Mortgage Freedom: Our Progress in 2013

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

2014
- Starting Balance: £73,500
Target End Balance: £58,000
- Paid off in 2014:

2013 
- Starting Balance: £84,950
- End Balance: £73,500
- Paid off in 2013: £11,450

2012 
- 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?

Posted in Financial Freedom and tagged . Bookmark the permalink. RSS feed for this post. Both comments and trackbacks are currently closed.

14 Responses to Mortgage Freedom: Our Progress in 2013

  1. Laura, you must be really pleased with how well your doing in reducing your mortgage! Well done!

    Our financial goal for 2014 is simple – clear our credit card debt (and with a bit of luck we’ll manage it)

  2. Lena says:

    I think, these numbers are quite impressive!

  3. You are doing great! We definitely have goals for paying down our mortgages in 2014, but also to save for a downpayment on a house in California. It’s going to be an expensive time to buy – a starter house in our neighborhood is two million. The bay area, while gorgeous & ripe with opportunity, is insanely expensive.

  4. Fiona says:

    WOW! You will have almost halved the balance from start of 2012 to end of 2014! That’s amazing (and inspiring!) I love seeing the numbers set out like that.

    Our goals are very similar to yours…if I convert Aussie dollars to the pound, we are chasing 13,930 pounds next year (sorry – can’t find the “pound” symbol on my keyboard!)

  5. Donna says:

    Well done – you’ve done really well to reduce your mortgage by so much!

  6. lonestarsky says:

    Hi there, this is such an amazing achievement and really inspirational – well done!

    We’ve just bought our first house in 2013 and the financial plan for 2014 is to overpay on the mortgage (not worked out a figure yet) and seeing your targets for the last two years shows it can be done and has really encouraged me!! So thank you x

  7. Amanda says:

    Wow, your progress is impressive! We are making slow but steady gains on our mortgage and I can’t wait to be just a few years away from paying it off :)

Swedish Greys - a WordPress theme from Nordic Themepark.