Mortgage Pay-up

Our current home was bought for cash. TO BE UPDATED

It was in November 2011 that I went on this mortgage pay-up trip. This is after I stated here that paying up my homeloan is last on my agenda. I changed my mind. Or rather, the Mr changed it for me. He hates having any kind of debt on the house. I had to immediately try to unlearn what I learnt from my masters class about the power of leverage. I pay the lowest interest rates ever, and yet, I am paying up this debt. The smell of a "debt free" family tastes lovely though. When we decided on this we owed more than R840,000 on our bond which cost us more than R5000 in interest alone.

We started channeling some of our savings to this cause. It was painful initially, but I am so glad we stuck to this plan. This meant that we cant easily embark on new projects, or invest elsewhere. See how amazing my figures go:
November 2011: 29% home equity
December 2011: 41% home equity - sacrificed savings
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January 2012: 42% home equity
February 2012: 42% home equity
March 2012: 42% home equity
April 2012: 42% home equity
May 2012: 42% home equity
June 2012: 43% home equity - extra payment
July 2012: 43% home equity
August 2012: 48% home equity - extra payment
September 2012: 57% home equity - more savings paid
October 2012: 62% home equity - more reshuffling
November 2012: 66% home equity - one full year of mortgage pay-up fast tracking. We have paid about 52% of this debt in this one year.
December 2012: 72% home equity - Yep, we are killing it!
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January 2013: 76% home equity - This is the year we get 100% DEBT FREE!!!
February 2013: 84% home equity
March 2013: 96% home equity
April 2013: 96% home equity
May 2013: 99% home equity
June 2013: MORTGAGE PAID UP!!!

We are debt FREE!!!
This is what is even more awesome about this home loan account. It went from costing us more than R6000 per month in interest in June 2010, to a mere R2500 R2360 R1645 R1240 R786 R0 per month in June 2013. Savings of more than R6000 in interest. Paying debt off sure pays.

This is our last mortgage/ debt at this stage. I wish to get my dream home. But I guess it will have to wait until my zero balance. Its happening, the zero balance, not the dream house, that is. We might just have to wait until we have enough savings for a huge deposit. I think 50% deposit is attractive. I am too thrilled. The thought of not having to pay for the house is like jazz to my ears.

UPDATE:
We since made 4 new mortgages. We acquired 2 new properties with one being a commercial property. We are in no hurry to pay them up yet.