July 2010 Mortgage Reduction Report

I have not updated our Mortgage Reduction Report in the last two months as we have gone through some changes with our finances. The first being moving our mortgage to National Bank and utilizing the All In One Account for our mortgage and a majority of our banking. The second was the sale of my condo. The tenants wanted to move out and I wanted the equity out of it to pay down our mortgage and no longer wanted the hassles of being a landlord.. The sale went smoothly and the funds have been applied against our mortgage. The sale of the condo, closing bank accounts and not keeping as much money in another account has allowed us to drastically pay down our mortgage

With these changes and the All in One Account I will be changing the way we track our progress. I am just going to worry about our total debt and I will start to track our net worth as well. Our goal is to have our balance decrease $5,000 a month. There will be fluctuations due to the banking changes but we are hoping to stay on track. The current balance is $181,276.30 which means we have paid off 43% of our mortgage in 2 years. We are definitely on track. We have also talked about selling our other condo when the tenants leave. That should virtually guarantee the goal is achieved and we will be debt free by July 2013.

We have saved a projected interest amount of $286,596.74. Our current net worth is TBA.