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...
Mortgage Milestone
November 23rd, 2011 at 03:38 am
November 23rd, 2011 at 03:51 am 1322020319
November 23rd, 2011 at 04:15 am 1322021748
November 23rd, 2011 at 02:42 pm 1322059354
November 23rd, 2011 at 03:19 pm 1322061599
November 23rd, 2011 at 04:39 pm 1322066348
I don't understand your schedule. Is the last number on each line (such as Dec 2012 $5,350) a lump sum payment at the end of the year? Thanks!
November 23rd, 2011 at 05:23 pm 1322069039
Beawealthywarrior: Yes, I can certainly do that for you.
Petunia 100: Yes, the December payments are still additional principal only payments, but 2012 case is $5,350 instead of only $350 additional and so on.
November 25th, 2011 at 06:03 pm 1322244193