I spent a long time in the car yesterday and all I could think about was our outstanding mortgage debt. More specifically I was trying to work out how to get my mind into 'gazelle style' payoff mode.
With my consumer debt I had a huge light bulb moment, and gazelle intensity arrived like a natural thing. I had a few wobbles here and there - as anyone does over nearly 5 years! - but in general I was very focused, and very tuned into what I had to do. But that hasn't happened with our mortgage debt. With our mortgage debt I've been all over the place and my intensity has changed by the week!
So let's try and stop that happening right now with a little blog accountability.
Today is day one of me adopting a permanent 'gazelle like' mindset to our mortgage.....and using the snowball and snowflake method our mortgage debt will be paid off by December 2017 at the very latest.
The facts and figures: (which have a permanent home on our Mortgage Freedom page)
TO DATE PROGRESS
- Original Mortgage: £138,485 (April 2006)
- Original term: 300 months (March 2031)
- Outstanding Balance: £75,950 (August 1st 2013)
- Starting Balance: £84,950
- Current Balance: £75,950
- Paid off in 2013: £9,000
A rough calculation is 52 months at £1,500 to clear the mortgage, but every month will be a little different.
Okay I'm off to list a couple of things on eBay. I swore off it a couple of weeks ago, but making snowflakes to channel to debt repayment is motivating, and I'm willing to give it another try.
*Snowball: Extra payment from regular income
*Snowflake: Extra payments from extra money earned