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.

Until then, peace out and in!

~Jaye