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

Monday, May 31, 2010

Monthly Summary: May 2010

What a great Memorial Day weekend. Why can't every weekend be three days long?

I managed to ride my bicycle every work day in May (20 for 20), repeating my April accomplishment. Unfortunately I already know that the streak will end next week, as I have to work in Boston one day, which means I have to take the bus. Oh well. At least now I can take some vacation days and not feel guilty about them.

We made the 15th of 120 scheduled payments on our ten-year mortgage in May. This was the 29th payment since starting our DTM project in January 2008.

The outstanding balance was $97,890.63 at the beginning of May. We made a $1,000 prepayment to go along with our regular payment, which reduced our loan amount to $95,815.47.

We realized $138.98 interest savings in May, bringing the total realized savings to date to $2,236.50.

Our balance is $37,199 lower than it would be if we never made extra principal payments on the ten-year loan. We would still pay off the mortgage 2 years 9 months early if we had to abandon the project at this point.

Thirty-one months remain in our five-year goal period. We must average $3,090.82 principal payments per month to meet the goal. My wife's employment status is once again certain (she found out that her position is no longer on the chopping block), but there are rumors of layoffs happening at my office next week. Hopefully my name is not on the list.

Finally, a quotation from Will Rogers, which was sent to me a while ago by my dad:

"Too many people spend money they haven't earned to buy things they don't want to impress people they don't like."

Although Rogers died decades ago, his words still ring true today. Don't you agree?


Daizy said...

I do agree. I could spend a lot of money trying to fit in to what my co-workers consider 'normal'. But they aren't going to help me pay the bills. I'd rather do it my way. Glad hear your wife's job is secure.

Middle Way said...

Great news on your wife's job. Fingers crossed for you.