New Month, New Numbers

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?

Mrs EconoWiser

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2 thoughts on “New Month, New Numbers

  1. zeldesse

    Can you just pay off as much of the mortgage as you like? Our mortgage has a maximum you can pay off per year, being 15% of the total sum.

    Reply
    1. econowiser Post author

      1/7 of our mortgage is “aflossingsvrij” and there’s no maximum there. Our goal is to have that part paid off by the end of 2013. The other part is the savings bit “bankspaarhypotheek” and we calculated we can throw a nice amount into that as well. So we’re not literally paying that part off, but we’re stuffing the savings account. We can pay off 10% per year of the total sum of that part of the mortgage. But the savingsdeal is more interesting because of the fixed interest rate.

      Reply

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