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

Tuesday, August 31, 2010

Monthly Summary: August 2010

At the risk of sounding like a broken record, I have to again recognize my wife's contributions to our finances this summer. She has been working almost nonstop for the past 9 weeks and has brought in a substantial amount of extra income as a result. Although it sometimes feels odd to be making additional payments on our mortgage debt when there are so many news stories about people who are losing homes to foreclosure, I counter that with the knowledge that my wife is earning every penny through a lot of stress and sweat and hard work. It is very much appreciated.

We made the 18th of 120 scheduled payments on the ten-year mortgage in August. This was our 32nd payment since the project began in 2008.

At the start of the month, our balance stood at $81,944.70. We added $3,000 to the regular payment which reduced the debt to $77,717.74 by the end of August.

We realized $188.87 interest savings this month. We've saved $2,731.93 in interest since kicking off the project.

The balance on the ten-year mortgage is now $52,194 lower than it would have been if we had not made any additional principal payments. If we stopped making extra payments at this point, we would still pay off the loan three years and nine months early.

Twenty-eight months remain in our five-year goal period. We have to average $2,775.63 in total principal payments to achieve this goal on schedule.

I'm pleased with our progress this month. I'm also looking forward to continuing the attack on the mortgage debt in September. We should hopefully have more good news to share in the coming weeks.

3 comments:

Daizy said...

I agree, it does feel weird to be paying down the mortgage when others are in foreclosure or upside down. But there are a lot of people who actually own their homes, they just don't talk about it. It will be great to join that crowd although we will have to think of other topics of conversation besides the mortgage!

Laura@MoveToPortugal said...

Great progress again Exe {and wife}

You're nearly at the two year mark, it's very inspiring!

Anonymous said...

Thank you for creating this blog. I have been following it for a few months. It makes me feel so good to know I'm not alone. I have been paying extra on my mortgage since I had it for the last 2 years. At the beginning of 2011 I want to increase my payment 150%. This will have the mortgage paid off in a little over 5 years. I love the idea of not having a mortgage payment when I'm 28.

You provide inspiration and encouragement to do what no one else does. Thank you and keep posting!