Saturday, November 11, 2017

The mortgage numbers

I purchased my home in 2013 for $247,000 on a 30 year mortgage.  The mortgage was for $234,650, meaning I put down just 5% in order to purchase the home.  I am trying desperately to get rid of the PMI on my mortgage which is $115  per month.  I have been paying an extra $290 per month on the principal since approximately August or September of this year when I got my $5,000 raise.  Prior to that I was only paying an extra $150 per month on the mortgage.

 A sort of secret goal that I had for this year was to pay more in principal than I did in interest on the mortgage.  As of this month (maybe last month, I didn't do the math) I have accomplished that goal.  That is mostly thanks to the raise that I received (half of the net amount of the raise has been going to the mortgage).
 
Year-to-Date Totals
Principal$6,283.81
Interest$6,018.77

The current balance of the mortgage is $210,382.  I should easily make my goal of getting the mortgage under $210,000 by the end of the year.  My goal is to get rid of the PMI by the end of next year.  However, if I can get just get the mortgage under $200,000 I will still be quite pleased. 

4 comments:

  1. Yes, Get rid of that PMI!!! I hate PMI - like with a vengeance hate it. Worse than interest rates. LOL You will feel such a relief when you get there. That was my one caveat when building this house, we would have a loan with zero PMI.

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    Replies
    1. I can't wait until its gone. If I do things right my next house/mortgage won't have PMI!

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  2. That is great. PMI is such a rip off.

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