June 2019 Mortgage Paydown Update

June is coming to a close, and so is our monthly mortgage paydown. We closed on our new cabin on May 31st, and this month I’ve solely been focused on paying it down as quickly as possible. Interest at the beginning of loans is killer! Our South Carolina home is on the market and we are praying that it might sell before too long.

We purchased our cabin for $200,000. After putting 5% down, our loan was for $190,000. We are now sitting at $184,980.

Looking at our amortization schedule, we have paid the equivalent of 20 payments! If we had made the first payment only, our balance would have gone down only $240 or so.

I’m going to be on attack mode to skip as much interest as possible. Once our previous home sells, we should be sitting in a nice spot.

This kind of paydown has been made possible with the Lord’s help and lots of saying “no.” We have been on this debt-free journey for around 2.5 years now, and it has been so worth it.