I’d like to say that since I started this blog, we’ve been on a mission to pay off our debt. But the truth is that I started blogging under the impression we were mostly debt free because our cars were almost paid off…and I didn’t realize a mortgage was debt.
I know.
I know.
Once I came to terms with reality, I realized that we, too, had six figures of debt. Multiple six figures! At the ripe old age of 26, a bank decided that I–a single third year teacher–qualified for a $214,000 loan. So that was our starting point.
And now, not even nine years later, we’ve hit a mortgage milestone that felt impossibly far away just a few short years ago.
Our mortgage balance currently stands at just over $48,000.
That means that in nine years, two teachers shoveled $166,000 at our mortgage principal. And that’s not all we’ve paid. The overall total we’ve put toward debt is actually considerably higher. I just haven’t come to terms with the interest yet.
RELATED POST: How $39 Changed Our Mortgage Payoff Journey Forever
Along the way, we’ve also made some other important financial moves, such as:
- Dramatically increasing both our teacher salaries (I’m still winning but theoretically we aren’t keeping score)
- Freelancing more strategically
- Maxing out our Roth IRAs each year
- Starting to invest in a 403b
- Increasing our charitable giving
- Adding one baby and getting ready for a second
- Traveling a bit
- Making some home repairs and updates
- And generally enjoying life.
I know over the next few weeks, we’ll do plenty of reflecting and maybe even some celebrating. But right now, we’re just savoring the milestone.
We know the unexpected of a new baby is nearly upon us, as is the start of my unpaid leave. So while it’s tempting to pay down the rest of the mortgage immediately, we are just staying the course for now.
A little extra here and a little extra there is what got us this far. I’m confident it’ll take us over the finish line when the time is right.
And yes, we’ll keep on investing as well.
So Tell Me…Are you celebrating any financial milestones?
Congratulations Penny!!!!! That is an awesome milestone and that last little bit will disappear in no time! I can’t wait to celebrate it with you! We cleared our house from the bank with our last stimulus check and it has been amazing and I’m still happy every time I think about it!
Congratulations on your new baby!
I remember the sense of freedom I felt when I paid off all my credit card debt. Paying off a mortgage has to be an even better feeling. I hope you get there soon!
Congratulations, that is quite a milestone! I remember how good it felt to see the balance drop to something closer to a car price (albeit, an expensive car). Even with a pause in payoff plans, that last amount will be gone relatively soon (it looks like 4.5 years even if you never put another extra penny in).
Congrats on the major milestone, Penny! Generally enjoying life is really important and I hope you continue to do that. I recently celebrated receiving my first distribution from a real estate venture.
Now that your mortgage balance is much lower than before, would you consider investing in exotic asset classes like Bitcoin? ?
Congratulations!
I was told when I first got my mortgage that ‘everyone’ had debt and will have till they retire so just get used to it. I kinda did – but it was so liberating when I finally paid it off 🙂 2025 is not that far away.
Congratulations on the mortgage pay down!! One day that’s going to reach $0 real soon. It’s a huge accomplishment and hope that I get to own a house one day as well 🙂
Congratulations!!!