August and September 2012 Mortgage update
Seven months of mortgage payments down, 353 to go! Well, hopefully not so many payments as all that! But still, a long ways to go:
Outstanding principal balance = $131,960.78
September
Payment: $1,000.00
Principal: 216.99
Interest: 413.06
Escrow: 369.95
August
Payment: $1,000.00
Principal: 216.32
Interest: 413.73
Escrow: 369.95
July
Payment: $1,000.00
Principal: 215.64
Interest: 414.41
Escrow: 369.95
The principal portion creeps up by a few cents each month. Once my student loan is paid off (balance is at $5,515 today), I will start paying an additional lump to the principal balance on the mortgage each month. I only put 3.5% down to purchase the house, so I'm pretty eager to increase my equity in the loan.
Related posts:
- May 2012 Mortgage Update
- June 2012 mortgage payment
- July 2012 mortgage payment
- Estimating monthly mortgage, taxes, and insurance
- September cash flow update
November 23rd, 2012 - 15:46
Tracking your payments and seeing the principal increase is a great motivator. I did that for my student loans but haven’t started doing that for my mortgage. Best of luck paying off your student loans and your mortgage.
Jon @ PayMyStudentLoans.com recently posted..How To Receive Money From Lenders