Just to show how serious I am with paying off our mortgage as quickly as possible, I added this debt thermometer from Easy Fundraising Ideas to my blog (it can be found on the right column, near the bottom) to track my payment status.
I made my first excess payment a few minutes ago, adding Php5,000 to the total amount due. And because prepayment is allowed by Pag-ibig, that extra Php5,000 will be applied to the outstanding balance.
There's something wrong though with the code I got though, because there's a blurred part near the thermometer base, so you can't see how much I've already paid. This is how it's supposed to look like:
Anyway, the amount paid will eventually be shown the higher the "temperature" gets, thus creating another incentive to throw as much money at it as I can.
To recap, the general plan is to pay an extra Php5,000 every month and double or triple that whenever we get a windfall at work. The goal is to lop off Php100,000-Php150,000 from the outstanding balance of Php628,086.73 (as of January 25, 2014) by the time 2014 comes to a close.
It's pretty doable really, although we probably won't be traveling as much this year in order to reach or exceed my target amount. Which is just as well since the baby is barely a year old and does not make the best traveling companion at that age.
Let's do this! Die mortgage die.