Last Month’s “Numbers” And Extra Mortgage Payments

If you hit the “mortgage” tab you’ll find our “numbers”. The thing is, my husband really doesn’t want me to publish our real numbers, so I will be talking in percentages there.

A the start of this month, October 2012, we paid off 9.09% of our house. We purchased our house in May 2010. However, it had to be built so we started living in this house in October 2011. This actually is our one year home ownership anniversary (Yay!) but our second year mortgage anniversary (Booh!).

The good news is: we are ready to put a big chunk of our savings into our mortgage. We are going to meet our mortgage advisor by the end of this month and talk about our options. (Our Dutch mortgage system is pretty complex to explain. You can click here if you’re interested.) The amount of cash we want to throw into our mortgage equals 8.57% of our mortgage. That would mean that we would have paid off 17.66% of our mortgage by the end of this month. WOW! That sure feels good!

Also: our savings have gone up. (Yay!) I’ll have to wait for the bank statements to arrive before I can punch in the numbers for all of our expenses during the past month. Just so you know: I am not a budget-up-front-type-a-gal. This works for me, I’ll explain more thoroughly while blogging.

Are you making extra mortgage payments?

Love,

Mrs Econowiser

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4 thoughts on “Last Month’s “Numbers” And Extra Mortgage Payments

  1. zeldesse

    Yes, but we are limited tot 15% of our original mortgage every year. If we pay back more, we have to pay a fine! I would say the Dutch governement should make it easier to make extra payments, if they are going to change the mortgage system.

    Reply
  2. econowiser Post author

    Yes, there are limitations here as well. That’s why we’re going to talk to our mortgage “advisor” at the end of this month. Hopefully the Dutch government will make it much much much easier to pay things off indeed! We’ll know in a couple of weeks, right?

    Reply
  3. Krishanu

    Making extra payments on the mortgage, towards the principal, is a complete no-brainer, for those who can afford it. We put in almost 20% more of our actual monthly payment, each month. Currently in our 4th year of a 30-year mortgage, but the actual remaining term is 22 years, and 7 months. That’s how much you can shave off if you’re “burning the candle from both ends”!

    Reply

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