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, May 31, 2009

Monthly Summary: May 2009

Our May payment was the third of 120 scheduled payments on our refinanced 10-year mortgage, and the 17th payment we've made since we set our five-year goal at the end of 2007.

At the start of the month, our balance was $139,026.46. Despite another month of high expenses, we were able to apply another $1,500 to the principal, which when combined with our regular payment, reduced the loan value to $136,519.50 at the end of May.

We saved $27.08 in interest this month, for a total of $52.13 saved since refinancing our mortgage. We are $8,552 ahead of schedule on the 10-year note, meaning we'd pay off this loan eight months early if we had to stop making extra payments at this point.

There are now 43 months remaining in our 60-month goal period. To meet our goal, we have to average $3,174.87 in principal payments per month. This is another increase from previous months. Hopefully we can bring this number back down in the near term, as we should have some additional income through the summer.

We passed another psychological milestone this month. When we bought our house, we took on a $204,000 mortgage. As of May we've managed to pay down one third of the original debt. We are making progress!

1 comment:

Money Dieter said...

Doesn't that feel awesome?!