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Comparison

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.

Posted in | 4 Comments »

4 Responses to “Comparison”

  1. mumof2 Says:
    July 3rd, 2020 at 01:16 am 1593739002
    1593739002

    fingers crossed you can reach your goal

  2. Wink Says:
    July 3rd, 2020 at 02:10 am 1593742233
    1593742233

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

  3. Lucky Robin Says:
    July 3rd, 2020 at 06:55 am 1593759305
    1593759305

    Good luck with your goal!

  4. rob62521 Says:
    July 7th, 2020 at 02:38 pm 1594132731
    1594132731

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

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