This morning I decided to check my bank account since my salary should be on there and it was. Before my salary was added to the bank statement I had already noticed that I had a surplus of almost half our monthly expenses.
I thought of two different options. Number one was to throw that amount into the interest only part of our mortgage. Number two was to stash it on my personal savings account. I had a look at our overview and I then noticed that we still have a larger emergency fund than we decided we want. So that made the choice very easy….I threw it into the interest only part of our mortgage. And guess what? Now we have officially paid off more than 50% of that part of our mortgage! YAY!
This paying your mortgage off thingy is getting really addictive. I am so looking forward to the day that we will sign off the interest only part of our mortgage and tell the bank to stick that part of our mortgage where the sun doesn’t shine. The interest only part of our mortgage makes up 1/7 of our total mortgage. The greatest part is made up of a savings scheme which we have been throwing extra cash in as well.
Would you have made the same choice?