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

Sunday, November 2, 2008

Monthly Summary: October 2008

I have mixed feelings about our progress in October. On one hand, at mid-month I was unsure if we'd be able to make any extra principal payment at all; and yet, we were able to make a modest payment above and beyond the minimum required amount. But on the other hand, we've definitely lost the extra cushion we once had on our 2008 goal because of the smaller payment this month. It could be a struggle to meet our goal with only two months left in the calendar year.

Last week we made the 30th of 180 scheduled payments on our 15-year mortgage. This was the tenth payment since we set our five year-goal.

At the beginning of October, our outstanding balance was $157,867.95. By adding $750 to our regular monthly principal payment, we reduced the loan amount by $1,682.13, to $156,185.82.

We are fortunate to be over $25,171 ahead of schedule on our loan at this point. We'd pay the debt off two years and four months early even if we abandoned the project right now.

We saved $121.50 in interest during October, bringing our cumulative interest savings to $620.76.

I'm disappointed to see that the average monthly principal payment required to meet our five-year goal rose to $3,123.72.

To meet our debt reduction goal for 2008, we still must bring the balance down by $4998.76, or just under $2500 per month for the next two months. This is within our reach, but any other unexpected expenses could seriously jeopardize our ability to achieve this first-year goal. Controlling holiday spending could be the deciding factor.

4 comments:

Anonymous said...

You are doing great and slowly but surely reaching your goal! Keep it up -- you'll get there!!

Kristina

change is a good thing said...

I'm always so impressed with the progress you make month after month. Even when you have things come up during the month, you still make additional payments and saving yourself heaps of money in the process. Great work!

louise said...

I like the wayou have worked out the number of payments and you know exactly where the balance needs to be to reach the goals you have set. It is great that you are so far ahead in your loan!

The Executioner said...

Thanks for the kind comments. Sorry I have been so lax in responding. I do appreciate the positive feedback!