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, September 30, 2009

Monthly Summary: September 2009

The days are cooler, the nights arrive sooner, and the leaves are changing color here in New England. Only three months left in 2009.

September was a good month for wounding the mortgage. My wife's final paychecks for her summer contract work arrived this month. Because of her generosity (thanks, baby!) we put almost all of the extra income towards reducing the debt.

Our payment this month was the seventh of 120 scheduled on the ten-year mortgage, and the 21st overall since we set our five-year goal.

At the beginning of September the balance was $125,911.54. We made a substantial $6,500 extra principal payment, which when added to our regular payment lowered the remaining balance to $118,354.03 at month's end.

Because of our prepayments to date, we saved $62.43 in interest in September. Our total interest saved since the beginning of the project is now $1,297.89.

We are $22,760 ahead of schedule on the mortgage, and would pay off the note one year and nine months early if we stopped making extra payments after September.

We have 39 months remaining in our 60-month goal period. We need to average principal payments of $3,034.72 per month to achieve the goal on schedule. This is a nice decrease from last month.

Since we are nearing the end of 2009, it's nice to note that we are slightly ahead of pace to meet the goal we set for ourselves this year. With three-fourths of the year complete, we have paid down 78.55% of the $37,796.76 goal, meaning we must pay off a total of $8,100 over the next three months to achieve the 2009 goal (about $2,700 per month). This is definitely within our reach, based on our progress to date.


Middle Way said...

Under $120K -- very cool!

change is a good thing said...

Your progress always astounds and inspires me! With 2 mortgages now in our household we are working like mad to try to get them both paid down. Starting in December we will be receiving an extra $1000 in the form of rent that will go directly toward reducing the principal on one or both of the mortgages. Great work, keep it up! Thanks for always sharing your progress, it's fun to see how you are doing!

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Jessie said...

Wow, I am so impressed with your dedication to this. I hope that in a few years when my boyfriend and I buy our first home, we're able to be as aggressive and focussed as you are.