Wednesday, October 31, 2018

Mortgage FREE by 2023

Ready, set... where to?
This month I started my FAST AND FURIOUS mortgage pay down, on my primary residence.

Based on the theory that I’m following, my home is my liability. It’s taking money out of my pocket every month. Mortgage payment is a huge portion of my monthly expenses.

What I learned a while ago, yet am just now starting to realize for myself – is that you don’t have to pay mortgage for the next 25-30 years. You can be mortgage FREE much faster and often with minimal additional hassle.

I have $339,089 left on my mortgage and 23 years to go. I'll be mortgage free by 2041. The year I turn 60. Long way to go. This is my Status Quo.

Luckily, I have a plan B, my new FAST AND FURIOUS mortgage pay down plan.

So, let the adventure begin.

  1. I transferred $14,063 payment from my line of credit towards the principal
  2. I thought "Wow, that was easy!"
  3. I checked: My outstanding amount has dropped to $325,026 and only 21 years more to go.

It works! It's this simple!

Now, over the next few days, I'll redirect all my day-to-day incoming and outgoing payments to the credit line account. This will ensure that the 14K I've borrowed will get paid down as fast as possible from miscellaneous left-overs. Line of credit balance over a short time will cost me a reasonable amount of interest, especially if you compare to the amount of interest I'd have to pay, if I stayed with the traditional pay down schedule.

To see the full impact of accelerating mortgage pay off - scroll down. This is the maximum acceleration I can get. It will likely require me to be frugal and creative.

It's my own choice to go at the fastest speed. Everyone's situation is different, and you can choose the speed that you feel the most happy about. If you need help or have a question, let me know.

There are ways to be mortgage free fast, without putting yourself under a lot of pressure. Someone just needs to show you the way.

You need to work with a great partner. Ask me about it in the comments if interested and would like a referral.

Below is my status quo and my new plan. I'm curious to find out - What your plan is? 


MY STATUS QUO


Please scroll down to the bottom of the table. I have a point....

Let's see where I'll be in 2041


AgePeriodPayment DatePrincipalInterestTotal InterestBalance
37 105-Oct-18$388$407$407$338,700.91
37 219-Oct-18$389$406$813$338,312.36
37 302-Nov-18$389$406$1,219$337,923.34
37 416-Nov-18$389$405$1,624$337,533.86
37 530-Nov-18$390$405$2,029$337,143.91
37 614-Dec-18$390$404$2,433$336,753.49
37 728-Dec-18$391$404$2,837$336,362.60
38 811-Jan-19$391$403$3,241$335,971.24
38 925-Jan-19$392$403$3,644$335,579.41
38 1008-Feb-19$392$403$4,046$335,187.11
38 1122-Feb-19$393$402$4,448$334,794.34
38 1208-Mar-19$393$402$4,850$334,401.10
38 1322-Mar-19$394$401$5,251$334,007.39
38 1405-Apr-19$394$401$5,652$333,613.21
38 1519-Apr-19$395$400$6,052$333,218.56
38 1603-May-19$395$400$6,452$332,823.43
38 1717-May-19$396$399$6,851$332,427.83
38 1831-May-19$396$399$7,250$332,031.75
38 1914-Jun-19$397$398$7,648$331,635.20
38 2028-Jun-19$397$398$8,046$331,238.17
38 2112-Jul-19$398$397$8,443$330,840.67
38 2226-Jul-19$398$397$8,840$330,442.69
38 2309-Aug-19$398$396$9,236$330,044.23
38 2423-Aug-19$399$396$9,632$329,645.30
38 2506-Sep-19$399$395$10,028$329,245.89
38 2620-Sep-19$400$395$10,423$328,846.00
38 2704-Oct-19$400$394$10,817$328,445.63
38 2818-Oct-19$401$394$11,211$328,044.78
38 2901-Nov-19$401$394$11,605$327,643.45
38 3015-Nov-19$402$393$11,998$327,241.64
38 3129-Nov-19$402$393$12,390$326,839.34
38 3213-Dec-19$403$392$12,782$326,436.56
38 3327-Dec-19$403$392$13,174$326,033.30
39 3410-Jan-20$404$391$13,565$325,629.55
39 3524-Jan-20$404$391$13,955$325,225.32
39 3607-Feb-20$405$390$14,345$324,820.60
39 3721-Feb-20$405$390$14,735$324,415.40
39 3806-Mar-20$406$389$15,124$324,009.71
39 3920-Mar-20$406$389$15,513$323,603.54
39 4003-Apr-20$407$388$15,901$323,196.88
39 4117-Apr-20$407$388$16,289$322,789.73
39 4201-May-20$408$387$16,676$322,382.09
39 4315-May-20$408$387$17,063$321,973.96
39 4429-May-20$409$386$17,449$321,565.34
39 4512-Jun-20$409$386$17,835$321,156.23
39 4626-Jun-20$410$385$18,220$320,746.63
39 4710-Jul-20$410$385$18,605$320,336.54
39 4824-Jul-20$411$384$18,989$319,925.96
39 4907-Aug-20$411$384$19,373$319,514.89
39 5021-Aug-20$412$383$19,756$319,103.33
39 5104-Sep-20$412$383$20,139$318,691.27
39 5218-Sep-20$413$382$20,521$318,278.72
39 5302-Oct-20$413$382$20,903$317,865.67
39 5416-Oct-20$414$381$21,284$317,452.13
39 5530-Oct-20$414$381$21,665$317,038.09
39 5613-Nov-20$415$380$22,045$316,623.55
39 5727-Nov-20$415$380$22,425$316,208.52
39 5811-Dec-20$416$379$22,804$315,792.99
39 5925-Dec-20$416$379$23,183$315,376.96
40 6008-Jan-21$417$378$23,561$314,960.43
40 6122-Jan-21$417$378$23,939$314,543.40
40 6205-Feb-21$418$377$24,316$314,125.87
40 6319-Feb-21$418$377$24,693$313,707.84
40 6405-Mar-21$419$376$25,069$313,289.31
40 6519-Mar-21$419$376$25,445$312,870.28
40 6602-Apr-21$420$375$25,821$312,450.74
40 6716-Apr-21$420$375$26,195$312,030.70
40 6830-Apr-21$421$374$26,570$311,610.16
40 6914-May-21$421$374$26,943$311,189.11
40 7028-May-21$422$373$27,317$310,767.56
40 7111-Jun-21$422$373$27,689$310,345.50
40 7225-Jun-21$423$372$28,062$309,922.94
40 7309-Jul-21$423$372$28,433$309,499.87
40 7423-Jul-21$424$371$28,805$309,076.29
40 7506-Aug-21$424$371$29,175$308,652.20
40 7620-Aug-21$425$370$29,546$308,227.61
40 7703-Sep-21$425$370$29,915$307,802.51
40 7817-Sep-21$426$369$30,285$307,376.90
40 7901-Oct-21$426$369$30,653$306,950.78
40 8015-Oct-21$427$368$31,022$306,524.14
40 8129-Oct-21$427$368$31,389$306,096.99
40 8212-Nov-21$428$367$31,756$305,669.33
40 8326-Nov-21$428$367$32,123$305,241.16
40 8410-Dec-21$429$366$32,489$304,812.47
40 8524-Dec-21$429$366$32,855$304,383.27
41 8607-Jan-22$430$365$33,220$303,953.55
41 8721-Jan-22$430$365$33,585$303,523.32
41 8804-Feb-22$431$364$33,949$303,092.57
41 8918-Feb-22$431$364$34,312$302,661.31
41 9004-Mar-22$432$363$34,675$302,229.53
41 9118-Mar-22$432$363$35,038$301,797.23
41 9201-Apr-22$433$362$35,400$301,364.41
41 9315-Apr-22$433$361$35,761$300,931.07
41 9429-Apr-22$434$361$36,122$300,497.21
41 9513-May-22$434$360$36,483$300,062.83
41 9627-May-22$435$360$36,843$299,627.93
41 9710-Jun-22$435$359$37,202$299,192.51
41 9824-Jun-22$436$359$37,561$298,756.57
41 9908-Jul-22$436$358$37,919$298,320.11
41 10022-Jul-22$437$358$38,277$297,883.12
41 10105-Aug-22$438$357$38,634$297,445.61
41 10219-Aug-22$438$357$38,991$297,007.57
41 10302-Sep-22$439$356$39,348$296,569.01
41 10416-Sep-22$439$356$39,703$296,129.92
41 10530-Sep-22$440$355$40,058$295,690.30
41 10614-Oct-22$440$355$40,413$295,250.16
41 10728-Oct-22$441$354$40,767$294,809.49
41 10811-Nov-22$441$354$41,121$294,368.29
41 10925-Nov-22$442$353$41,474$293,926.56
41 11009-Dec-22$442$353$41,827$293,484.30
41 11123-Dec-22$443$352$42,179$293,041.51
42 11206-Jan-23$443$352$42,530$292,598.19
42 11320-Jan-23$444$351$42,881$292,154.34
42 11403-Feb-23$444$350$43,232$291,709.96
42 11517-Feb-23$445$350$43,581$291,265.04
42 11603-Mar-23$445$349$43,931$290,819.59
42 11717-Mar-23$446$349$44,280$290,373.60
42 11831-Mar-23$447$348$44,628$289,927.08
42 11914-Apr-23$447$348$44,976$289,480.02
42 12028-Apr-23$448$347$45,323$289,032.43
42 12112-May-23$448$347$45,670$288,584.30
42 12226-May-23$449$346$46,016$288,135.63
42 12309-Jun-23$449$346$46,362$287,686.43
42 12423-Jun-23$450$345$46,707$287,236.69
42 12507-Jul-23$450$345$47,051$286,786.41
42 12621-Jul-23$451$344$47,395$286,335.59
42 12704-Aug-23$451$343$47,739$285,884.23
42 12818-Aug-23$452$343$48,082$285,432.32
42 12901-Sep-23$452$342$48,424$284,979.87
42 13015-Sep-23$453$342$48,766$284,526.88
42 13129-Sep-23$454$341$49,107$284,073.35
42 13213-Oct-23$454$341$49,448$283,619.27
42 13327-Oct-23$455$340$49,788$283,164.65
42 13410-Nov-23$455$340$50,128$282,709.48
42 13524-Nov-23$456$339$50,467$282,253.77
42 13608-Dec-23$456$339$50,805$281,797.51
42 13722-Dec-23$457$338$51,143$281,340.70
43 13805-Jan-24$457$337$51,481$280,883.34
43 13919-Jan-24$458$337$51,818$280,425.44
43 14002-Feb-24$458$336$52,154$279,966.99
43 14116-Feb-24$459$336$52,490$279,507.99
43 14201-Mar-24$460$335$52,825$279,048.44
43 14315-Mar-24$460$335$53,160$278,588.33
43 14429-Mar-24$461$334$53,494$278,127.67
43 14512-Apr-24$461$334$53,828$277,666.46
43 14626-Apr-24$462$333$54,161$277,204.70
43 14710-May-24$462$333$54,493$276,742.38
43 14824-May-24$463$332$54,825$276,279.51
43 14907-Jun-24$463$331$55,157$275,816.08
43 15021-Jun-24$464$331$55,488$275,352.10
43 15105-Jul-24$465$330$55,818$274,887.56
43 15219-Jul-24$465$330$56,148$274,422.46
43 15302-Aug-24$466$329$56,477$273,956.81
43 15416-Aug-24$466$329$56,805$273,490.60
43 15530-Aug-24$467$328$57,133$273,023.83
43 15613-Sep-24$467$328$57,461$272,556.50
43 15727-Sep-24$468$327$57,788$272,088.61
43 15811-Oct-24$468$326$58,114$271,620.16
43 15925-Oct-24$469$326$58,440$271,151.14
43 16008-Nov-24$470$325$58,765$270,681.56
43 16122-Nov-24$470$325$59,090$270,211.42
43 16206-Dec-24$471$324$59,414$269,740.71
43 16320-Dec-24$471$324$59,738$269,269.44
44 16403-Jan-25$472$323$60,061$268,797.60
44 16517-Jan-25$472$322$60,383$268,325.20
44 16631-Jan-25$473$322$60,705$267,852.23
44 16714-Feb-25$474$321$61,026$267,378.69
44 16828-Feb-25$474$321$61,347$266,904.59
44 16914-Mar-25$475$320$61,667$266,429.92
44 17028-Mar-25$475$320$61,987$265,954.68
44 17111-Apr-25$476$319$62,306$265,478.87
44 17225-Apr-25$476$318$62,624$265,002.49
44 17309-May-25$477$318$62,942$264,525.54
44 17423-May-25$478$317$63,259$264,048.01
44 17506-Jun-25$478$317$63,576$263,569.91
44 17620-Jun-25$479$316$63,892$263,091.24
44 17704-Jul-25$479$316$64,208$262,611.99
44 17818-Jul-25$480$315$64,523$262,132.17
44 17901-Aug-25$480$314$64,837$261,651.77
44 18015-Aug-25$481$314$65,151$261,170.80
44 18129-Aug-25$482$313$65,464$260,689.25
44 18212-Sep-25$482$313$65,777$260,207.12
44 18326-Sep-25$483$312$66,089$259,724.41
44 18410-Oct-25$483$312$66,401$259,241.13
44 18524-Oct-25$484$311$66,712$258,757.27
44 18607-Nov-25$484$310$67,022$258,272.83
44 18721-Nov-25$485$310$67,332$257,787.80
44 18805-Dec-25$486$309$67,641$257,302.19
44 18919-Dec-25$486$309$67,950$256,816.00
45 19002-Jan-26$487$308$68,258$256,329.23
45 19116-Jan-26$487$307$68,565$255,841.87
45 19230-Jan-26$488$307$68,872$255,353.93
45 19313-Feb-26$489$306$69,179$254,865.40
45 19427-Feb-26$489$306$69,484$254,376.29
45 19513-Mar-26$490$305$69,789$253,886.59
45 19627-Mar-26$490$305$70,094$253,396.30
45 19710-Apr-26$491$304$70,398$252,905.42
45 19824-Apr-26$491$303$70,701$252,413.96
45 19908-May-26$492$303$71,004$251,921.91
45 20022-May-26$493$302$71,306$251,429.27
45 20105-Jun-26$493$302$71,608$250,936.03
45 20219-Jun-26$494$301$71,909$250,442.20
45 20303-Jul-26$494$300$72,209$249,947.78
45 20417-Jul-26$495$300$72,509$249,452.77
45 20531-Jul-26$496$299$72,808$248,957.16
45 20614-Aug-26$496$299$73,107$248,460.96
45 20728-Aug-26$497$298$73,405$247,964.16
45 20811-Sep-26$497$297$73,702$247,466.77
45 20925-Sep-26$498$297$73,999$246,968.78
45 21009-Oct-26$499$296$74,295$246,470.19
45 21123-Oct-26$499$296$74,591$245,971.01
45 21206-Nov-26$500$295$74,886$245,471.23
45 21320-Nov-26$500$294$75,181$244,970.85
45 21404-Dec-26$501$294$75,474$244,469.87
45 21518-Dec-26$502$293$75,768$243,968.29
46 21601-Jan-27$502$293$76,060$243,466.11
46 21715-Jan-27$503$292$76,352$242,963.32
46 21829-Jan-27$503$291$76,644$242,459.93
46 21912-Feb-27$504$291$76,935$241,955.94
46 22026-Feb-27$505$290$77,225$241,451.34
46 22112-Mar-27$505$290$77,515$240,946.14
46 22226-Mar-27$506$289$77,804$240,440.33
46 22309-Apr-27$506$288$78,092$239,933.91
46 22423-Apr-27$507$288$78,380$239,426.89
46 22507-May-27$508$287$78,667$238,919.26
46 22621-May-27$508$287$78,954$238,411.02
46 22704-Jun-27$509$286$79,240$237,902.17
46 22818-Jun-27$509$285$79,525$237,392.71
46 22902-Jul-27$510$285$79,810$236,882.64
46 23016-Jul-27$511$284$80,094$236,371.96
46 23130-Jul-27$511$284$80,377$235,860.66
46 23213-Aug-27$512$283$80,660$235,348.75
46 23327-Aug-27$513$282$80,943$234,836.23
46 23410-Sep-27$513$282$81,224$234,323.09
46 23524-Sep-27$514$281$81,505$233,809.34
46 23608-Oct-27$514$280$81,786$233,294.97
46 23722-Oct-27$515$280$82,066$232,779.98
46 23805-Nov-27$516$279$82,345$232,264.37
46 23919-Nov-27$516$279$82,624$231,748.15
46 24003-Dec-27$517$278$82,902$231,231.31
46 24117-Dec-27$517$277$83,179$230,713.85
46 24231-Dec-27$518$277$83,456$230,195.77
47 24314-Jan-28$519$276$83,732$229,677.06
47 24428-Jan-28$519$276$84,007$229,157.73
47 24511-Feb-28$520$275$84,282$228,637.78
47 24625-Feb-28$521$274$84,556$228,117.21
47 24710-Mar-28$521$274$84,830$227,596.01
47 24824-Mar-28$522$273$85,103$227,074.19
47 24907-Apr-28$522$272$85,375$226,551.74
47 25021-Apr-28$523$272$85,647$226,028.66
47 25105-May-28$524$271$85,918$225,504.96
47 25219-May-28$524$271$86,189$224,980.63
47 25302-Jun-28$525$270$86,459$224,455.67
47 25416-Jun-28$526$269$86,728$223,930.08
47 25530-Jun-28$526$269$86,997$223,403.86
47 25614-Jul-28$527$268$87,264$222,877.01
47 25728-Jul-28$527$267$87,532$222,349.53
47 25811-Aug-28$528$267$87,799$221,821.41
47 25925-Aug-28$529$266$88,065$221,292.66
47 26008-Sep-28$529$265$88,330$220,763.28
47 26122-Sep-28$530$265$88,595$220,233.26
47 26206-Oct-28$531$264$88,859$219,702.60
47 26320-Oct-28$531$264$89,123$219,171.31
47 26403-Nov-28$532$263$89,386$218,639.38
47 26517-Nov-28$533$262$89,648$218,106.81
47 26601-Dec-28$533$262$89,909$217,573.60
47 26715-Dec-28$534$261$90,170$217,039.75
47 26829-Dec-28$534$260$90,431$216,505.26
48 26912-Jan-29$535$260$90,690$215,970.13
48 27026-Jan-29$536$259$90,949$215,434.36
48 27109-Feb-29$536$258$91,208$214,897.95
48 27223-Feb-29$537$258$91,466$214,360.89
48 27309-Mar-29$538$257$91,723$213,823.19
48 27423-Mar-29$538$256$91,979$213,284.85
48 27506-Apr-29$539$256$92,235$212,745.86
48 27620-Apr-29$540$255$92,490$212,206.22
48 27704-May-29$540$255$92,745$211,665.94
48 27818-May-29$541$254$92,999$211,125.01
48 27901-Jun-29$542$253$93,252$210,583.43
48 28015-Jun-29$542$253$93,505$210,041.20
48 28129-Jun-29$543$252$93,757$209,498.32
48 28213-Jul-29$544$251$94,008$208,954.79
48 28327-Jul-29$544$251$94,259$208,410.61
48 28410-Aug-29$545$250$94,508$207,865.77
48 28524-Aug-29$545$249$94,758$207,320.28
48 28607-Sep-29$546$249$95,007$206,774.14
48 28721-Sep-29$547$248$95,255$206,227.34
48 28805-Oct-29$547$247$95,502$205,679.88
48 28919-Oct-29$548$247$95,749$205,131.77
48 29002-Nov-29$549$246$95,995$204,583.00
48 29116-Nov-29$549$245$96,240$204,033.57
48 29230-Nov-29$550$245$96,485$203,483.48
48 29314-Dec-29$551$244$96,729$202,932.73
48 29428-Dec-29$551$243$96,972$202,381.32
49 29511-Jan-30$552$243$97,215$201,829.25
49 29625-Jan-30$553$242$97,457$201,276.52
49 29708-Feb-30$553$241$97,699$200,723.13
49 29822-Feb-30$554$241$97,939$200,169.07
49 29908-Mar-30$555$240$98,180$199,614.35
49 30022-Mar-30$555$239$98,419$199,058.96
49 30105-Apr-30$556$239$98,658$198,502.91
49 30219-Apr-30$557$238$98,896$197,946.19
49 30303-May-30$557$237$99,133$197,388.80
49 30417-May-30$558$237$99,370$196,830.74
49 30531-May-30$559$236$99,606$196,272.01
49 30614-Jun-30$559$235$99,842$195,712.61
49 30728-Jun-30$560$235$100,076$195,152.54
49 30812-Jul-30$561$234$100,310$194,591.80
49 30926-Jul-30$561$233$100,544$194,030.39
49 31009-Aug-30$562$233$100,777$193,468.30
49 31123-Aug-30$563$232$101,009$192,905.54
49 31206-Sep-30$563$231$101,240$192,342.10
49 31320-Sep-30$564$231$101,471$191,777.99
49 31404-Oct-30$565$230$101,701$191,213.20
49 31518-Oct-30$565$229$101,930$190,647.73
49 31601-Nov-30$566$229$102,159$190,081.59
49 31715-Nov-30$567$228$102,387$189,514.77
49 31829-Nov-30$568$227$102,614$188,947.27
49 31913-Dec-30$568$227$102,841$188,379.09
49 32027-Dec-30$569$226$103,067$187,810.22
50 32110-Jan-31$570$225$103,292$187,240.67
50 32224-Jan-31$570$225$103,517$186,670.44
50 32307-Feb-31$571$224$103,741$186,099.53
50 32421-Feb-31$572$223$103,964$185,527.93
50 32507-Mar-31$572$223$104,186$184,955.64
50 32621-Mar-31$573$222$104,408$184,382.67
50 32704-Apr-31$574$221$104,629$183,809.01
50 32818-Apr-31$574$220$104,850$183,234.66
50 32902-May-31$575$220$105,070$182,659.62
50 33016-May-31$576$219$105,289$182,083.89
50 33130-May-31$576$218$105,507$181,507.47
50 33213-Jun-31$577$218$105,725$180,930.36
50 33327-Jun-31$578$217$105,942$180,352.56
50 33411-Jul-31$578$216$106,158$179,774.07
50 33525-Jul-31$579$216$106,374$179,194.88
50 33608-Aug-31$580$215$106,589$178,615.00
50 33722-Aug-31$581$214$106,803$178,034.42
50 33805-Sep-31$581$214$107,017$177,453.15
50 33919-Sep-31$582$213$107,230$176,871.18
50 34003-Oct-31$583$212$107,442$176,288.51
50 34117-Oct-31$583$211$107,653$175,705.14
50 34231-Oct-31$584$211$107,864$175,121.07
50 34314-Nov-31$585$210$108,074$174,536.30
50 34428-Nov-31$585$209$108,283$173,950.83
50 34512-Dec-31$586$209$108,492$173,364.66
50 34626-Dec-31$587$208$108,700$172,777.78
51 34709-Jan-32$588$207$108,907$172,190.20
51 34823-Jan-32$588$207$109,114$171,601.92
51 34906-Feb-32$589$206$109,320$171,012.93
51 35020-Feb-32$590$205$109,525$170,423.23
51 35105-Mar-32$590$204$109,729$169,832.83
51 35219-Mar-32$591$204$109,933$169,241.72
51 35302-Apr-32$592$203$110,136$168,649.90
51 35416-Apr-32$593$202$110,338$168,057.37
51 35530-Apr-32$593$202$110,540$167,464.13
51 35614-May-32$594$201$110,741$166,870.18
51 35728-May-32$595$200$110,941$166,275.51
51 35811-Jun-32$595$199$111,140$165,680.13
51 35925-Jun-32$596$199$111,339$165,084.04
51 36009-Jul-32$597$198$111,537$164,487.23
51 36123-Jul-32$598$197$111,734$163,889.71
51 36206-Aug-32$598$197$111,931$163,291.47
51 36320-Aug-32$599$196$112,127$162,692.51
51 36403-Sep-32$600$195$112,322$162,092.83
51 36517-Sep-32$600$194$112,516$161,492.43
51 36601-Oct-32$601$194$112,710$160,891.31
51 36715-Oct-32$602$193$112,903$160,289.47
51 36829-Oct-32$603$192$113,095$159,686.91
51 36912-Nov-32$603$192$113,287$159,083.63
51 37026-Nov-32$604$191$113,478$158,479.62
51 37110-Dec-32$605$190$113,668$157,874.89
51 37224-Dec-32$605$189$113,857$157,269.43
52 37307-Jan-33$606$189$114,046$156,663.25
52 37421-Jan-33$607$188$114,234$156,056.34
52 37504-Feb-33$608$187$114,421$155,448.70
52 37618-Feb-33$608$186$114,607$154,840.33
52 37704-Mar-33$609$186$114,793$154,231.23
52 37818-Mar-33$610$185$114,978$153,621.40
52 37901-Apr-33$611$184$115,162$153,010.84
52 38015-Apr-33$611$184$115,346$152,399.55
52 38129-Apr-33$612$183$115,529$151,787.53
52 38213-May-33$613$182$115,711$151,174.77
52 38327-May-33$613$181$115,892$150,561.28
52 38410-Jun-33$614$181$116,073$149,947.05
52 38524-Jun-33$615$180$116,253$149,332.08
52 38608-Jul-33$616$179$116,432$148,716.38
52 38722-Jul-33$616$178$116,610$148,099.94
52 38805-Aug-33$617$178$116,788$147,482.76
52 38919-Aug-33$618$177$116,965$146,864.84
52 39002-Sep-33$619$176$117,141$146,246.18
52 39116-Sep-33$619$175$117,316$145,626.78
52 39230-Sep-33$620$175$117,491$145,006.63
52 39314-Oct-33$621$174$117,665$144,385.74
52 39428-Oct-33$622$173$117,838$143,764.10
52 39511-Nov-33$622$172$118,011$143,141.72
52 39625-Nov-33$623$172$118,182$142,518.59
52 39709-Dec-33$624$171$118,353$141,894.71
52 39823-Dec-33$625$170$118,523$141,270.09
53 39906-Jan-34$625$169$118,693$140,644.72
53 40020-Jan-34$626$169$118,862$140,018.60
53 40103-Feb-34$627$168$119,030$139,391.73
53 40217-Feb-34$628$167$119,197$138,764.10
53 40303-Mar-34$628$166$119,363$138,135.72
53 40417-Mar-34$629$166$119,529$137,506.59
53 40531-Mar-34$630$165$119,694$136,876.70
53 40614-Apr-34$631$164$119,858$136,246.06
53 40728-Apr-34$631$163$120,021$135,614.66
53 40812-May-34$632$163$120,184$134,982.50
53 40926-May-34$633$162$120,346$134,349.58
53 41009-Jun-34$634$161$120,507$133,715.91
53 41123-Jun-34$634$160$120,668$133,081.48
53 41207-Jul-34$635$160$120,827$132,446.28
53 41321-Jul-34$636$159$120,986$131,810.32
53 41404-Aug-34$637$158$121,144$131,173.60
53 41518-Aug-34$637$157$121,302$130,536.12
53 41601-Sep-34$638$157$121,458$129,897.87
53 41715-Sep-34$639$156$121,614$129,258.86
53 41829-Sep-34$640$155$121,769$128,619.08
53 41913-Oct-34$641$154$121,923$127,978.53
53 42027-Oct-34$641$154$122,077$127,337.21
53 42110-Nov-34$642$153$122,230$126,695.12
53 42224-Nov-34$643$152$122,382$126,052.26
53 42308-Dec-34$644$151$122,533$125,408.63
53 42422-Dec-34$644$150$122,683$124,764.23
54 42505-Jan-35$645$150$122,833$124,119.06
54 42619-Jan-35$646$149$122,982$123,473.11
54 42702-Feb-35$647$148$123,130$122,826.39
54 42816-Feb-35$648$147$123,277$122,178.89
54 42902-Mar-35$648$147$123,424$121,530.62
54 43016-Mar-35$649$146$123,569$120,881.57
54 43130-Mar-35$650$145$123,714$120,231.74
54 43213-Apr-35$651$144$123,859$119,581.13
54 43327-Apr-35$651$143$124,002$118,929.74
54 43411-May-35$652$143$124,145$118,277.57
54 43525-May-35$653$142$124,287$117,624.62
54 43608-Jun-35$654$141$124,428$116,970.88
54 43722-Jun-35$655$140$124,568$116,316.36
54 43806-Jul-35$655$140$124,708$115,661.05
54 43920-Jul-35$656$139$124,846$115,004.96
54 44003-Aug-35$657$138$124,984$114,348.08
54 44117-Aug-35$658$137$125,121$113,690.41
54 44231-Aug-35$658$136$125,258$113,031.95
54 44314-Sep-35$659$136$125,393$112,372.70
54 44428-Sep-35$660$135$125,528$111,712.66
54 44512-Oct-35$661$134$125,662$111,051.83
54 44626-Oct-35$662$133$125,795$110,390.21
54 44709-Nov-35$662$132$125,928$109,727.80
54 44823-Nov-35$663$132$126,059$109,064.59
54 44907-Dec-35$664$131$126,190$108,400.59
54 45021-Dec-35$665$130$126,320$107,735.79
55 45104-Jan-36$666$129$126,450$107,070.19
55 45218-Jan-36$666$128$126,578$106,403.79
55 45301-Feb-36$667$128$126,706$105,736.59
55 45415-Feb-36$668$127$126,832$105,068.59
55 45529-Feb-36$669$126$126,958$104,399.79
55 45614-Mar-36$670$125$127,084$103,730.19
55 45728-Mar-36$670$124$127,208$103,059.79
55 45811-Apr-36$671$124$127,332$102,388.58
55 45925-Apr-36$672$123$127,455$101,716.57
55 46009-May-36$673$122$127,577$101,043.75
55 46123-May-36$674$121$127,698$100,370.12
55 46206-Jun-36$674$120$127,818$99,695.69
55 46320-Jun-36$675$120$127,938$99,020.45
55 46404-Jul-36$676$119$128,057$98,344.40
55 46518-Jul-36$677$118$128,174$97,667.54
55 46601-Aug-36$678$117$128,292$96,989.86
55 46715-Aug-36$678$116$128,408$96,311.37
55 46829-Aug-36$679$116$128,524$95,632.07
55 46912-Sep-36$680$115$128,638$94,951.95
55 47026-Sep-36$681$114$128,752$94,271.02
55 47110-Oct-36$682$113$128,865$93,589.27
55 47224-Oct-36$683$112$128,977$92,906.70
55 47307-Nov-36$683$111$129,089$92,223.31
55 47421-Nov-36$684$111$129,200$91,539.10
55 47505-Dec-36$685$110$129,309$90,854.07
55 47619-Dec-36$686$109$129,418$90,168.22
56 47702-Jan-37$687$108$129,526$89,481.55
56 47816-Jan-37$687$107$129,634$88,794.06
56 47930-Jan-37$688$107$129,740$88,105.74
56 48013-Feb-37$689$106$129,846$87,416.59
56 48127-Feb-37$690$105$129,951$86,726.62
56 48213-Mar-37$691$104$130,055$86,035.82
56 48327-Mar-37$692$103$130,158$85,344.19
56 48410-Apr-37$692$102$130,260$84,651.73
56 48524-Apr-37$693$102$130,362$83,958.44
56 48608-May-37$694$101$130,463$83,264.32
56 48722-May-37$695$100$130,563$82,569.37
56 48805-Jun-37$696$99$130,662$81,873.58
56 48919-Jun-37$697$98$130,760$81,176.96
56 49003-Jul-37$697$97$130,857$80,479.50
56 49117-Jul-37$698$97$130,954$79,781.21
56 49231-Jul-37$699$96$131,049$79,082.08
56 49314-Aug-37$700$95$131,144$78,382.11
56 49428-Aug-37$701$94$131,238$77,681.30
56 49511-Sep-37$702$93$131,332$76,979.65
56 49625-Sep-37$702$92$131,424$76,277.16
56 49709-Oct-37$703$92$131,515$75,573.83
56 49823-Oct-37$704$91$131,606$74,869.65
56 49906-Nov-37$705$90$131,696$74,164.63
56 50020-Nov-37$706$89$131,785$73,458.76
56 50104-Dec-37$707$88$131,873$72,752.05
56 50218-Dec-37$708$87$131,960$72,044.49
57 50301-Jan-38$708$86$132,047$71,336.08
57 50415-Jan-38$709$86$132,132$70,626.82
57 50529-Jan-38$710$85$132,217$69,916.71
57 50612-Feb-38$711$84$132,301$69,205.75
57 50726-Feb-38$712$83$132,384$68,493.93
57 50812-Mar-38$713$82$132,466$67,781.26
57 50926-Mar-38$714$81$132,547$67,067.74
57 51009-Apr-38$714$80$132,628$66,353.36
57 51123-Apr-38$715$80$132,707$65,638.12
57 51207-May-38$716$79$132,786$64,922.02
57 51321-May-38$717$78$132,864$64,205.07
57 51404-Jun-38$718$77$132,941$63,487.26
57 51518-Jun-38$719$76$133,017$62,768.58
57 51602-Jul-38$720$75$133,092$62,049.04
57 51716-Jul-38$720$74$133,167$61,328.64
57 51830-Jul-38$721$74$133,240$60,607.38
57 51913-Aug-38$722$73$133,313$59,885.25
57 52027-Aug-38$723$72$133,385$59,162.25
57 52110-Sep-38$724$71$133,456$58,438.39
57 52224-Sep-38$725$70$133,526$57,713.66
57 52308-Oct-38$726$69$133,595$56,988.06
57 52422-Oct-38$726$68$133,664$56,261.59
57 52505-Nov-38$727$67$133,731$55,534.25
57 52619-Nov-38$728$67$133,798$54,806.03
57 52703-Dec-38$729$66$133,863$54,076.94
57 52817-Dec-38$730$65$133,928$53,346.98
57 52931-Dec-38$731$64$133,992$52,616.14
58 53014-Jan-39$732$63$134,055$51,884.42
58 53128-Jan-39$733$62$134,118$51,151.83
58 53211-Feb-39$733$61$134,179$50,418.36
58 53325-Feb-39$734$60$134,239$49,684.01
58 53411-Mar-39$735$60$134,299$48,948.78
58 53525-Mar-39$736$59$134,358$48,212.67
58 53608-Apr-39$737$58$134,416$47,475.67
58 53722-Apr-39$738$57$134,473$46,737.79
58 53806-May-39$739$56$134,529$45,999.02
58 53920-May-39$740$55$134,584$45,259.37
58 54003-Jun-39$741$54$134,638$44,518.83
58 54117-Jun-39$741$53$134,691$43,777.40
58 54201-Jul-39$742$53$134,744$43,035.08
58 54315-Jul-39$743$52$134,796$42,291.87
58 54429-Jul-39$744$51$134,846$41,547.77
58 54512-Aug-39$745$50$134,896$40,802.78
58 54626-Aug-39$746$49$134,945$40,056.89
58 54709-Sep-39$747$48$134,993$39,310.11
58 54823-Sep-39$748$47$135,040$38,562.43
58 54907-Oct-39$749$46$135,087$37,813.86
58 55021-Oct-39$749$45$135,132$37,064.39
58 55104-Nov-39$750$44$135,176$36,314.02
58 55218-Nov-39$751$44$135,220$35,562.75
58 55302-Dec-39$752$43$135,263$34,810.58
58 55416-Dec-39$753$42$135,304$34,057.51
58 55530-Dec-39$754$41$135,345$33,303.53
59 55613-Jan-40$755$40$135,385$32,548.65
59 55727-Jan-40$756$39$135,424$31,792.86
59 55810-Feb-40$757$38$135,462$31,036.17
59 55924-Feb-40$758$37$135,500$30,278.57
59 56009-Mar-40$759$36$135,536$29,520.06
59 56123-Mar-40$759$35$135,571$28,760.64
59 56206-Apr-40$760$35$135,606$28,000.31
59 56320-Apr-40$761$34$135,639$27,239.07
59 56404-May-40$762$33$135,672$26,476.91
59 56518-May-40$763$32$135,704$25,713.84
59 56601-Jun-40$764$31$135,735$24,949.85
59 56715-Jun-40$765$30$135,765$24,184.95
59 56829-Jun-40$766$29$135,794$23,419.13
59 56913-Jul-40$767$28$135,822$22,652.39
59 57027-Jul-40$768$27$135,849$21,884.73
59 57110-Aug-40$769$26$135,875$21,116.15
59 57224-Aug-40$770$25$135,900$20,346.65
59 57307-Sep-40$770$24$135,925$19,576.23
59 57421-Sep-40$771$23$135,948$18,804.88
59 57505-Oct-40$772$23$135,971$18,032.61
59 57619-Oct-40$773$22$135,992$17,259.41
59 57702-Nov-40$774$21$136,013$16,485.28
59 57816-Nov-40$775$20$136,033$15,710.22
59 57930-Nov-40$776$19$136,052$14,934.23
59 58014-Dec-40$777$18$136,070$14,157.31
59 58128-Dec-40$778$17$136,087$13,379.46
60 58211-Jan-41$779$16$136,103$12,600.68
60 58325-Jan-41$780$15$136,118$11,820.96
60 58408-Feb-41$781$14$136,132$11,040.31
60 58522-Feb-41$782$13$136,145$10,258.72
60 58608-Mar-41$783$12$136,158$9,476.20
60 58722-Mar-41$783$11$136,169$8,692.74
60 58805-Apr-41$784$10$136,179$7,908.34
60 58919-Apr-41$785$9$136,189$7,123.00
60 59003-May-41$786$9$136,197$6,336.71
60 59117-May-41$787$8$136,205$5,549.48
60 59231-May-41$788$7$136,212$4,761.31
60 59314-Jun-41$789$6$136,217$3,972.19
60 59428-Jun-41$790$5$136,222$3,182.12
60 59512-Jul-41$791$4$136,226$2,391.11
60 59626-Jul-41$792$3$136,229$1,599.15
60 59709-Aug-41$793$2$136,231$806.24
60 59823-Aug-41$794$1$136,232$12.38
60 59906-Sep-41$12$0$136,232$0.00


My Status Quo Equals:

It's 2041


I am mortgage FREE in 2041.

Nearing my 60th birthday.

I've paid $795 every two weeks to Scotiabank over the past 23 years.

I've made 599 mortgage payments.

In total,

I've paid

$475,321.00.

I've paid

$136,232

in interest with my after tax money.

Given 30% tax rate,

I've earned

$679,030

of salary

to cover my 339K mortgage.

At $60,000 a year salary, 

$679,030

=

11 YEARS OF MY WORK AND MY LIFE.

Am I happy to be a home owner....

.....23 years later?




PLAN B: FAST AND FURIOUS MORTGAGE PAY DOWN

I figured,  I don't have the patience for 23 more years of bi-weekly mortgage payments.



Hence, here is Plan B:

AgePeriodPayment DatePrincipalInterestTotal InterestBalance
37 105-Oct-18$388$407$407$338,701
37 Prepayment05-Oct-18$14,063$0$407$324,638
37 219-Oct-18$405$389$796$324,232
37 302-Nov-18$406$389$1,185$323,827
37 416-Nov-18$406$388$1,574$323,420
37 530-Nov-18$407$388$1,961$323,013
37 614-Dec-18$407$387$2,349$322,606
37 728-Dec-18$408$387$2,736$322,198
38 811-Jan-19$408$386$3,122$321,790
38 Prepayment11-Jan-19$14,063$0$3,122$307,727
38 925-Jan-19$426$369$3,491$307,301
38 1008-Feb-19$426$369$3,860$306,875
38 1122-Feb-19$427$368$4,228$306,448
38 1208-Mar-19$427$368$4,596$306,021
38 1322-Mar-19$428$367$4,963$305,593
38 1405-Apr-19$428$367$5,329$305,165
38 Prepayment05-Apr-19$14,063$0$5,329$291,102
38 1519-Apr-19$446$349$5,679$290,656
38 1603-May-19$446$349$6,027$290,210
38 1717-May-19$447$348$6,375$289,763
38 1831-May-19$447$348$6,723$289,316
38 1914-Jun-19$448$347$7,070$288,868
38 2028-Jun-19$448$347$7,417$288,420
38 2112-Jul-19$449$346$7,762$287,971
38 Prepayment12-Jul-19$14,063$0$7,762$273,908
38 2226-Jul-19$466$329$8,091$273,442
38 2309-Aug-19$467$328$8,419$272,975
38 2423-Aug-19$467$327$8,746$272,508
38 2506-Sep-19$468$327$9,073$272,040
38 2620-Sep-19$469$326$9,400$271,571
38 2704-Oct-19$469$326$9,725$271,102
38 2818-Oct-19$470$325$10,051$270,632
38 Prepayment18-Oct-19$14,063$0$10,051$256,569
38 2901-Nov-19$487$308$10,358$256,082
38 3015-Nov-19$488$307$10,666$255,595
38 3129-Nov-19$488$307$10,972$255,106
38 3213-Dec-19$489$306$11,278$254,618
38 3327-Dec-19$489$305$11,584$254,128
39 3410-Jan-20$490$305$11,888$253,638
39 Prepayment10-Jan-20$14,063$0$11,888$239,575
39 3524-Jan-20$507$287$12,176$239,068
39 3607-Feb-20$508$287$12,463$238,560
39 3721-Feb-20$509$286$12,749$238,051
39 3806-Mar-20$509$286$13,034$237,542
39 3920-Mar-20$510$285$13,319$237,032
39 4003-Apr-20$511$284$13,604$236,521
39 4117-Apr-20$511$284$13,887$236,010
39 Prepayment17-Apr-20$14,063$0$13,887$221,947
39 4201-May-20$529$266$14,153$221,419
39 4315-May-20$529$266$14,419$220,889
39 4429-May-20$530$265$14,684$220,360
39 4512-Jun-20$531$264$14,948$219,829
39 4626-Jun-20$531$264$15,212$219,298
39 4710-Jul-20$532$263$15,475$218,766
39 Prepayment10-Jul-20$14,063$0$15,475$204,703
39 4824-Jul-20$549$246$15,721$204,154
39 4907-Aug-20$550$245$15,966$203,604
39 5021-Aug-20$551$244$16,210$203,053
39 5104-Sep-20$551$244$16,453$202,502
39 5218-Sep-20$552$243$16,696$201,950
39 5302-Oct-20$553$242$16,938$201,398
39 5416-Oct-20$553$242$17,180$200,844
39 Prepayment16-Oct-20$14,063$0$17,180$186,781
39 5530-Oct-20$571$224$17,404$186,210
39 5613-Nov-20$571$223$17,627$185,639
39 5727-Nov-20$572$223$17,850$185,067
39 5811-Dec-20$573$222$18,072$184,494
39 5925-Dec-20$574$221$18,293$183,920
40 6008-Jan-21$574$221$18,514$183,346
40 Prepayment08-Jan-21$14,063$0$18,514$169,283
40 6122-Jan-21$592$203$18,717$168,692
40 6205-Feb-21$592$202$18,919$168,099
40 6319-Feb-21$593$202$19,121$167,506
40 6405-Mar-21$594$201$19,322$166,912
40 6519-Mar-21$595$200$19,522$166,317
40 6602-Apr-21$595$200$19,722$165,722
40 6716-Apr-21$596$199$19,921$165,126
40 Prepayment16-Apr-21$14,063$0$19,921$151,063
40 6830-Apr-21$614$181$20,102$150,449
40 6914-May-21$614$180$20,282$149,835
40 7028-May-21$615$180$20,462$149,220
40 7111-Jun-21$616$179$20,641$148,604
40 7225-Jun-21$617$178$20,819$147,987
40 7309-Jul-21$617$178$20,997$147,370
40 Prepayment09-Jul-21$14,063$0$20,997$133,307
40 7423-Jul-21$635$160$21,157$132,672
40 7506-Aug-21$636$159$21,316$132,036
40 7620-Aug-21$636$158$21,474$131,400
40 7703-Sep-21$637$158$21,632$130,763
40 7817-Sep-21$638$157$21,789$130,125
40 7901-Oct-21$639$156$21,945$129,486
40 8015-Oct-21$640$155$22,100$128,847
40 Prepayment15-Oct-21$14,063$0$22,100$114,784
40 8129-Oct-21$657$138$22,238$114,126
40 8212-Nov-21$658$137$22,375$113,469
40 8326-Nov-21$659$136$22,511$112,810
40 8410-Dec-21$660$135$22,646$112,150
40 8524-Dec-21$660$135$22,781$111,490
41 8607-Jan-22$661$134$22,914$110,829
41 Prepayment07-Jan-22$14,063$0$22,914$96,766
41 8721-Jan-22$679$116$23,030$96,087
41 8804-Feb-22$680$115$23,146$95,408
41 8918-Feb-22$680$114$23,260$94,727
41 9004-Mar-22$681$114$23,374$94,046
41 9118-Mar-22$682$113$23,486$93,364
41 9201-Apr-22$683$112$23,598$92,681
41 9315-Apr-22$684$111$23,710$91,997
41 Prepayment15-Apr-22$14,063$0$23,710$77,934
41 9429-Apr-22$701$93$23,803$77,233
41 9513-May-22$702$93$23,896$76,531
41 9627-May-22$703$92$23,988$75,828
41 9710-Jun-22$704$91$24,079$75,124
41 9824-Jun-22$705$90$24,169$74,419
41 9908-Jul-22$706$89$24,258$73,714
41 Prepayment08-Jul-22$14,063$0$24,258$59,651
41 10022-Jul-22$723$72$24,329$58,927
41 10105-Aug-22$724$71$24,400$58,203
41 10219-Aug-22$725$70$24,470$57,478
41 10302-Sep-22$726$69$24,539$56,752
41 10416-Sep-22$727$68$24,607$56,026
41 10530-Sep-22$728$67$24,674$55,298
41 10614-Oct-22$729$66$24,741$54,570
41 Prepayment14-Oct-22$14,063$0$24,741$40,507
41 10728-Oct-22$746$49$24,789$39,760
41 10811-Nov-22$747$48$24,837$39,013
41 10925-Nov-22$748$47$24,884$38,265
41 11009-Dec-22$749$46$24,930$37,516
41 11123-Dec-22$750$45$24,975$36,766
42 11206-Jan-23$751$44$25,019$36,016
42 Prepayment06-Jan-23$14,063$0$25,019$21,953
42 11320-Jan-23$769$26$25,045$21,184
42 11403-Feb-23$769$25$25,070$20,415
42 11517-Feb-23$770$24$25,095$19,644
42 11603-Mar-23$771$24$25,118$18,873
42 11717-Mar-23$772$23$25,141$18,101
42 11831-Mar-23$773$22$25,163$17,328
42 11914-Apr-23$774$21$25,184$16,554
42 Prepayment14-Apr-23$14,063$0$25,184$2,491
42 12028-Apr-23$792$3$25,187$1,699
42 12112-May-23$793$2$25,189$906
42 12226-May-23$794$1$25,190$112
42 12309-Jun-23$112$0$25,190$0

The New Plan Is:

Mortgage FREE by 2023


5 YEARS LATER


I am mortgage FREE by 2023.


I've paid $795 every two weeks to Scotiabank
and made 42 regular mortgage payments.


I've also made quarterly accelerated payments using my
line of credit!


Altogether, I paid $364,279.00 to pay off
the principal of $339,089. 

I now have an opportunity to leverage my home
and invest over $270,000.


Hence, I no longer spend $1,722 a month on my mortgage.


What's even better, 

I now make at least $1,000 monthly from


my investments.


My disposable income is up


by $2,722 every month. 

Yippeee! I am happy. 


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