After the jump I am going to talk about something that a few people might consider bragging. If you think you might be one of them then don’t read one afterwards. Please understand though that I do not see it as bragging, I am instead proud of something that Pauline and I have accomplished and I want to talk about it. I am not attempting to rub it in to anyone’s face and am not trying to flaunt anything.
Pauline and I bought our house in December of 2004. Thanks to us living with our parents for a long time and saving our money, we were able to put down a pretty good size payment on our house. When it was all said and done we owed $98,000 on our house. The loan that I was able to get was at a fairly low rate of 5.625 I believe. We didn’t have to make our first payment until Feb of 2005. Now after having made 27 payments we only owe about $67,000. That means in just a little over two years we have paid off almost 1/3 of the loan. After the next payment we should only have 2/3 left and the last half goes faster because there is less interest per payment.
Now there is the kicker that we are having Julie and that might effect how much we will be paying into the loan, but we do have a bit of money set aside right now, so it might not have as much effect as we are thinking. I could still see us making extra payments on it for a while.
The great thing would be if we could pay it off before she gets old enough that we need to start getting more expensive things. Then we could use the money we had been paying on the house to do other things with. I don’t know how it will all work out, but it has been a nice run so far.
As I said at the beginning I was just really excited about that and wanted to share with people how happy we were about it.