This is a YouTube video titled "Andrea - 'We're paying $8,000 off the principal of our mortgage each month!'" containing an interview-style conversation from September 29, 2015. The discussion features Andrea and an interviewer (SPEAKER B) talking about Andrea's experience with a mortgage repayment program, her progress in paying down debt, and her financial goals including retiring debt-free in two years. The content focuses on personal finance and mortgage management.
You've been on the program for how long now?
Three years.
Three years. And when you first started the program, how much did you owe?
360,000.
And how much do you owe now?
About 95.
95,000. So you've paid all that amount off in just three years?
Yes.
And what's been the difference?
We haven't done anything differently as far as putting aside the money we were normally putting aside for our mortgage, but having my bills paid automatically, I don't worry about money anymore. So we had a small inheritance. We just took that off the mortgage as well. And the interest has just gone right down to about $450 a month, which doesn't even drop in the ocean.
Perfect. And so how long until you think you're going to be debt free?
Our goal is two years.
And what will you be doing in two years on when you are debt free?
Retiring.
Awesome.
Yes.
Perfect. And any sort of words of wisdom from anyone else who's at the start of this or maybe thinking about doing this?
Yep. If you're at the start of it, take the leap. I was really nervous because I've always worried about money, and I took a leap of faith, and I think the fact that it was a wholesale arm of the NAB got me over the line. And then the rest was history. From the first month, I saw us take off more than we'd taken off in, like, the 12 months prior to that.
And how is she paying off your loan per month at the moment?
I think my last sticker said about $8,000. Wow. $8,000 off for that month.
$8,000 off the principal in one month. Amazing. Congratulations.
