With
payment book from the bank in hand, the first of our many mortgage payments is
due this week. While 30 years is a long time to be making payments at least we
now find ourselves with an end date and with every payment we own a little bit
more of our home. Of course, we hope that it doesn’t take us 30 years to clear
this debt, at least this is the goal, so we are going to be sure to pay a
little bit more each month toward principal.
Having
already made an early payment it is a little disconcerting at first seeing the
principal reduced by so little with every check. But, again, it is still giving
us more equity each month compared to the simple evaporation of funds that we
have experienced over the last several years. Now that is a disheartening
number to think about. Even if your average monthly rent was $1200, over the
course of five years you will have ended up paying $72,000 and have absolutely
nothing to show for it. In the end, given the places that we have lived and the
years that we have been renting, it is safe to say that our total is probably
just north of $100,000. Seeing that principal going down by so little doesn’t
seem that bad anymore.
Of
course, now with us owning our home, we are also responsible for the
maintenance of the house and surrounding property. A few other expenses should
be expected and even with major repairs, it is still better than renting… and
more cost effective given the amount of space that we now have. Each check
brings us a little closer to what continues to be our goal… being debt free.
While credit cards were the culprit in the past, at least now the debt is
something tangible and something worthwhile.
And
I will finish with this simple notion that seems to no longer be simple. While
it is nice if our house increases in value over the years, all I want is the
stability. If the value of the property were to stay the same I would be happy
in the end. What is now seen as investment should be, once again, seen first
and foremost as a home. That is how things used to be and how I view our new
home. Paying interest is the price of being able to buy a home and have that
stability. Our limited funds are now being applied toward a goal, something of
value, and stability unlike the month to month uncertainty of the past. Now,
each month, we can settle a little bit more.
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