This year marks 9 years since we paid off our non-mortgage debt and at one point since then we had our mortgage balance as low as $85k with a line of sight to be mortgage free within a year.
OUR CURRENT MORTGAGE
In 2013, I took a new job and we moved to a new state. We had a good chunk of home equity built up and when we sold we took all the old equity and put it towards our new house, still borrowing $260k. Our house is larger than our last house, but more important (to us), we now live near the best public schools in the area (our last house was in a terrible school district, but our kids were small enough we didn't really care).
Fast forward to today and 5 years into our 30-year mortgage we are 95 payments ahead of schedule (that's like 8 years!). Our mortgage website has a cool calculator that shows how much time and interest we've saved assuming we only make minimum payments from here on out. You already know that that isn't happening, so every month this view looks better and better.
Since 2013, my income has grown a lot, allowing us to put more and more towards the mortgage each year. Our first couple of years we had some expensive home repair projects, plus at the beginning of any mortgage it takes a while before it feels like you’re making any headway as the interest part of the payment is so high. But since about 2016 we have started to get into a groove and now the payoff is gaining some traction.
We’ve made some additional tweaks to our budget that will allow us to increase what we pay each month. I've also made some high-level assumptions about how the new tax law will change our take home pay. Our plan is to have all extra $ will go towards the mortgage. As of now, our current projection is that we will be mortgage free in 2022.