Mortgage Payoff Update
As I proclaimed, lol, my husband and I are attempting to pay off our mortgage within 6 years or less – specifically, by the end of 2013. My personal goal is to shave another year off of that – so the end of 2012. In order to stay on track, I’ll be posting updates here as we make progress. Here’s what we have accomplished so far:
Payoff Amount on our goal start date (10/26/2011) – $62,634
Payoff Amount as of 11/27/2011 – $49,443.11
I was able to throw on another $5500 principal payment on 11/22/11, woot! But, this month has been much slower than last month with advertising, so I don’t see such a big hit coming in December. We’ll see…
Newsletter Update
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- Number of Subscribers: 114 (Thank you!!!)
- Open rate (how many subscribers ended up opening the third newsletter): 46 of 114 (40.7%), which is 24.8% higher than industry standard, woot!
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Additonal Info
I will continue posting monthly and yearly blog statistics and income updates, so stay tuned at the beginning of every month!
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Amazing progress Crystal but I have a question…why actually put the amount towards principal? Why not just put it in a cash account so you keep the liquidity until you can write that amazing check?
That’s pretty nuts that you can throw $5,500 EXTRA at mortgage principal! Keep it up!
Great progress, Crystal! I’m so impressed.
@Evan, there’s two reasons really. One, I like saving the interest as we go as well…even if it will only amount to like $200. The second is that we still have $50,000 of cash altogether spread throughout our ING accounts, so we do have liquidity as well. And before you ask, we aren’t willing to pillage all of those specific savings to pay off the house right this second. I need that cushion in case our house has problems or our cars break or the taxes are due tomorrow for some reason (yeah, $16,000 of that is in a tax account that I will have to use in January probably).
@Jeffrey, thanks! We’re trying!
@Little House, thank you!
Wow, you’re doing pretty well at combating that mortgage!! You just put over $13,000 towards it in one MONTH! If you could keep doing that, it would be paid off in under 4 months, not the end of 2012
Good luck!!
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