Sunday, November 11, 2018
My Largest Mortgage Payment to Date!!
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!!!!!!!!