Sunday, November 1, 2009

Mortgage balance down to $1000

Its been 6 long years and finally the 200K loan is down to 1k and its a fantastic feeling.

I cannot pay the $1k yet..still have to wait for the mortgage company to pay my property taxes from the escrow sometime in November but hopefully in another 2-3 weeks I would have paid off the mortgage.

I calculated that if I had stayed in the 30 year loan and just paid monthly payments, I would have paid a
'Total Interest' of $52,000 and my still have a 'Pending Mortgage Balance:' of $181,000. Ouch!!!

Its definitely worth it to pay down your mortgage as quickly as possible without jeopardizing your current situation.

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