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, August 15, 2011

It's Official

Today, almost four months after we sent our final payment to our lender, we received a Release of Mortgage in the mail. It includes a cover letter from the lender, along with a very official-looking Release document, with a notary stamp and a sticker from the county Register of Deeds.

I'm glad to have it. I was just wondering this weekend when/if we'd ever receive anything more than an initial form letter from our lender stating that our loan had been paid in full.

The cover letter that accompanied the Release document includes a statement from the lender, encouraging us to "consider [them] for future mortgage needs."

I hope we have no mortgage needs anytime soon.