As most of the internet is probably aware by now (because everyone follows FIJourney), part of my Financial Independence plan is paying off my mortgage super-early, giving us extra flexibility in choosing the kind of work I want to take on, and where we want to live while working.
And if you’ve been following along more recently, I’ve picked up a little side-hustle to help pave the way to the next stage of my career, as well as provide some extra income in the mean time. Well, in addition to all that my company recently restructured our employee compensation plans, which means that I’ll be getting less in quarterly bonuses (boo!), but more in my regular take-home pay (huzzah!). That means it will be much easier to project and plan for the coming year’s income, and how much we’ll realistically be able to put toward what’s left of our mortgage.
So all that to say, the extra boost in income has changed our expected payoff date by a few months. Here’s the latest chart so you can see how we’re looking:
(click to enlarge)
As you can see, we’re looking at an expected mortgage payoff date of December 1st of this year! That’s 11 more payments before we’re completely, utterly, and 100% debt free. Financially, anyways.
We’ve still got a lot to do, obviously. I’ve got to hold down a couple of jobs while not driving my family insane, for starters. But even of the numbers change slightly, we’re in the ballpark of 2014 being the year!
If you’d like to read more about my strategy to downsize my expenses and upsize my life with my family, you can learn more in Smaller House, Larger Life!