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Archive for November, 2011

Current Budget as of 02/2012

November 23rd, 2011 at 02:58 pm

Edited/ Updated:

Current Monthly Budget as of 02/2012:

Total Net Checks = $4,830
Mortgage = $1,300
Auto Insurance = $230
Auto Loan = $320
Electric/ Gas = $195
Verizon = $290
Water/ Sewer = $15
Groceries/ Gas/ Medical = $800
Total Net Savings = $1,690

*Mortgage includes P.I.T.I. and PMI.
**Auto Insurance is paid in full every 6 months.
***Electric/ Gas is budget billed every month.
****Verizon is Cell, Cell Data, Home Internet, FIOS TV, Home Phone. Looking to cancel home phone 11/2012, in contract so I can't cancel sooner. Also we are paying extra for 25mb DL/ 25mb UL speeds on our Home Internet, will down grade that to regular at that time too.
*****Water/ Sewer is billed every quarter.
******Groceries (incl. eating out) is $400, Gas is $300 and Medical (co-pays, vet etc.)is $100. Over estimates and any additional goes to savings at end of month.

Any additional to mortgage and auto loan gets taken from total net savings; $275 to mortgage and $225 auto loan.

Mortgage Milestone

November 22nd, 2011 at 07:38 pm

The December 2011 mortgage payment will be a "milestone" in my grand plan to pay off the mortgage in 8 years or less, so that means 7 years remaining on a mortgage that was closed on 11/15/2010.

I created a spread sheet in Microsoft Excel that mimics the amortization table we received at closing, but added an additional column for "additional principal". I initially checked to make sure the functions I created jived with any random payment number to the original amortization schedule received at closing. I checked the interest, principal and balance and all were spot on. This spread sheet allows me to adjust any "additional principal" amount any time during the loan to see the effects on the duration and balance at any given time.

The plan I have set up is:

2011 - Additional $350 Dec only
2012 - Additional $350/ mo. w/ Dec 2012 $5,350
2013 - Additional $450/ mo. w/ Dec 2013 $10,450
2014 - Additional $550/ mo. w/ Dec 2014 $10,550
2015 - Additional $650/ mo. w/ Dec 2015 $10,650
2016 - Additional $750/ mo. w/ Dec 2016 $10,750
2017 - Additional $850/ mo. w/ Dec 2017 $10,850
2018 - Additional $950/ mo. w/ Dec 2018 $25,000

We will see how close to the dream we come...