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, January 30, 2010

Monthly Summary: January 2010

Even though the coldest days of the year are upon us, the sun sets later and later with each passing day. Today is cold but wonderfully clear. The front door is open and sunshine is streaming through the glass, making the dogs happy as they soak up the warmth.

In January we made the eleventh of 120 scheduled payments on the ten-year loan, and the 25th overall since we started the five-year DTM project.

At the start of 2010, our mortgage balance stood at $108,058.40. We added $2,500 to our regular monthly payment, which reduced the outstanding balance to $104,432.09 at the end of January.

Our prepayments saved us $115.80 interest in January, bringing the total realized interest savings to date to $1,701.02.

The balance is $32,663 lower than what it would be had we never made any prepayments on the ten-year loan. If we stopped making prepayments after this month, we'd still pay off the mortgage two and a half years early.

Thirty-five months remain in our five-year (60-month) goal period. The average monthly principal payment needed to meet our goal dropped this month to $2,983.77. Since the principal portion of our required monthly payment has risen above $1,100, this means we only need to come up with an extra $1,800 a month to stay on track. (I say "only" not because $1,800 is an insignificant sum, but because we had to add almost $2,400 extra each month when we started the project.)

2 comments:

laura@movetoportugal said...

Excellent progress :-)

No Debt Guy said...

Good work at being ahead of your goal.

We set our sights high with our goal of eliminating $316K in 5 years. We came a little short in 2009 and now rather than needing a $4700 prepayment we now need $4712.

If we come up a few months or even a year short I won't be overly disappointed, but we are still fighting to make it!