When you’re an adult, sometimes you gotta do adult things, which are often not very fun things. One of these things is paying your mortgage. Now, I do that every two weeks like my mortgage company wants me to but sometimes, when you’re lucky enough to have some extra money lying around, you can pay down your mortgage even more.
Now I consider myself quite lucky, because I’m still gainfully employed and given what’s happened to the games industry in the last year or so, I am indeed quite lucky to be where I am. I’m also fortunate to have some extra cash lying around. The interest rates are at the highest they’ve been since I had the privilege of having a mortgage. My current interest rate for my mortgage is 6.5% and that is high for me. It used to be that my savings accounts would accrue interest at a rate higher than what my mortgage would. It just made sense to just park my money in my bank account than pay down my mortgage. That hasn’t been the case for a while now.
I probably should have done this a while ago but I’m gonna put a decent chunk of change into paying down my mortgage in a lump sum payment. I think I’ve done this twice before. It’s been years since I made my last lump sum payment. Anyways, according to the mortgage calculator, once I make this payment, it’ll knock off two years from my payment schedule. I’ll be mortgage-free two years sooner, assuming nothing changes, but of course things will change.
If interest rates remain high like this, it makes more sense to me to make more lump sum payments more frequently. I’m quite close to getting my mortgage down to five-figures now and that’ll be quite the milestone.
Anyways, that money I’m gonna use for the payment could be used for so many other, more fun things but being an adult sometimes means you gotta put away the fun.