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

Wednesday, July 16, 2008

Not This Year

Today in the mail we received the annual automobile registration renewal form from our town. This bill was for the car we sold back in May. Most of the financial benefits that come from living the one-car lifestyle are easy to overlook (fewer repair bills, less routine maintenance, fewer trips to the gas station), so it's nice to get such a direct reminder that we are, in fact, spending less on car ownership now than we had in the past.

That's $175 that we can use for something else in 2008! Any guesses as to where I plan to direct the surplus?


Move To Portugal said...

You are doing so well on your 2008 goals. Well done!

change is a good thing said...

Hmm, let me think, where will you spend that extra money? That's a tough one! I'm gonna have to really think on this and get back to you! Ha! I love having more money like that to put towards debt reduction. Right now all my money is going to savings to pay my parents back, but when that is done, I'll be attacking my mortgage like you. :)

Jack said...

Good for you!

I've been biking to work for a while now, so have taken it a step further. Aside from the accasional taxi, I spent exactly $235 on day-to-day transportation last year.


The Executioner said...

Portugal, thanks for the encouragement.

Change, I hope you vanquish the parental loan ASAP. One debt is better than two debts. It felt so good when we closed out our HELOC back in December!

Jack, my wife and I have been riding our bicycles to work regularly since the snow melted here in New Hampshire (late March). I also rode my bicycle to work last spring/summer. For each of us, it's a 11-16 mile round trip. We don't have a lot of other options here. Even in the largest cities in NH (Manchester is the biggest at around 110,000 people) taxis are an infrequent sight (by appointment only), and bus service doesn't run between towns (meaning I can't take public transportation to get to my office). Our friends and family thought we were crazy to sell our second car willingly ("Don't you feel like you've lost your freedom?"). I look forward to the challenge of getting ourselves work via the single car this coming winter when bicycling becomes dangerous again on our icy streets made narrow by snow piles. Carpooling may be our best option, and not necessarily with each other, as our jobs are not close together. Do you own a car in DC?

Jack said...

Nope. Decidedly easier to commute to work in DC than where you are. I do bike rain, wind or shine...just not in snow/ice.