Tuesday, 10 June 2014

Milestones - The Mortgage

Long time followers of this blog will know that I have some pretty big long term goals. One of them is paying my mortgage off in 5 years. You can find the details of my plan here.

Having big goals is great but they can seem daunting, which means that in order to reach them you need to break them down into smaller chunks. Each time you reach a mile stone you celebrate. This gives you a sense of achievement and the energy to keep going.

For example, every year when I make my 10% payment I celebrate. Sometimes it means a special dessert, or a night out with my friends, or even just a happy dance. I also celebrate when I hit owning 30% or 40% of my house. Today I hit another big milestone that I've been looking forward to for months.

Today the amount that is outstanding on my mortgage went from 6 digits to 5.

My outstanding mortgage is now $99,918.35. This brings my ownership up to 47.7% and gives me a total of $91,081.65 in equity. The next big milestone that I'm looking forward to is owning 50% of my house. I should reach this point in 4 months.

I look forward to celebrating with you then.  


  1. Kudos to you on reaching this important milestone Elizabeth!

  2. Great job! (Also, I just realized you were back after your crazy grad school term). That's huge to be in the 5 figures rather than than 6. Onwards to 50% :)