As the joke goes the answer is "$1 at a time".
But for those of you in real world wanting some inspiration here's my history.
I started on 1 November 2010 with a unit purchased for $385k, and a mortgage of $270k. Today the unit is worth $470k and the loan is down to $92,500. I reckon I've got 18months till I hit zero and I'll have a $500k property at the end of it. How fucking fantastic is that.
You just have to be single bloody minded about it. It won't pay itself, you've got to really want to kill the beast off.
31/10/10 270,000.00
30/11/10 259,778.00
31/12/10 256,440.22
31/01/11 255,048.00
28/02/11 254,076.91
31/03/11 253,149.17
30/04/11 250,493.97
31/05/11 251,216.36
30/06/11 248,477.83
31/07/11 246,486.72
31/08/11 245,581.74
30/09/11 237,696.19
31/10/11 237,070.35
30/11/11 229,854.00
31/12/11 229,453.33
31/01/12 228,067.53
29/02/12 225,869.68
31/03/12 212,801.76
30/04/12 207,355.45
31/05/12 207,982.47
30/06/12 205,691.70
31/07/12 197,558.48
31/08/12 195,703.24
30/09/12 185,290.91
31/10/12 184,572.05
30/11/12 179,546.04
31/12/12 178,772.28
31/01/13 175,487.44
28/02/13 173,435.79
31/03/13 167,635.79
30/04/13 165,385.79
31/05/13 162,735.79
30/06/13 157,635.79
31/07/13 150,135.79
31/08/13 130,885.79
30/09/13 121,000.00
31/10/13 116,500.00
30/11/13 110,000.00
31/12/13 109,000.00
31/01/14 100,500.00
28/02/14 98,000.00
31/03/14 94,250.00
30/04/14 92,500.00
31/05/14 87,250.00
30/06/14 80,500.00
31/07/14 78,500.00
31/08/14 76,000.00
30/09/14 63,500.00
31/10/14 60,500.00
30/11/14 49,250.00
31/12/14 43,000.00
31/01/15 40,000.00
28/02/15 38,500.00
31/03/15 35,000.00
30/04/15 30,000.00
31/05/15 26,000.00
30/06/15 24,000.00
31/07/15 20,000.00
31/08/15 12,000.00
16/09/15 0.00
Total fees & interest paid: $41,641.28. $43,963.77 $44,949.06 $45,249.95
Total cash repayments: $219,141.28. $253,463.77 $284,949.06 $315,249.95
Average daily interest cost: $33.72 $30.34 $$27.46 $25.08
