Hi All,
If you’ve been following our blog for the past few months, you’ll know that we have been aggressively paying off our second mortgage. Well the good news is that we were finally able to make the final payment this afternoon!
We have managed to dump over $21,000 worth of expensive mortgage debt in less than 9 months!
Most of this is due to my wife Miel’s very strong salary from her overseas work, but we also focused the rest of our sources of income (blog money, stock dividends, profits from prosper.com) and put everything towards the debt elimination. To be entirely honest, sometimes it felt like we were feeding an alligator or a black hole, but the focused approach has paid off so we’ve finally managed to get the 2nd mortgage discharged.
The benefits have been immediate. We’re both in a better state of mind for having paid off the debt, and we’ve effectively added $196.00 to our monthly budget. That is to say, the $196.00 was the minimum payment on the second mortgage. Now that its paid off, we can send that cash someplace else. So,now that the debt is gone and we’re a little happier and a bit richer.
Best,
James
DINKS (Dual Income No Kids) Finance is a blog discussing personal finance for couples. While by no means financial experts, we own a variety of assets including real estate and stocks. We've both been up to our eyeballs in debt and have made tons of financial mistakes. However, we've both successfully retired that debt and we both do learn from our failings. We hope that our voice in this blog can help others in achieving their goals!
