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

Thursday, July 2, 2009

Monthly Summary: June 2009

Our new refrigerator was delivered today. I hope it keeps our food nice and cold for many trouble-free years to come.

The June mortgage payment was the fourth of 120 scheduled payments on the 10-year mortgage, and the 18th payment overall since the beginning of our five-year goal period.

Our loan balance from last month was
$136,519.50. My wife is earning extra income this summer, so fortunately we were able to add $5,000 to our regular mortgage payment in June. This reduced the outstanding balance to $130,502.88.

We saved $32.96 interest in June, bringing the total interest savings over the four months of the new mortgage to $85.09. We're now $13,585 ahead of schedule on the balance, which means that we'd pay off the debt 13 months early even if we suddenly stopped making extra payments.

We have 42 months left in our five-year goal period. To achieve success, we'll need to average a total principal payment of $3,107.21 each month. This is lower than last month, and also lower than the average when we began this adventure in January 2008, which means we are once again ahead of schedule overall. However, expenses keep piling up this summer, so we can't afford to lose focus. We need to limit our spending for a while.

2009 is already halfway over! Time is flying. Enjoy the summer while it lasts!

3 comments:

Laura @ move to portugal said...

Well done. It's good that you're back ahead of schedule :)

change is a good thing said...

Your progress always motivates me to want to do better with my own debt reduction! Great work! Right now I am only rounding up my mortgage payment to the next $100 because my fiance and I are saving to buy our first home together, but we are doing great at watching that savings grow. Thanks for always sharing your story, it's fun to see a new post from you.

thriftylittleblog said...

I just found your blog... so interesting! It sounds like you are well on your way to making that goal.