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How do you pay off your home early?  By being focused and on fire. The following shows how I am using my amortization schedule to keep track of how much I currently owe on my house.  I will show you every two weeks how my progress is going (growing?).

I bought my current home in March 2019, so the first house payment was actually due on April 1, 2019.

So I made the first payment on 04/01/19.  My total house payment with taxes and insurance is $1117.00.

Amortization Schedule

You can see how the principal portion goes up as the interest portion goes down with each monthly payment.  But if you want to keep track of early payoff, just pay the next month’s principal payment. You can see that on 4/5/2019 I made an extra principal only payment of $346.38 (May’s payment of $172.84 and June’s payment of $173.54). Make sure when you make an extra principal payment you specify “principal only” to the loan holder.

You can see that in one month I actually paid off a whole year on my 30 year mortgage loan.

I know Dave Ramsey says to get a 15 year fixed mortgage, but I am focused and dedicated and would rather have the lower monthly payment from a 30 yr mortgage than the higher monthly payment at a 15 yr mortgage.  If you don’t think you can be focused and dedicated as I am, then please go for a 15 yr mortgage.

And yes, at the time of releasing this blog, mortgage interest rates have declined, but I figure if I pay the house off in 3 years, I don’t know if it would be worth it to refinance.  Let me know what you think.

Here’s to reading on!

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