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, November 29, 2009

Monthly Summary: November 2009

Another Thanksgiving weekend is in the history books. Fortunately for our budget (and sanity), the wife and I avoided the crowds in the stores, and instead spent our time with family. We also enjoyed the autumn snowfall by hiking through the woods in the north country.

I'm still cycling to work. So far the cooler temperatures and darkness haven't stopped me. Of course, the real winter weather hasn't kicked in yet.

The November mortgage payment was the ninth of 120 scheduled payments on the ten-year mortgage, and the 23rd since we set our five-year goal back in late 2007.

Our balance was $115,267.40 at the beginning of November. As we did last month, we added $2,000 to our regular payment, which reduced the outstanding balance to $112,168.87.

Our prepayments saved us $95.77 interest in November, increasing the total interest savings to date to $1,481.38.

We are now $26,944 ahead of schedule on the ten-year mortgage, and would pay it off two years and one month early if we were forced to stop making additional principal payments at this point.

Thirty-seven months remain in our 60-month goal period. We can meet our goal by averaging total principal payments of $3,031.59 each month.

We have a very good chance of meeting our goal for the year when we make our last 2009 payment in December. This is definitely something to be thankful for, at a time when many are still struggling to make ends meet. We feel fortunate to be in the position we are in, and are glad to see our hard work paying off for us.