I Hate Debt

Well i do some silly things at times.

I focus on many unimportant things, but do so out of compulsivness. A few years ago i bought a bigger, newer, more expensive house. Except for the odd little item this is my only debt.

Here is an overview:

Bought in Aug 2008.
Original mortgage of $175,000 (4% variable amortized over 15 yrs) with payments at $825 * 24 . This was my PIT (principal, interest and tax).
Broken down it was in order $358, $292, $175. I was somewhat happy because i wanted to ensure out of every $1 paid, atleast $0.50 goes to pricipal.

Due to luck and interest rates plummeting i figure another $6k has gone to principal over the last 2 years which always helps.

My current payments 2 years after i started look like:
$955 * 24 which breaks down to $648, $117, $185 (2% variable with amortization of 8.4 yrs). Roughly $0.85 of every dollar goes to my principal right now!

While many focus on how to afford the monthly payment or enjoying the 'lifetime' mortgage i like to see light at the tunnels end.

Due to family obligations, rising interest rates and the unforseen i would be happy to have the mortgage gone in 10 years. However my goal is to be debt free in under 8!

D