Wednesday, August 25, 2010

Mortgage Update

We are officially done with this year's prepayments on our main mortgage -- to the tune of $23100. We won't be allowed to start again until end of Sept. So, I'll be channelling available monies to our other mortgage in the meantime.

The goal with the other one is to pay it down enough such that the amortization matches the remaining term. Right now it is 2 yrs 9 months and we are at 3 yrs 6 months. We started with a 12 yr amortization 3 yrs ago and it is through prepayments we have been able to knock off the time remaining.

With the main house, it is a much bigger job. We sit at 4 yrs 2 months and aiming for 2 years 1 month. In order to achieve this we have sacrificed any rsp savings this past yr and for the next 2 years.

We will be hitting the maximum allowed on the smaller mortgage by the end of Sept. just in time to start on the bigger one again.

I'm still confident that we ought to be very close or bang on finishing both in time to avoid re-mortgaging. D and I were discussing just how much we've been through this year so far, with both of our jobs changing.

Getting through all that has made us feel stronger and I do not stress as much with the above like I used to. It will all get sorted out.

No comments:

Post a Comment