Progress to Date

  • Original Loan Amount: $204,000.00
  • Balance at Beginning of 5-year Goal (1/1/08): $188,983.82 @ 6.00%
  • Balance at Refinance in February 2009: $148,000.00 @ 4.625%
  • Outstanding Balance: $0.00 (PAID IN FULL!!!)
  • Latest Payment Date: April 2011
  • Latest Additional Principal Amount: $17,623.22
  • Amount Ahead of Schedule (since refinance): $121,462
  • Time Ahead of Schedule (since refinance): 7 years 10 months
  • Interest Saved Last Month: $23,972.48
  • Total Interest Saved: $28,435.55 ($1,037.74 on original mortgage; $27,397.81 on current mortgage)
  • Months Remaining in 5-year Goal: 20
  • Average Monthly Principal Needed to Meet Goal: N/A (Goal achieved)
  • Progress List Explained

Thursday, January 31, 2008

Monthly Summary: January 2008

Only a few minutes left in January 2008. Time for a quick summary.

Per my homemade amortization table, the mortgage payment we made this month was the 21st of 180 scheduled payments on our 15-year note.

We started the month with a balance of $188,983.82. Our total principal payment of $3,776.55 (consisting of the principal portion of the regular monthly payment as well as our additional principal payment) reduced the balance to $185,207.27 at month end.

We are currently approximately $3,302 ahead of schedule (when compared to the balance had we never made any additional payments to principal). Our $300 additional principal payment in December saved us $1.50 interest in January, which is the total interest saved to date.

In December 2007 I calculated that we would need to pay an average of $3,149.74 per month in principal to meet our goal of eliminating the mortgage in five years (60 months) or less. We exceeded that average in January 2008, so the new required average monthly payment for the next 59 months drops to $3,139.11.

February may bring another lifestyle change for us, assuming we can get our act together. Hopefully will result in more savings next month. I'll elaborate on that at another time.

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