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.

2 comments:

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.