As you know, I love paying down my mortgage.
Before my most recent payment, I owed $78,725.59. I sent in a $900 payment, of which, 345.55 went to principal, 231.26 went to interest, and 323.19 went to Escro (tax and insurance).
I made the additional payment of $250 to principal. Then, I was worried the payment didn’t go through, so I paid another $250—not sure I can do that in the future, but I was glad to do it now.
My current mortgage is down to. . . drum roll please . . . $77,880.04.
My only “surprise” is that my interest only went down $1 from last month (August: 232.27 and September: 231.26), and thus out of my $900 payment, I only paid an extra dollar to the principal this month. I put surprise in quotes because I can look at past payments and see the interest goes down slowly; I just hadn’t checked it out recently.
Paying $231.26 in interest is better than paying $273.19, which is what my first interest payment was when the mortgages was at $93K on December 5, 2012.
I’m still looking forward to my milestone of $70K which I should reach late 2017.
Having less debt = more peace.
Peace out (and in),