Paying the Mortgage

We have been paying extra towards our mortgage principle for a few years now, and I  put the info in a chart. I looked at how much we owed each January 1st, and here’s what I discovered.
But first the numbers…
In 2006, we bought our house for $133,000. We put 30,000 down, so our original loan was 103,000. Over the first 6 years, then, we paid about 10,000 principle at around 5% interest. We refinanced our mortgage on 10/3/2012 and borrowed $93,000 at 3.125% interest.

  • Just a few months after we refinanced, Jan. 1, 2013, we owed 92,722.15.
  • By Jan 1, 2014, we owed 89,418.99.
  • By Jan 1 2015, we owed 86,029.62.
  • By Jan 1, 2016, we owed 82,406.36.
  • By Jan 1, 2017, we owed 75,855.00.
  • And finally, by Jan 1, 2018, we owed 68,645.55.

In 5 years since our refinance, then, we paid 24,076.60 towards the principle. To me, that sounds pretty good; it’s just about 5,000 a year, though and our payment was about 900 a month, so lots of money went towards interest and taxes and insurance.
Time for the nifty chart that shows the amount of principle remaining as recorded on Jan 1:
Screen captures Mortgage by Januaries 2
I was hoping the chart would look more dramatic, but c’est la vie. At least it’s going in the right direction.

Next, I figured out how much principle we paid over the years.

  • In 2013, we paid 3303.16 in principle.
  • In 2014, we paid 3389.37.
  • In 2015, we paid 3623.26.
  • In 2016, we paid 6551.36, the largest percentage increase so far!
  • In 2017, we paid 7209.45 in principle, the largest amount in 1 year so far. Nice!

Here’s this info in another nifty chart:
Screen captures Mortgage by Januaries 4
This one looks a little more dramatic. Yes!
I think I’d like to have a goal of paying more than 7,209.45 towards principle this year. At the same time, I want to think about putting more money into my 401K, which would possibly mean fewer extra principle payments.
Hmmm, what would bring me the most peace? I’ll have to think about that.



Leave a Comment

Your email address will not be published. Required fields are marked *