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, October 31, 2009

Monthly Summary: October 2009

Happy Halloween! Happy extra hour of sleep this weekend! I'm still riding my bicycle to and from work, which means this is the longest I've commuted on the bike in any year. Last year I gave up in mid-October on account of darkness and colder weather. This year I'm using illumination and some new cold-weather cycling gear I recently acquired.

Our October mortgage payment was the eighth of 120 scheduled payments on the ten-year loan, and the 22nd since we started working on our five-year D2M plan.

We began the month of October with a balance of $118,354.03. We added $2,000 as a principal prepayment, which combined with our regular monthly payment to lower the outstanding balance to $115,267.40.

We saved $87.72 interest in October, which brings our total interest savings to $1,385.61 since the beginning of this project.

We're $24,848 ahead of schedule on the ten-year loan, and would pay it off one month shy of two years early if we abandoned all extra payments right now.

There are now 38 months left in our 60-month goal period. We must average a monthly principal payment of $3,033.35 to meet our goal.

Only two short months left in 2009. Hopefully we can limit spending during the holidays so that we can meet our yearly goal.