I was able to put an extra $195 principal payment on the mortgage for my March payment! My mortgage balance is now down to $215, 503 (from $216, 127)! My goal is to have the balance into the $214,000s with my end of March payment (for the first of April).
I am slowly but surely chipping away at the mortgage. I can't wait until the balance falls down into the $100,000s. I'm pretty sure this house is not my forever home, but I want to make a nice profit when I sell (instead of writing a check).
I can get rid of the PMI when the balance is down to approximately $197,000 so I have quite a long way to go. I pay off approximately $6,000 of principal a year, so I have about 3 years to go (roughly). I think I can get the balance down to $197,000 in about 2 years from now because I intend to dump as much extra as I can onto the mortgage this year.
I received a comment via email (I rarely check my email guys, I'm sorry) from Emily about ways to get rid of the PMI. Emily suggested refinancing in order to get rid of the PMI if the value of my house had increased enough. While I hate paying PMI, I don't think refinancing is a good option in my case right now. I have a very low interest rate and I don't want to lose that just to get rid of PMI. I also think zillow has over inflated the value of my home by about $15,000. Nevertheless, I wanted to put Emily's suggestion out there, just in case anyone is looking for suggestions about how to get rid of PMI prematurely.
Happy first day of March! It will be Spring soon.
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