Three years ago we took out our first (and hopefully last!) mortgage in order to buy the beautiful home which we now live in. It was built during 2010/2011 and in autumn 2011 we finally moved in. Even though we’ve had the mortgage for three years, lived in our home for a year and half now…we will own 25% of it by the end of this month.
Unfortunately, my husband doesn’t like me publishing the actual numbers. However, I will give you this number: €77.93. That’s the difference of the amount we pay our bank every month compared to May 2010. This number will increase over the next couple of months, because we are paying off the interest-only part of the mortgage. The savings part is a different story. We’re throwing money in the savings part, but that doesn’t decrease our debt…so that amount of interest stays the same. The number would have been bigger if we took out a total interest-only mortgage. At the time that sounded like a silly idea…now I wish we had because we are the kind of people who can make extra mortgage payments diligently. Well…it doesn’t make sense whining about that now.
Another fact about our mortgage: 30 years -> 26 years. We had the savings part of our mortgage lowered from 30 to 26 years because we made a huge deposit. So, even though the amount of interest doesn’t decrease, the amount of years we’re stuck with a mortgage has decreased.
Still, my dream is to pay off the whole damned thing within 10 years. As we’re 3 years in it should take us another 7 years. My husband doesn’t believe this will happen. It is safe to say that we can do this in 20 years…so that’s another 17 years of being a slave to the bank. 😦
When do you expect to have your mortgage paid off?