Mortgage Payoff Scenario

I anticipate my mortgage balance at the end of this year to be 84k.

Beginning January 2009, I intend to make additional principal payments every month going forward to payoff my mortgage as much as possible...

Inspite of whatever the so called benefits of having a long term mortgage and not paying them off sooner, the following play a very crucial role in my decisions.

1. I have been laid off thrice in the last 10 years and I don't anticipate holding a full-time position forever...
   
2. My ARM will re-adjust within the next few years but even with the readjustment the mortgage rates will be lower since they have a cap and rates cannot increase past it...
3. Paying down will provide me the necessary freedom in pursuing other career opportunities.

Paying 1k in additional principal every month reduces mortgage to 63k by Dec 2009.

Paying 2k in additional principal every month reduces mortgage to 51k by Dec 2009.

Paying 3k in additional principal every month reduces mortgage to 39k by Dec 2009.

I anticipate I'll be able to make about 20-30k selling stock options(they vest in Dec 2009) and if am lucky enough will be mortgage free by then..