Starting Mortgage Debt: £92,500 (I didn't want to do the FX, but I figure sterling counts)
Beginning Mortgage Debt This Month: £96,850 (this is August - haven't processed my overpayment yet)
Paid Mortgage Debt This Month : £4,350
Ending Mortgage Debt : £92,500 (as of 30 September)
Other stats: This is versus a starting balance of £109,000 in January 2019, and an original loan amount of £200,000 (house value has since doubled). Monthly payments are circa £550, circa £180 of that is interest. We can fairly comfortably sink about £1,800 into it (tax-advantaged savings are on track).
MMM lit a fire under my haunches when I discovered his blog in mid-September, and I crunched the numbers on the mortgage, which is our last outstanding debt. I crushed debt for the past three years and now can start to swim free, so while the mortgage rate is super low (2.49% on a tracker, which means once the BoE cuts the bank rate by 25bp, it'll go down further), I abhor debt in all shapes, forms and colours and want to be rid of it.
I've always made slight overpayments - we already saved seven years on this 30-year mortgage, but with both our salaries pretty good and having avoided the usual large money sinks (ie children, cars, brand fashion, alcohol, gambling or drugs), there's a lot of free cash sloshing around the household, and I figured out that we can kill this debt in 2-3 years if we keep a tight rein on incidentals and don't get stupid about quitting our jobs too soon (we're both 44 and basically at peak earnings). And MMM inspired me to really speed up the process overall, so I've run a couple scenarios and the most optimistic means we kill this in 24 months, and 36 months would account for stuff like job losses or big renovations. My partner pretty much leaves financial planning to me but he's all in after I told him we can retire in comfort at 50 if we stay focused.
So I'm glad to be here with fellow travellers and able to talk about numbers because most people in my "real life" don't care.