Amount of House Owned
Goal: $191,000 by Nov. 8 2017
Current: $82,078.92
43.0%
As you can see from the above graphics I currently have $82,078.92 worth of principle in my $191,000 house. Other interesting facts:
-I started with a 360 month (30 year) amortization period. I now have 195 months (16.25 year) left if I were to stick to the normal payment schedule (ya right).
-The line of credit on my house now has $43,878.92 on it (equity built in the house minus the 20% down payment). Not that I'm planning on using it, but it is fun to watch it grow.
-This should drop my monthly interest from over $300 a month to around $280 which means even more of my payment is going to principle.
-I am bang on my schedule of having the house paid off in 5 years (which is my term, after which interest rates may change)
-According to my calculations and my general understanding of my bank's "mortgage payment vacation" rules I could not make another payment for the next 12.75 years and though I would loose all most all of the gains I have made in paying off my house they wouldn't foreclose
Paying off my house is going to get a bit trickier over the next year and a half as my pay will be decreasing as I take time to do my Masters (which is another big cost). That said it's been good so far and I'll be doing my best to keep the momentum going.
With a mortgage you own your whole house. You simple have put it up for collateral against a loan.
ReplyDeleteTechnically yes. But the idea that the bank still owns a portion of my home keeps me motivated (even if it's not legally accurate.) It also means that I can paint a black line down the long side of my house and keep track of mortgage payments as a % of my home.
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