So it still hasn't settled in that I no longer have a mortgage. Probably because I've been so busy at work, I just haven't paid attention. But today I received my "discharge papers." Basically it's from the bank and it says you are done, and your property is officially yours.
I am a home owner. Well a condo owner… but still… it is mine.
So my previous post was entitled Satisfaction Delayed. I knew that I had saved a lot of money by doing things the way I did. I had to. I knew that by not buying things at the start of my mortgage and putting as much money as I could toward my mortgage I would save a lot of money. But I have never had an understanding of how much. And being good at teh mathz, I decided to figure it out. I say good at math, but honestly, addition and subtraction is not that hard.
So at the start of my mortgage, if I had gone to the full term it would have cost me about $96,000 in interest. I spent a grand total of about $34,000 in interest… therefore I saved myself about $62,000 in interest.
Shut the front door.
Yup that $2 belt seems like it was a good idea after all.