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, February 28, 2011

Monthly Summary: February 2011

The snowy winter continues in New England. We did get a bit of a break last week, when I rode three days to work on my bicycle (and I found out that I'm not in my best cycling shape). But today we awoke to freezing drizzle, and the road surfaces are very slick.

My wife and I are leaving tomorrow for our annual trip to a mountaintop cabin accessible only by foot travel (snowshoe). Snow is welcomed up there. But once we return, I'll be looking forward to signs of spring.

In February we made the 24th of 120 scheduled payments on our ten-year mortgage, which was the 38th payment since we began the DTM project.

We started the month with a balance of $52,802.39. We added $3,000 extra principal to our regular payment, which reduced the outstanding loan amount to $48,643.11 at the end of February.

We realized $276.85 in interest savings this month. We've saved over $4,173.48 of interest since we started making prepayments on our mortgages.

Our mortgage balance is $75,136 lower than it would be if we had never made any prior extra payments. If we had to stop making prepayments at this point, we'd still pay off the ten-year mortgage five years and two months ahead of schedule.

Twenty-two months remain in our original five-year goal period. Ten months are left in our revised goal of eliminating the debt by the end of 2011. We must average $2,202.87 in monthly principal payments to meet our original goal, and $4,846.31 monthly to meet our revised 2011 goal.

March should hopefully be a good month for several reasons: the return to daylight saving time, the official start of spring, and a bit of extra income for us. I'm looking forward to all of it.