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Mortgage Payment #42

5 Responses to “Mortgage Payment #42”

1. Ima saver Says:
   October 6th, 2011 at 05:52 pm 1317923578
   1317923578
   Congratulations!!

2. Ladya70 Says:
   October 6th, 2011 at 06:48 pm 1317926933
   1317926933
   Can you please explaining "Mortgage Chip"? I'm currently also paying extra on my mortgage and would like to know how others are doing.

3. Petunia 100 Says:
   October 6th, 2011 at 06:57 pm 1317927437
   1317927437
   @Ima, thank you!
   
   @Ladya, whenever I pay a bit extra, I call that a "chip". I have a few small income streams which I use for that purpose. Best of luck to you with your mortgage chipping.

4. Ladya70 Says:
   October 6th, 2011 at 08:41 pm 1317933660
   1317933660
   I think I like the term mortgage chipping, it's like you're "chipping" away at the balance. I think I will start using it. Do you have a special excel worksheet that you use to keep track?

5. Petunia 100 Says:
   October 6th, 2011 at 09:14 pm 1317935687
   1317935687
   Yes, I do have a spreadsheet that I use. It wasn't a template, I just made it myself. I started with my amortization as scheduled. Then as each payment is made, I plug in what I have actually paid and highlight that month. I have it set up with formulas so that each time I prepay any amount at all, each line recalculates and I can see the impact at the very end. That's really what motivates me, seeing that last payment shrink until it disappears.
   
   The spreadsheet comes in very handy to play "what if" (as in "what if I pay $x extra each month or each year). The picture in this post is part of my spreadsheet.
   
   

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