This mortgage feels heavy and I do not like it.
At the end of 2019, I wasn’t sure if we would ever have a mortgage again. But here we are, almost one year in. I do not care for it at all.
But we weighed our options and here we are. I still believe we made the right choice in purchasing this home. Mortgages just kind of stink, though.
We spent the last year working on renovations and not worrying about putting extra on the mortgage. The time has come to do something about it.
While we aren’t sure that this is our forever home, we want to at least pay it down as we would a 15 year mortgage until we decide what we would like to do long term. (It currently is on a 30 year term). This small step would make me feel a little bit better about it.
We are also hoping to boost our savings, and if say, four years down the road we feel like we will be here for awhile, then we will throw a big chunk at the mortgage.
But for now, I’m aiming for $500-600 extra each month. That seems doable.
The interest rate sits at 3.375%, and after running numbers I don’t think it would be worth our while to refinance after taking closing costs into account.
So cheers to making a small step in the right direction!