Paying Off My Mortgage Seems Impossible

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This topic contains 0 replies, has 1 voice, and was last updated by  Kayla Buell – Ambassador 2 years, 1 month ago.

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    The hubby and I bought our house 2 years ago, and we’ve been paying our hefty mortgage ever since. It finally occurred to me to take a look at our actual loan statements and I was horrified when I saw how little progress we had made on our principal amount! I think in two years we’ve only paid off about $10,000 worth of our full loan amount, meaning that everything else above that has gone to interest. God, I hate paying interest.

    I’ve heard that if you make just one extra mortgage payment a year that goes straight to the principal amount, you’ll be able to shave a good 2 or 3 years off of the duration of your loan. Has anyone ever done that before? Any other advice on paying off our mortgage a little sooner without having to pay so much interest?

    We were first time homebuyers when we purchased our house, so we definitely had a lot to learn. I do love my house, but I hate knowing that I’ll be paying this off for a very long time.

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