Hello there! We didn’t abandon you guys or the blog. Lol. We just took a little break to finish enjoying our summer and get back into the hang of school for our oldest son. But what better way to kick off the Fall season than with our third quarter mortgage payoff plan update. If you missed the second-quarter update, you can check it out here.
We hit a pretty big milestone this quarter that had us really excited. Check out the numbers below, and you’ll see the milestone we hit as well! The numbers are as follows for the third quarter of 2019 (Jul – Sep):
** note: Principal refers to the regular part of our payment that goes towards the mortgage principal. Additional refers to any extra money from our budget unless otherwise stated.
- Principal = 860.40
- Additional = 667.33
- Total: 1527.73
- Principal = 863.45
- Additional = 2155.36
- Budget = 474.47
- RSUs = 1680.89
- Total: 3018.81
- Principal = 871.06
- Additional = 529.98
- Total: 1401.04
The principal balance was $135,240.09 at the beginning of 2019. At the end of the third quarter, we hit a milestone and made it below $110k!! The principal balance is now $106,177.20! We paid off $5,947.58 this quarter.
Our goal for the year is to pay off $23,000 of our mortgage principal. We are now at 126% of our goal and have paid a total of $29,062.89 for the year!
The last time we were able to color in lines on our mortgage payoff chart was back in June when we reached $115k. Since we reached $110k this quarter, we were able to color again.
As excited as we were to color in some more lines on our chart, we won’t feature our chart in this post. You see, when we decided to share our journey or even start this blog (and then re-start it), we did so with the hopes of inspiring others to take control of their finances. So we want to share this Instagram post with you instead.
We were excited for ourselves, but we were just as excited when someone close to us was inspired by our chart when we posted it on IG. He ended up sending us a picture of his mortgage payoff chart. He and his family took turns coloring in the lines. They aren’t on a mortgage-free journey yet but, they’ve accomplished a lot just by having a 15-year mortgage. You can read more about this on IG by clicking on the picture above.
It’s so exciting to be close to paying off $30k for this year. We had no idea at first that the RSU’s were going to make such an impact, but we’re glad they are! Aside from our own journey of paying off our mortgage, it’s still been exciting watching people on IG continue with their journeys as well. And it’s been nice to know that we inspire others. #eachoneteachone