Paying Off The Mortgage: August Progress Update

  •  
  •  
  •  
  •  
  •  

Ahhh!! The end of the year is coming so fast! This is the last day of August, which means that there are only four more months for me to complete my year-long challenge of paying off the mortgage! While this is a little freaky, I feel like I have done a pretty great job thus far. Here is the summary of what I have done from January through July:

  • January – $54,217
  • February – $53,871
  • March – $43,524
  • April – $39,999
  • May – $34,120
  • June – $31,252
  • July – $27,934

The Month of August

I knew that August wasn’t going to be an amazing month since I had to pay my $1,860 property tax bill, but I still made a valiant effort nonetheless. Within the month, I was scouring Craigslist for cheap cars, trying to find one that I could buy and then flip in order to make $1,000 or so. I made one offer on a Honda Civic, but the seller just wouldn’t take. Everything else I saw was just not an amazing enough deal to even consider.

I was, however, able to sell a vacuum that I never use and a couple of other small items around the house, which netted me a little over $50. It wasn’t much, but every little bit helps!

After I made my $1,860 tax payment, I was still able to scrounge up another $1,278.13! That’s not too bad at all! This puts my mortgage total at $26,656.

August Payoff Graph 20140831

The Aftermath

It is good for me to write these posts every month so that I can reflect on what I have accomplished and what I have yet to do before the year comes to a close.

It is pretty obvious that my payments are not keeping up with my targeted payoff amounts (see that blue line that goes way to the right of the orange line? That’s bad….), but I am still encouraged about what is yet to come in the next four months.

First of all, after five reconsideration requests, I was able to get my Page Rank back! This means that advertisers will again be attracted to my site, which hopefully means that I will earn more money as I close out the year.

Secondly, my mind is pretty set on finding a GMC truck that I can flip when the snow starts flying. This is what I did last year. I was able to find a truck that was undervalued, held onto it for about two months, and then was able to sell it for nearly a thousand bucks more because the demand for four-wheel drive trucks always skyrockets when that white stuff is floating through the air. If I can find a deal, I will almost certainly buy it and then look to flip it within a month or two, just in time to put the money toward the mortgage. 🙂

Mapping Out The New Realistic Goals

As many of you know, I have $15,000 in my back pocket (not literally of course – I don’t think my pockets are big enough for that) in the event that I come up short of my goal. Technically, this money is for emergencies, but I would feel comfortable using up almost all of it because without a mortgage I could save up the next emergency fund quite quickly. With that in mind, I need to accomplish the following payoff amounts in the upcoming four months:

  • September: $2,800
  • October: $4,000
  • November: $2,800
  • December: $2,800

This would bring my overall mortgage down to $14,256. I could then dump this amount from my emergency fund, and viola! Mortgage paid! It’s possible, and I can’t wait to hit these goals!!!

It’s getting to be crunch time, do you think I can still make it?!

If you enjoyed this article, Get email updates (It’s Free!)


  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

7 comments to Paying Off The Mortgage: August Progress Update

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

  

  

  

CommentLuv badge