March 2010 Mortgage Reduction Report

We have just made our mortgage prepayment for March. In February we were short $1,934 for our prepayment. This month we were able to prepay $7,000 with catches us up and give us a few hundred dollars towards April’s prepayment which will be needed. We have reached a couple of milestones with this month’s prepayment.

We passed the $100,000 mark for mortgage payments this month. We have been making payments for 20 months making our average monthly payment $5331.34. The other accomplishment was having paid off 25% of our mortgage. We have actually paid off 26% this month. I am quite happy with both accomplishments and hope we are fortunate enough to be able to keep it up.

I will have have a hefty tax bill on April 30th and we may be taking a tropical vacation as well. We will have no issues paying for these but our mortgage prepayment may not be the full $4,712 for the month. I am hoping I can pick up some business or some overtime at work to help with the shortfall.

Our projected interest savings are now $270,774.30