Another Mortgage Milestone!

Posted on 25/09/2020 by Jan

With this weeks mortgage payment we reached another milestone – Year 23 on the amoratisation table had been crossed off.

Our mortgage is now $72,897.

My next goal is to reach $67,200 – the end of year goal to keep on track to be mortgage free before we retire.

October is a big month for bills with house & car insurances all coming due in the next few weeks. Also my hours at my second job have been down so we have less extra income coming in now. Hopefully our tax refund doesn’t take too long so we can keep making good progress this year.

Not much has been happening here. Work continues to be quiet and we are still just going to work and collecting our groceries. Our Covid numbers have been very low which is great news, only 4 cases in our state yesterday, all from people in quarantine. I just hope the numbers keep going in the right direction and life can start to get back to normal soon. We have a meeting at work today to discuss first term next year so it will be interesting to see what is planned. We got told yesterday that our restructure should start next year, but I’ll believe it when I see it. In the meantime I’ll keep working on getting the mortgage paid off asap.

Another Mortgage Milestone!!

Posted on 13/08/2020 by Jan

I logged into my bank account this morning to find that our deposit for our cancelled cruise this year had been refunded! I cancelled the holiday back in March.

I admit I have been worrying if we would actually get the money back or if they would run out before they got to us, as I have heard of some travel agents going bust in recent months. But fortunately we got back $2,700. Almost all of our deposit.

I immediately transferred it off the mortgage, plus our usual payment and am excited to say our new balance is now in the 70’s!!

$79,645

So we are now past Year 22 on our Amoratisation table and 5.5 years into our mortgage. Its a nice boost to our payoff and makes me feel even more determined to get it paid off asap.

Last night I attend a webinar by our superannuation (retirement funds) company. I knew most of what they talked about but what I did find really helpful was the costed out examples they gave of retirees collecting a part pension along with their super money. It was really reassuring to see the numbers as I do not really want to keep working full time for too long just to try and build a huge retirement fund. Qualifying for a part pension will make quite a difference to retirement and it seems that we will be able to do that. So I feel a bit more confident today that we’re doing OK with our plans.

Passed the half way mark on the mortgage!

Posted on 30/07/2020 by Jan

I’m excited today – we passed the halfway mark on the mortgage, just one month late. Its now under $83,999! Woohoo!!

That means we’ve paid over $84,000 + interest off our mortgage since we started our five year plan two & a half years ago. Finally there is less in front of us than behind us – we are on the home straight now and I think it will go down faster as our interest payments get less and less.