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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?!

Housing Money Mortgage Payoff


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. Derek,
    Not only do I think you can make it, I know you can. When you get that mortgage down to $15K (what you have in your back pocket) just frickin do it!!!!!!!!!!!!!!!! (forget the calendar – you are on YOUR time now).

    Just do it. Once you do, you’ll be dancing in the streets AND you’ll build that ER fund up faster than you can imagine. Do it!!!!!!!!!!!!!!!!!!!!! And tell me when I need to raise a glass to you!!!!!!!!!!!!!!!!!! YAY for YOU!!!!!

    • Thanks Jim! I am definitely keeping this goal in the forefront of my everyday decisions and hope to hit this goal be December. Thanks so much for cheering me on!

  2. Way to go Derek!!! You are killing it! I remember when we would make 30 little payments a month to Chase on our mortgage. Every dollar was one more small victory and helping us reach FREEDOM! You will get there, you definitely have the correct attitude!

    • Thanks Toni! I am always so encouraged by all of the comments, so keep them coming! It just makes me want to do better next month. 🙂

  3. Love reading these updates. I think you’ll pull through. Four months is a lot of time to come up with a few creative ways to earn some extra income to knock down your mortgage. Keep up the great work!!

    • I’m going to love the last one. 😉 September and October should be a pretty good indication on whether or not I will make it. Crossed fingers!

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