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, November 30, 2010

Monthly Summary: November 2010

The year 2010 keeps chugging along. It seems like I just made an entry a few days ago, but a whole month has passed.

November was a solid month for us. I've updated our budget to include the pay from my wife's new job. However, I'm still not quite certain what extra amount we'll be able to allocate to the mortgage over the next few months for a few reasons:

  • My employer may offer a year-end bonus, though the size is unknown at this point.
  • We've been sending estimated tax payments to the IRS for 2011, so our tax bill may be much smaller than it has been over the past several years.
  • After unsuccessfully trying to rehab our dog for a year, we finally bit the bullet and made the decision to pay for an expensive veterinary surgery which will hopefully restore her to full health (a leg/joint injury had made it difficult for her to be fully active). This expense will require us to either (a) reduce the amount we include in future mortgage payments, or (b) pull some cash out of savings.
If things go well, we could manage to make pretty substantial dents in the mortgage this winter. But for now I'm leaving more conservative numbers in our budget.

We made the 21st of 120 scheduled payments on our ten-year mortgage in November, which was the 35th payment since we began this project at the start of 2008.

Our balance was $69,474.69 at the beginning of the month. We added $2,500 to our required payment; the aggregate amount reduced the balance to $63,917.61 at month's end.

We realized $231.72 in interest savings in November, bringing our total (realized) interest savings to date to $3,393.73.

The ten-year mortgage balance is now about $62,856 lower than it would be had we never made any additional payments. We'd pay off the debt four years and three months early if we stopped making prepayments from this point forward.

Two years and one month remain in our original five-year goal period. We must average $2,556.70 each month to kill the mortgage by December 2012.

Winter feels like it is upon us already. There was snow on the ground for Thanksgiving here in New Hampshire. I need to put the studded tires on the bicycle soon so I don't slip on any icy patches while riding to work.