Paying a 30 year mortgage in 5 years!

Since discovering FI we have sold our money-hungry Investment Properties. So we can focus on paying off our own mortgage then we can invest into low cost index funds.

We started aggressively paying off our mortgage May 2018 – Planning on paying off our 30 Year mortgage in 5-6 Years.

By putting every spare dollar into the loan, we will need less income in retirement because we won’t have monthly mortgage payments.

Purchase Price: $470,000 September 2016

Minimum payment $1806/month

Aggressive Payments 5 Years: May 2018 $303,500

$5,575.73 Monthly

Aggressive Payments 6 Years: May 2018 $303,500

$4,734.50 Monthly

Average Payments as of August 2018

$5002.75

(This is a bit distorted due to our tax return)

We are currently on one income as Mrs FMT is staying at home with our daughter.

So far it looks like we are on track to reach our target of paying our 30 year mortgage in 5-6 years!

What you planning to do with your mortgage? Are you paying the minimum off your loan so you can invest?

 

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