September 2009 Mortgage Reduction Report
With the neighbours not yet giving us a bill for the fence and us not prepaying a service we use (switched to monthly) we came up with $2500 to make an additional mortgage payment. We were $2200 short this month due to a delay in my business income which should be coming in the next couple of weeks.
Business has slowed down and I am not yet expecting any business income in October. It may be tight finding the $4700 next month especially because I want to make up the $2200 missed this month. Hopefully I can generate some business income in the meantime to help out.
The mortgage balance at the end of September is a little under $263,000. Compared to our original mortgage amortization of 40 years we are now down to 23 years and have saved just under $130,000 in interest.
To wrap up, we have now paid off 17% of our original balance and are basically on track to meet our goal.
Good for you, I periodically check your blog for updates. I’m in the same gear; working towards paying off the mortgage first. 170k @ 5.09% 2years 9 months left. In process of working a spreadsheet to see if paying a penalty to refinance at lesser rate would be worth it vs continuing at current contract.
Anyways, good job, keep it up. Dont loose focus and find every penny you can to through at it.