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

Friday, February 29, 2008

Monthly Summary: February 2008

The mortgage payment we made in February was the 22nd of 180 scheduled payments on the 15-year loan.

At the beginning of the month, the outstanding balance was $185,207.27. We made a total principal payment of $2,795.43, which included a $2,000 extra principal payment. The ending balance is now $182,411.84.

We are over $5,318 ahead of our scheduled principal balance at this point. Our total interest saved over the life of the mortgage is $18 (this month's savings was $16.50).

The average principal payment required to pay off the mortgage in the remaining 58 months rose slightly from $3,139.11 to $3,145.03. I expect this average number will continue to rise throughout the next two years or so before it starts to fall each month. This should happen as the principal portion of our required monthly payment increases over time.

Here's hoping we can keep this momentum going into March. Spring is not too far off!

2 comments:

louise said...

Hi, I just discovered your blog, I am also paying off my mortgage early. You have made really good progress so far, I am looking forward to following your progress

The Executioner said...

Thank you! I am always glad to hear from others who have similar goals in mind. Good luck to you!