On Jan 1, 2018, we owed 68,645.55 principal on the house.

Now, 7 months later, we are at 63,604.

I’m looking forward to getting the mortgage down to 60,000–just because it’s a nice round number, a nice goal. Our principal payment right now is 353 a month. Paying only that, we’d take 10 months to get down to 60K. (10 months at 353 a month is 3520, which is just a tad less than the 3,604 I want to pay to get the mortgage down to 60K).

I usually pay an extra 250 a month, so that brings the principal payment from 353 to 603.  It would take us 6 months to reach 60K if we were to pay 603 a month (603 a month for 6 months is 3618).

So, what do I need to do to pay off 3,604 in principal in 5 months so we can get to 60K by the end of the year? 3,604 divided by 5 is 721.80 a month. So if I pay an additional 120 a month beyond the extra 250 a month (and the 353 regular payment), I’ll make it to 60K by the end of 2018.

Can I do it? Do I want to use the 120 a month that would usually go to my car fund, my house fund or my personal checking that I use for travel, eating out, clothes, and miscellaneous items for the house payment?

The goal I wrote for myself in terms of paying down the mortgage this year is to pay more than what I payed in principal last year. Last year, I paid 7,209.45 in principal, so 7210 is over–just by 55 cents, but hey. It was a challenge to pay that much last year.

I started with 68, 646 (rounding up to the dollar) this year, so paying 7210, I’d have 61,436 left. It would fall 1,436 short of getting to 60K.

So do I want to stick with the original goal or the new one?

I think I need to look into my personal finances (as opposed to my and Mr. POAI’s shared funds) to make this decision.

Stay tuned for more info on Jaye POAI’s personal finances.

Until then, peace out and in!