At the end of October, I made my mortgage payment for November. The total payment was $2,120. This is the largest payment I have ever made on this mortgage in the 5 plus years that I have had it. My mortgage payment is normally $1,481, so this payment constituted an extra $639 towards the principal!!! My goal is to pay off enough of the mortgage so that I can drop the pmi premiums next year. I should reach 80% LTV in February of next year, but I won't be at 78% until August. (Based on the original mortgage schedule, I was going to reach 80% LTV in September of 2020). I'm so excited!! The pmi premium is $115 month, so by August of 2019, I will be able to add an extra $115 towards principal. This is even more exciting because by August of 2019, I should have about $1,000 a month going towards principal (if I keep the extra $400 principal payments, the 115 additional principal payment and my required principal payment).
ALSO, my mortgage balance is at $200,152. SO with my December payment it will finally fall into the $100,000s!!!!!!!!
Excellent news! It's so exciting to see the balance trend down.
ReplyDeleteYes, I love seeing the numbers drop!!
DeleteThis is so exciting! From what I've read (but it may depend on your state/lender) you can request PMI be dropped once you have reached the 80% mark. Lenders are required to automatically remove it once you reach 78%.
ReplyDeleteI plan to ask for it to be removed at 80%. I’m at 81% now. I have Wells Fargo as the servicer on the loan. They often require an appraisal to ensure that the value of your home hasn’t dropped. The property values have increased by about 20% in my neighborhood. I’m hopeful they won’t require an appraisal because I don’t want to pay for it.
DeleteCongratulations! That’s wonderful!
ReplyDeleteThank you! I’m so excited!!
Deletei hope you're enjoying your life as you chuck money at the balance. good idea to be rid of the pmi.
ReplyDeleteDefinitely trying to. I can’t wait to be rid of pmi!!
DeleteThat is so awesome!! Congrats on that achievement!
ReplyDelete