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, October 31, 2010

Monthly Summary: October 2010

Happy Halloween! October has treated us well. We've been spending time with family and enjoying the beautiful autumn colors here in New Hampshire.

My wife is settling into her new job. Rather than going to work in the same location every morning (as she did in her prior role), she must travel on a regular basis in this job. Fortunately, she is able to work from home on her non-travel days. Although her day-to-day duties are more variable, her income is going to be much more consistent than it was when she was doing contract work for this organization. Once she gets her first full paycheck (net of all deductions and withholding), I plan to update our budget to get a more accurate projection of our ability to attack the mortgage in the future.

We made the 20th of 120 scheduled payments on the ten-year mortgage in October. This was our 34th payment since beginning the DTM project in January 2008.

When October began, our balance was $69,474.69. Because we made such an aggressive payment in September, we were able to add only a modest amount ($500) to the principal when we sent in the mortgage check this month. When combined with our required payment, this reduced the balance to $67,699.47 at the end of October.

We realized $228.92 in interest savings this month, bringing our total realized interest savings to date to $3,162.01.

Our balance is now about $60,124 lower than it would have been if we'd never made any prepayments on the ten-year mortgage. We're still on track to pay off the debt four years and three months early even if
we stopped making extra principal contributions going forward.

There are 26 months left in our original 60-month goal period. We have to average $2,603.82 in principal reduction each month to reach this five-year goal.

Looking forward to November, I'm optimistic we can make a more substantial dent in the balance next month. Even though we have already shattered our 2010 goal, I'm looking forward to finishing the year strong.