Monday, August 30, 2010

Mortgage day

Yay it's the end of the month and that means it's mortgage day.

Interest has been added and my payment has been deducted and I am sitting just under $149k. A great achievement so far but still a long way to go. And the cool thing is that as each payment goes through at the end of each month I can see how the amount of interest I pay is getting less and less. It feels great to know that more and more of my money is paying off the principal.

Between now and Christmas however I am slacking off the mortgage a bit and principal repayment will slow to about $1000/month. The reason for this is I am using my Babysteps payments to pay for the back yard renovations. So 4 months will cover the money needed without withdrawing from savings or redrawing from the mortgage. Then come the new year it will be back to hard out on the mortgage.

Oh and in case you were wondering - yes I am obsessed with the numbers. I'd love them to shrink into oblivion :)

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