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, January 31, 2009

Monthly Summary: January 2009

Today is one of those brilliant, cloudless, blue-and-white days that makes winter in New Hampshire so enjoyable for me. Plus, spring is not too far off...

Our January payment was the 33rd of 180 scheduled payments on our 15-year mortgage, and the 13th since we've been working on our five-year goal.

At the beginning of 2009, our mortgage balance was $148,043.79. We added $2,000 to the required payment, for a total principal reduction of $2,981.25 this month. The outstanding balance at the end of January stands at $145,062.54.

The mortgage balance is now $33,838 less than it would be if we had never made any extra payments to principal. If we had to stop making extra payments after this month, we would still pay off the mortgage three years and one month early.

We saved $158.40 in interest during January, for a total of $1,037.74 in savings during the life of this project.

The average monthly principal payment required for us to achieve our five-year goal rose slightly to $3,086.44.

2009 is already shaping up to be an interesting year for us financially. I'll elaborate on those details when they are known.

4 comments:

Middle Way said...

Can't wait to hear what's in store!

Doesn't it feel great to throw "compounding" back into the bank's faces!

I think you will superceed your projections once again this year.

You approach things so systematically with sense and margin that it is just a matter of "execution".

This the first time I am paying a mortgage with help (a spouse) so I've become lax in my methods. Reading your blog has encouraged some of my old mortgage busting ways back! Thank you!

ps. do you leave your thermostat at 55 when your dogs are home too?

The Executioner said...

Thanks for the encouragement. It does feel good to see how much interest we have avoided handing over to our lender.

Yes, we keep the thermostat down at 55 degrees when the dogs are home and we are gone (or asleep). We have sweaters for our smaller dog who doesn't like the cold as much. He typically sleeps under blankets during the day and overnight. Our larger dog is a winter breed anyway, so she could care less whether it's 55 or 35 (she likes to break through the icy tops of frozen streams to go wading through the water, for example).

ashley said...

Wow good job!! I agree with the person above- I bet your mortgage lender hates you guys, haha. You guys are lucky to have a good year coming up, financially speaking.

real estate said...

Good job, nice to see people take "fighting" with mortgage positively! I don't think your mortgage lenders hate you, in positive cash flow is ...positive! Especially now, when "foreclosure" is the most used word in United States! Every lender is nervous...
Take care
Elli