Beginning our mortgage payoff journey!

I finally have time to revisit my blog now that I’ve passed my AWS Solutions Architect exam (and so has my husband!!)! We’re excited to switch gears to finishing our basement and doing small diys around the house with our reclaimed free time and mental energy.

Quick update on our house, we have our mortgage!! I think most people wouldn’t be excited, but this meant we’d go from 8.5% interest only construction loan payments to 6.875% interest and paying down our home. This is also exciting because it means we can start our home payoff journey! Our first mortgage payment isn’t until April 1st, but we went ahead and did a full March “payment” straight to principal just to get the ball rolling. That payment was just 0.77% of our total loan value, but it took tens of thousands of dollars off our projected interest over the course of the loan and shaved off over 6 months. Remember, your little principal only extra payments here and there have huge dividends across the term of your loan. Get familiar with your amortization schedule!

This year we plan to beef up our emergency fund to account for having a mortgage and also work on finishing our basement. We couldn’t afford to have the builder do it – so our goal is to work on it ourselves and aim for completion by the end of this year. I know, I know, it’s already March, but I have complete faith in my husband’s ability to get it done! Then next year we would be full steam ahead on paying as much as possible to our principal balance. We will have so much freedom when we have a paid off house – and we’re both so excited!