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, January 3, 2010

Monthly Summary: December 2009

Happy 2010! This update is a few days late since my wife and I have been away visiting family during the holidays (and therefore I didn't have all of the detailed information I needed to make this entry).

I am going to make a separate entry summarizing our 2009 accomplishments, so this post will focus only on December.

We made our tenth of 120 scheduled payments on our ten-year loan in December, and our 24th overall since we started working on our five-year goal.

Our balance was $112,168.87 at the beginning of December. My wife is paid bi-weekly, so twice a year she gets three paychecks a month instead of the usual two. December was one of those happy three-paycheck months. This means we were able to add $3,000 to our our regular mortgage payment, which when combined with our regular payment reduced the outstanding balance to $108,058.40 to finish off 2009.

Our prior prepayments saved us $103.84 interest in December, bringing the total realized interest savings to date to $1,585.22.

Our balance is $30,047 less now than it would have been if we had never made any prepayments on our ten-year mortgage. If we ceased all prepayments from this point forward, we'd still pay off the loan two years and four months early.

There are now three years (36 months) remaining in our five-year (60-month) goal period. If we average $3,001.62 in principal payments every month, we'll meet our goal on schedule.

Here's looking forward to continued success in 2010!

2 comments:

SavingDiva said...

WOW! You're really making a lot of progress toward paying off your mortgage. I can't imagine putting aside an EXTRA $3k every month!

Thanks for the book recommendation. I might try to work it into my reading list for later in the year :)

The Executioner said...

Thanks. Keep in mind that $3K comes from two incomes, not just one. I'm also assuming that disparity of incomes (and expenses) in different parts of the country means that $3K in one region doesn't equate to $3K in another.