We’re trying to pay down our mortgage debt as soon as possible using the snowball and snowflake method. Right now our goal is to be mortgage free by the end of 2017.
A breakdown of our mortgage:
PROGRESS TO DATE
- Original Mortgage: £138,485 (April 2006)
- Original term: 300 months (March 2031)
- Outstanding Balance: £73,500 (Dec 1st 2013)
- Paid off to date: £64,985
- Starting Balance: £73,500
- Target End Balance: £58,000
- Paid off in 2014:
- Starting Balance: £84,950
- End Balance: £73,500
- Paid off in 2013: £11,450
- Starting Balance: £106,322.34
- Ending Balance: £84,950.00
- Paid off in 2012: £21,372.34
2013 was not as good as 2012, but we’re beyond happy to have paid off over £32k in the last two years…..now it’s time to focus on 2014!
OUR GOAL FOR 2014 IS TO REDUCE OUR MORTGAGE DEBT BY £15,500
Do you plan to pay off debt in 2014? Have you set your goal yet?