I thought it'd nice to do an annual status report grading my progress paying off the mortgage. Above is a graph comparing my current progress in paying off the mortgage vs what my mortgage balance would be without paying extra.
But first.... some stats:
| Original Balance: | $288,225.00 |
| Interest Rate: | 3.99% |
| Total Interest Paid without Extra Payments: | $206,547.64 |
| Original Payoff Date: | 7/1/2042 |
2042 is way too long to wait.
I started 2020 with a balance of $230,352.80 and my current balance is $206,886.54. I managed to pay off $23,466.26! Pretty good.
| Principal | Interest | Regular Payment | Extra Principal | Balance | |
| 1/1/2020 | $606.01 | $768.36 | $1,374.37 | $125.63 | $230,352.80 |
| 2/1/2020 | $608.45 | $765.92 | $1,374.37 | $125.63 | $229,618.72 |
| 3/1/2020 | $610.89 | $763.48 | $1,374.37 | $125.63 | $228,882.20 |
| 4/1/2020 | $613.34 | $761.03 | $1,374.37 | $125.63 | $228,143.23 |
| 5/1/2020 | $615.79 | $758.58 | $1,374.37 | $125.63 | $227,401.81 |
| 6/1/2020 | $618.26 | $756.11 | $1,374.37 | $125.63 | $226,657.92 |
| 7/1/2020 | $620.73 | $753.64 | $1,374.37 | $125.63 | $225,911.56 |
| 8/1/2020 | $623.21 | $751.16 | $1,374.37 | $125.63 | $225,162.72 |
| 9/1/2020 | $625.70 | $748.67 | $1,374.37 | $125.63 | $224,411.39 |
| 10/1/2020 | $628.20 | $746.17 | $1,374.37 | $11,125.63 | $212,657.56 |
| 11/1/2020 | $667.28 | $707.09 | $1,374.37 | $1,125.63 | $210,864.65 |
| 12/1/2020 | $673.25 | $701.12 | $1,374.37 | $1,125.63 | $209,065.77 |
Originally we did $125.63 extra to make it an even $1,500 payment and then did a whopping $11k extra when we decided our emergency fund was too big. We managed to crank up our extra payments at the end of the year to $1,125.63 and our new current extra payment is $1,500 a month more.
If we keep going at that rate we'll be all paid off on 11/1/2027. Sounds much better to me!
At that rate we'll be paying $18,000 in extra principal and our mortgage balance in a year should be $182,431.49.
| Principal | Interest | Regular Payment | Extra Principal | Balance | |
| 1/1/2021 | $679.23 | $695.14 | $1,374.37 | $1,500.00 | $206,886.54 |
| 2/1/2021 | $686.47 | $687.90 | $1,374.37 | $1,500.00 | $204,700.07 |
| 3/1/2021 | $693.74 | $680.63 | $1,374.37 | $1,500.00 | $202,506.33 |
| 4/1/2021 | $701.04 | $673.33 | $1,374.37 | $1,500.00 | $200,305.29 |
| 5/1/2021 | $708.35 | $666.02 | $1,374.37 | $1,500.00 | $198,096.94 |
| 6/1/2021 | $715.70 | $658.67 | $1,374.37 | $1,500.00 | $195,881.24 |
| 7/1/2021 | $723.06 | $651.31 | $1,374.37 | $1,500.00 | $193,658.18 |
| 8/1/2021 | $730.46 | $643.91 | $1,374.37 | $1,500.00 | $191,427.72 |
| 9/1/2021 | $737.87 | $636.50 | $1,374.37 | $1,500.00 | $189,189.85 |
| 10/1/2021 | $745.31 | $629.06 | $1,374.37 | $1,500.00 | $186,944.54 |
| 11/1/2021 | $752.78 | $621.59 | $1,374.37 | $1,500.00 | $184,691.76 |
| 12/1/2021 | $760.27 | $614.10 | $1,374.37 | $1,500.00 | $182,431.49 |
Looking forward to it! Hopefully we can keep it up and meet that goal.
- Next entry in the series 'Mortgage Payoff Status Report': Mortgage Payoff Status Report: January 2022
