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, May 31, 2008

Monthly Summary: May 2008

The payment we made this month was the 25th of 180 scheduled payments on our 15-year note. It was also the 5th payment since we set our five-year goal.

The balance after all "April" payments were completed was $176,276.47. The total principal amount for May was $3,840.09. This included a $3,000 additional contribution to principal (which is actually the amount from the sale of the car we decided to allocate toward our mortgage balance). Our outstanding balance dropped to $172,436.38.

We're $12,933 ahead of schedule on our payments. The mortgage would be paid off fifteen months early if we ceased extra principal payments after this month.

We saved $49.42 in interest this month. When added to our previous months' savings, I see that we are ahead $133.23 on interest since the beginning of our mortgage-elimination project.

The average monthly principal payment required to meet our five-year goal fell to $3,135.21.

As we move into the summer months, we're expecting to receive some extra income in the near future. This should help us continue to make steady progress toward our ultimate goal.

4 comments:

louise said...

It' great watching you pay down this mortgage! it keeps me motivated while my own plan is slowed down a bit.

The Executioner said...

Thanks. You'll get back on track again in no time, and once you have nothing else to distract you, it's impressive how quickly the mortgage balance can drop in a few short months.

ASHLEY said...

You're doing a great job! It's great to see the principal drop on a huge loan like that.

The Executioner said...

Heh, I didn't realize we had a "huge" loan until now. We're working hard to make it less huge!