Mortgage Update // By The Januaries…

We have been paying extra towards my mortgage principle for a few years now, and I got the idea to put the info in a chart. But first the numbers…
We refinanced our mortgage on 10/3/2012 and borrowed $93,000.

  • Just a few months later, by 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, then, we paid 24,076.60 towards the principle. To me, that sounds pretty good; I’ll have to figure how much we paid in interest during that time though. I’m guessing it’s about just as much as we paid in principle.
Time for the nifty chart that shows the amount of principle remaining:
Screen captures Mortgage by Januaries 2
I was hoping the chart would look more dramatic. Whether it looks dramatic or not, though, I’m proud of what we’ve been able to accomplish.

I also 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 biggest increase up until this point!
  • In 2017, we paid 7209.45 in principle. 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.




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