Tuesday, November 11, 2014

Moved up to March 2043

I decided to start making extra mortgage payments. This is a somewhat controversial thing to do, there is a real chance that inflation will eat my entire mortgage meaning that I should have just waited to pay it. Also, money in a mortgage is not very liquid, if something goes wrong it is very difficult to get it out.

Still, most people pay most of their money to housing and transportation. If I can get to the point I don't have a mortgage that frees up quite a lot of money for more interesting uses.

This year the couple of extra payments I made pushed the last date from July 2043, up to March 2043. I am not sure if that is impressive or depressing.

Here is a graph comparing what my balance verses time would be with and without my extra payments. It appears I will need quite a lot more extra payments to make the blue line significantly diverge from the pink line.

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