For the last few years, we’ve been sending about an extra $100 to our mortgage company each month. Our main mortgage is $1070/month, and we would just send in $1170. Last month, we decided to start increasing that amount by $10 each month. My logic is that $10 isn’t an amount that you miss, but over time, it will add up. So I sent in an extra $110 in principal last month, and this month I’ll send an extra $120.
When we first got our mortgage, almost 5 years ago, the amount that went towards principal each month was about $150 (we weren’t paying any extra in the beginning). Last month, $220 went towards principal, plus the extra $110. I love seeing the amount that goes towards principal increasing every month. It usually only goes up by a dollar or two, but I like it anyway.
Obviously we’ve got a long way to go, and paying off our mortgage is not our number one priority. But we would like to pay it off in about 10 more years, and every little step helps.