Thursday, August 3, 2017

Mortgage Payments

Thanks for all of your helpful posts on retirement savings.  It provides some comfort to know that most people feel that if you just keep saving it will work out in the end!

In other news, I am excited to announce that for the first time since I obtained a mortgage I paid more in principal payments than I did in escrow payments (without counting my normal extra $150 payment to principal only)! My principal payment was $437.85 ($587.85 including my additional $150 principal payment), my escrow payment was $437.21. Additionally, my interest payment fell to below $600.  I "only" paid $599.53 in interest this month!

My real goal for the year is to pay more into principal (including extra payments) than interest for the year.  My year to date totals are as follows:

Principal $4,087.89
Interest $4,231.32

I'm getting so close!  I suspect I will have to make a slightly larger, principal only payment at the end of the year to make sure that I pay more in principal than interest, 





 






   

6 comments:

  1. That is exciting! I keep our amortization schedule in our budget binder and cross off the lines to correspond with the remaining balance. While paying more doesn't advance the payment, it always feels good knowing we are ahead of schedule with paying off our mortgage!

    ReplyDelete
    Replies
    1. I feel the exact same way. It's always great to get rid of debt!

      Delete
  2. I never even thought about that! That is interesting - now I will be obsessed by it - when we finally get our mortgage - LOL! Great job for you thought - what a rush to know your payment is going toward the "meat" of loan over the sides!

    ReplyDelete
    Replies
    1. Lol, I'm totally obsessed with paying extra on the mortgage and how far I can get the balance down!

      Delete
  3. Yay for whittling that away. I know financial gurus say that it's better to invest than pay off a mortgage if you have a reasonable interest rate, but it was a huge moral victory when I defeated mortgage debt. You are doing great - cheers to you!!!

    ReplyDelete
    Replies
    1. I know, I stress over whether I am making the right choice by paying extra on the mortgage, but I really hate debt. I want to get the mortgage down as far as possible while I have the ability to pay extra. Congrats to you for defeating your mortgage debt!

      Delete