July 2009 Mortgage Reduction Report
Although it is tight this month we have already made an additional mortgage payment of $4700. This will keep us on track for accomplishing our goal. The balance at the end of July will be around $271,000.
The number is a little high considering the balance at the beginning of the month and the payments. This is due to a payment we thought we had made last October, it was entered on our spreadsheet, but we never made the prepayment to the bank.
I am pleased with July’s result especially with the credit card bills being higher due to two weekend road trips in June. We have some challenges ahead for the next couple of months in meeting the $4700 goal due to our vacation plans. We will be in the Okanogan for a week in August.
We do have two other factors working for us. My $255 RRSP loan will go down to $75 as one loan is paid off and another is beginning. Also by August we will both have maxed out our EI and CPP deductions and that will free up around $600 a month. Pretty happy about that. Business has been slowing down as of late and as of today I only have a little business income in August.
To wrap up, we have now paid off 14.2% of our original balance and are on track to meet our goal.
