So I prepared my Mortgage Conversation post yesterday, however, I was too excited to not broach it with ML. His immediate reaction was not particularly promising, as we had recently had an abstract conversation about this subject.
We had agreed that I can throw extra money at the mortgage as long as it didn’t mean that we weren’t also saving to achieve other goals such. It turned out my math was a bit off so I thought it would take a whole lot more per month to pay it off. When presented with the numbers ML was able to fix it to a reasonable amount.
It turns out by upping our mortgage payment by $150/month is all that is needed to achieve my goal.
I’ve take a look at the mortgage rules and I definitely won’t be able to up the monthly mortgage payment to that amount. Here are the rules for the lumpsum repayments though:
Your mortgage allows you to make lump sum payments based on a set percentage (20%) of your original committed amount.
Any payments above this amount are subject to a rather steep fee.
So guess what this means? I now have a solid goal to track ML’s debt repayment! While I was serious about us being debt free by November without another concrete goal I was having a hard time buckling down to it. It urns out I work best when I take this advice:
Now, if you’ll excuse me I’m off for a walk!