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Slow Mortgage Payment

July 27th, 2019 at 02:56 am

Though the mortgage is not a priority right now, I can’t help but feel defeated.

Since closing, I’ve paid extra, not much, but I wanted to get into the habit of doing so. Any way today while checking balances, I noticed that, finally the principal has been knocked down by a $1,000 lol.

Now I know why it takes forever for some to pay off a home. I mean, I know that the first few years you’re paying primarily the interest, it just me, when viewing my statement, that if I continue like this, I’ll be paying a mortgage into my late 70s.

Goal is to have this baby paid off in at least 10 years. Right now I’m rebuilding my savings, EF, once that’s done I can start back tackling the credit card again and the student loans. I really do believe, I can have everything gone in 10 years

7 Responses to “Slow Mortgage Payment ”

  1. Lots of Ideas Says:

    When I had a mortgage, I used to try to double the principal payment each month. It started off as such a small amount that doing so was pretty easy, and over time, via both inflation and growing my income, I could keep doing that even though the amount rose. I thought of it as ‘taking a month off the loan’.

    Once you get everything back on track, you can think about mortgage, but really, mortgage interest is so low compared to credit cards and saving for retirement is so important due to compounding interest that your mortgage should be a lower priority, as you know!

  2. starfishy Says:

    Congrats on how much you have moved forward with all things financial, esp with the various roadblocks that have (and will) pop up. Like Lots of Ideas above, I hope that you prioritize retirement savings over paying off the mortgage. Good luck!

  3. Bluebird Says:

    I agree with the others that after paying off your student loans that you should save for retirement. You can always pay a little extra every month on the mortgage. You're doing a fabulous job!

  4. Amber Says:

    The goal is to definitely get rid of that student loan, pray fully in three years, first and bump the retirement. I was shocked, even though I knew, that one year later only a $1,000 was paid

  5. crazyliblady Says:

    It was like that for me also when I first began paying on the mortgage. For awhile, we were paying extra, around $30 or so, then I began to realize that we actually needed to utilize that money elsewhere, mostly paying down the credit cards and beefing up savings.

  6. crazyliblady Says:

    Amber. This is in response to your last comment. If your priority is to pay off the student loan first, why are you paying extra on the mortgage? I would make the credit cards and student loans the priority, but otherwise, I think you are doing a fabulous job. Also, if your student loans are from the Department of Education, you may be able to combine them and refinance at a lower rate.

  7. james.hendrickson Says:

    Hey Amber,

    Just wanted to send along a note of encouragement - you'll get the mortgage paid off, keep working on it! We are all pulling for you.

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