionate about paying down our mortgage because we know by doing so we are changing our family tree in a big way. Our house is small for our family size. I would love to upgrade one day, and our strategy might eventually change from paying down our mortgage to boosting our savings. But for now, we want to kill as much interest as we can.
We are so excited to be in the $130,000s!