It’s been 10 months since we set a goal to pay off the mortgage by 2020 and to have a net worth of at least $1M by 20252020. This is the 10th update on the progress of the goal. If you’re wondering why we set this goal, see here.
As 2016 comes to an end, we are $6,200 short of our intermediate goal of paying off the mortgage on our condo. We fell behind because of a new home purchase in September, but I’m still pretty satisfied with our progress. Since I started tracking this goal in February 2016, we’ve paid down $24,304 in principal in 10 months. I hope to catch back up in 2017 so that we can have this really paid off by 2020.
| Date | Months left | Intermediate goal | Actual balance | Principal reduction |
| 2/19/2016 | 58 | $179,304 | $179,304 | – |
| 3/19/2016 | 57 | $176,700 | $174,481 | $4,823 |
| 4/18/2016 | 56 | $173,600 | $169,993 | $4,488 |
| 5/17/2016 | 55 | $170,500 | $167,000 | $2,993 |
| 6/20/2016 | 54 | $167,400 | $159,900 | $7,100 |
| 7/19/2016 | 53 | $164,300 | $158,000 | $1,900 |
| 8/22/2016 | 52 | $161,200 | $157,000 | $1,000 |
| 9/20/2016 | 51 | $158,100 | $156,597 | $403 |
| 10/27/2106 | 50 | $155,000 | $156,194 | $404 |
| 11/21/2016 | 49 | $151,900 | $155,789 | $405 |
| 12/19/2016 | 48 | $148,800 | $155,000 | $789 |
Net worth = assets – liabilities, or everything we own minus everything we owe. I’m not including our cars here, which are both paid off, to keep the calculation a little simpler. I am including an estimate of home equity.
Our net worth increased by $8,907.84 this month to $438,003.81. The stock market did well in November, which helped. Our net worth has increased by $126,420 in the 10 months since I started this blog. The net worth goal has been coming along better than I had expected in 2016. Because of this, I’ve decided to revise the end date for this goal to the end of 2020 instead of 2025.
| Date | Home equity | Investments | Cash | Net Worth |
| 2/19/2016 | $140,695 | $149,076 | $21,813 | $311,584 |
| 3/19/2016 | $145,519 | $164,791 | $23,512 | $333,822 |
| 4/18/2016 | $150,007 | $171,697 | $17,457 | $339,161 |
| 5/17/2016 | $153,000 | $171,305 | $21,672 | $345,978 |
| 6/20/2016 | $160,100 | $174,881 | $23,094 | $358,075 |
| 7/19/2016 | $162,000 | $185,621 | $27,689 | $375,311 |
| 8/22/2016 | $163,000 | $192,479 | $24,437 | $379,916 |
| 9/20/2016 | $261,403 | $144,694 | $3,657 | $409,754 |
| 10/27/2016 | $261,806 | $151,425 | $5,735 | $418,966 |
| 11/21/2016 | $262,855 | $155,877 | $10,364 | $429,096 |
| 12/19/2016 | $264,290 | $162,281 | $11,432 | $438,004 |
I’ve decided to stop tracking the marathon and weight goal in these monthly updates. I’ve come up with a few more goals for 2017, and I’ve decided to track them on a separate page now. Check it out here.
Photo source: Pixabay