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@lmnop:
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Wednesday 13 April 2016 00:27:02 GMT
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How my husband and I are paying our mortgage off in 10 years, and how we stay motivated. Here's what we do. We track the projected interest saving off every single deposit, no matter how big or small. Today's was small. We had $40 left over in our birthdays and occasions account for August, so it went straight onto the mortgage. Here's what that $40 did: - Our projected interest saving went from $41,551.11 up to $41,644.72 - That's a difference of $93.61 off a single $40 deposit - The $40 didn't just cut our balance, it's estimated to save us more than double that again in interest we never have to pay That's exactly why we track it. When a $40 transfer turns into nearly $94 saved, every leftover dollar suddenly has a job to do. This is how a 10 year plan stays exciting instead of overwhelming. You watch the number climb, and you stay hungry for the next deposit. These are projected savings over the life of our loan and specific to us, so they'll shift with interest rate changes and your own numbers would look different. #creatorsearchinsights #mortgagepayoff #FIRE #interestmath #debtfree
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