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, June 27, 2008

Monthly Summary: June 2008

The June summary comes a few days early because my wife and I are headed away for vacation and will be without internet access for a little while.

June's payment was the 26th of 180 scheduled payments on our 15-year mortgage. It was also our sixth payment since we established our five-year goal.

We started this month with an outstanding balance of $172,436.38. We made a $5,000 (!!!) extra payment to principal, bringing our total principal payment to $5,859.29 in June. Our new balance stands at $166,577.09.

We're now $17,998 ahead of our scheduled mortgage balance. We could stop making extra payments now and still pay down the debt twenty-one months early.

This month's saved interest amount was $64.67. To date, we have saved $197.90 in interest payments.

Our average required monthly principal payment to meet our five-year goal dropped to $3,084.76.

My wife got an advance payment for some summer work she's doing, which helped us make a larger-than-normal extra principal contribution in June. Our July and August payments may be smaller than past months as a result. However, if we can focus on saving (especially during vacation), we may be able to end the summer months in great shape to meet our first-year goal.

2 comments:

change is a good thing said...

WOW!! That is fantastic, you are doing so well!! I love coming to check in and see how you are doing, it's very inspiring! :) Enjoy your vacation.

The Executioner said...

Thanks, June was a good month for us. The vacation was great too!