pay off my mortgage

tells me that I only have $130.82 left to pay, which will be on 22 May. Happiness :)

On Saturday I got my bank statement, and noticed that the amount owing on my mortgage was a lot less than I thought. I went into the bank today and checked. It turns out that it will be paid off in May, not August as I thought. And the last payment I make in May will be half the normal payment.

Happiness :)

for another 2 years. As I guessed, the interest rate has gone up. However I got the bank guy to work out for me how much each month I’d have to pay to have it completely knocked on the head. It turns out adding a measly $20 to each monthly payment will do this, so I got my payments adjusted to do that.

so I’m going to add another $100 per month to my repayments.

About 6 months ago, I switched part of my mortgage to a lower fixed interest rate for 2 years, and increased my monthly repayments. This has been going so well that I worked out I could put some more money into this each month, so last month I increased repayments yet again. This means that I could have the mortgage paid off in 2 years 8 months at the current rate of interest.

The floating part of the mortgage also doubles as my bank account. I get my pay direct credited to that and have all my bills automatically paid out on the last possible day, so it all helps reduce interest. The way things are currently going, that should be paid off in about 2 years.

These timeframes are sufficiently close enough for me to feel really encouraged about getting this done.