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July 3rd, 2020 at 01:15 am

This month is the beginning of a new financial goal for us; mortgage principal pay down. I've formulated a plan to meet this goal in 5 years, but hopefully in less time.

If we were to pay our mortgage with no extra principal payment, we will pay $192K in interest at the end of the 30 year term. With our 5 year plan, we will pay $56K in interest. Hopefully, we can crush this sucker in less time but funding retirement and taking a one week vacation is a priority as well.

I am definitely inspired to reach this goal before my 55th birthday.

4 Responses to “Comparison”

  1. mumof2 Says:

    fingers crossed you can reach your goal

  2. Wink Says:

    That is a huge saving in interest! You can do it!

  3. Lucky Robin Says:

    Good luck with your goal!

  4. rob62521 Says:

    What a huge difference! Hope you can pay it down quicker and not have to pay as much interest.

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