This weekend we made our first extra mortgage payment in order to check out how things work. It was actually really easy and I wired the amount of 62.5% equal to our monthly expenses to our mortgage account. This resulted in us having paid off a little over 10% of our mortgage! Next week we’re going to add another 208% equal to monthly expenses to that. The fact that we see the total amount due down is already very addictive.
We’re still waiting for our mortgage advisor to put 416% equal to monthly expenses in the savings account part of our mortgage. When we put that into the account we will have paid off 18.6% by the end of this month! Fingers crossed!
I am rooting for more than 20% of our mortgage paid off by the 1st of January 2013. How are you doing with your extra mortgage payments?