We’re Almost Rid Of The Interest-Only Mortgage!

Yesterday we made our second last payment on the interest-only part of the mortgage. I can’t tell you how much the original number was…but it was tens of thousands of euros. And now we’ve brought it down to….drum rolls please….€286.33. We started attacking this part of the mortgage on 27th October 2012. Yes, that’s 9 months ago. We put a lot of savings in it, lived rather frugally but most of all we stuck with our focus. Our goal was to pay this thing off by the end of this year. HA! Take that you big bank!

Next week I am going to call the bank and they’ll give us the exact number we’ll have to transfer to them on which specific day. I’m not quite sure what to call it in English but we’ll need a repayment check so that that part is ticked off. Because of this thing we couldn’t repay the whole thing in full at the end.

Next week Monday will be one of the coolest phone calls ever. We now own 30.35% of our home!!!

Love,

Mrs EconoWiser

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6 thoughts on “We’re Almost Rid Of The Interest-Only Mortgage!

  1. donebyforty

    Congratulations, Econowisers! That’s exciting. I’m still confused on the nature of your mortgage system but I know enough that getting rid of an interest-only mortgage can only be a good thing.

    Good on ya!

    Reply
    1. econowiser Post author

      Thanks! Yeah, the system is really weird. However, we had a lot of options. The rules have changed and the only sensible option now is an annuity.

      Reply
    1. econowiser Post author

      Thanks!!! Due to our savings mortgage we can’t pay off things aggressively from now on, unless we take the tax drawback that comes along with it. But this sure feels good! At the start of this year we owned 22.8%.

      Reply
  2. Valhalla

    Gefeliciteerd vanuit zonnig Norge 😀 😀 Als ik jouw lees krijg ik gelijk weer ‘zin’ om af te gaan lossen!

    Reply

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