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

Saturday, March 29, 2008

Monthly Summary: March 2008

March is almost over. Time to wrap up for the month.

Our March mortgage payment was the 23rd of 180 scheduled payments on the 15-year loan.

At the beginning of the month, our balance was $182,411.84. Our total principal payment of $3,309.41 included a $2,500 extra payment to principal. This reduced the outstanding balance to $179,102.43.

We are now about $7,845 ahead of schedule on the mortgage. If we stopped making any extra principal payments at this point, we would pay off our mortgage 10 months early.

We saved $26.59 in interest this month, for a total interest savings of $44.58 since December 2007.

Since we exceeded the average monthly payment required to meet our five-year goal, the new average principal payment fell slightly to $3,142.15.

April will be a challenging month for us, as I mentioned in the last post. We'll need to keep our focus so that we can stay on track, even if we aren't able to make much progress next month.


Move To Portugal said...

it's great to see the term of the mortgage decreasing isn't it?

Congrats on your overpayments so far :)

The Executioner said...

Yes, it is a good feeling...but at times I wish it would go faster! That's mainly why I keep this blog. It keeps me motivated, and reminds me to stay patient.