About 10 days ago my wife and I purchased our first home 5 years ago, currently worth less than we paid and still owe, probably by a substantial amount, but oh well. Let me get to the numbers. We haven't always put extra money to the mortgage during those 5 years, but have consistently (and will continue assuming we remain gainfully employed) for the past 24 months.
Original Amortization to Date:
Interest: $40,534.31
Principal: $15,116.89
Current Amortization to Date:
Interest: $40,158.02
Principal: $22,908.18
I am not sure what I was thinking, but I was expecting more shaved off in total interest, which amounts to a savings of $376.29. Principal paid is, obviously more reflective, of an additional $7,791.29 that would have been added to today's balance if we hadn't paid any extra.
Pretty interesting to see, but this year is the first we paid more in Principal than in Interest, albeit forced. Feels good in a way, next year will be better!
5 Years In!
November 25th, 2015 at 08:42 pm
November 25th, 2015 at 10:47 pm 1448491668
November 26th, 2015 at 05:27 pm 1448558845
November 27th, 2015 at 04:03 pm 1448640226