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Great way to start a New Year - mortgage interest will be less than $1K p/m

December 11th, 2008 at 04:28 am

This month the interest we paid on the mortgage was just over $1,012, that means next month it should be less than the $1K mark. The interest should be going down further for next mortgage payment because the Reserve Bank lowered our rate by full 1% earlier this month, I'm not sure yet whether our bank will honour the full cut amount. Also there is talk that they might even lower it again next month or so. This is of course good news for us.

Our main goal next year is to put as much into to the mortgage. I'm hoping that by the end of next year the interest payment will hit less than $900 per month. Won't that be really great. Maybe the crazy plan of paying off our mortgage in our 30s would be feasible then (about 8 years to go). Man that would be a dream come true for sure! I'm so happy with just the possibility of it actually coming to reality. Even if it takes an extra 2 years or so to pay off it would still be a good achievement for us.

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