Second Mortgage Payoff

by James & Miel on November 10, 2007 · 0 comments

We know it isn’t too exciting, but our main financial goal these days has been paying off our second mortgage. We are just starting out and wanted to share with folks how we track our progress towards goals. We now have one spreadsheet with several different tabs; one for each of our big savings goals. Thus far we have 1) House Savings; 2) Wedding Savings; and now 3) Paying Off Second Mortgage.

It’s really a very simple tool, but we’ve found it to be very effective. Looking at it makes me think of all the future tabs we might have to represent our mutual goals.

After taking a look at our budgets, our goal is to pay it down to $15,000 by the end of the year.

Note: If you look carefully at the spreadsheet you may wonder if our math is right. That is simply the magic of interest working against us.

We are still trying to get a handle on exactly what Miel’s take home pay will be. So far payroll has managed to mess up her last three paychecks, making it so she hasn’t actually received an accurate paycheck since she’s been in Afghanistan. Once we have things steady we should be able to make a pretty good dent on the second mortgage.

Our goal is to pay off the second mortgage by June 30, 2008.

We both commit to paying off set amounts each month, and then contributing whatever else we can in addition to that. We’ll keep our readers posted from time to time as we pay this bad boy off!

Wish us luck!

Miel & James

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