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Total Mortgage Principal Paid Off

August 1st, 2013 at 04:27 pm

Our mortgage is our only long term debt. All other debt that may occur on credit cards is promptly paid off. Smile Now that I'm sending in extra principal I want to keep track of how much we have paid down. I'm not sure why I don't want to disclose the amount of our mortgage, but I just don't. I will simple track the amount we have paid off.

We took our mortgage out on July 3, 2012. We have made payments on time every month. We have only recently made principal payments, specifically June and July. The June principal payment was $56. In July, I made two payments, $250 and $500 specifically. Including those amounts we have paid of $5,996.28!!

I wish I knew I was so close to the $6K mark yesterday when I rounded up to $500. I should have sent in another $4!

I don't know exactly how I will track this, probably a simple sum of principal on a spreadsheet. I can post a screen shot of our progress. I also need a firm goal. I know I did some calculations several months back. I was a bit overwhelmed with those, so I'm not sure I kept them. I'll keep working on getting a better grasp of this goal.

Oh, and did anyone notice that the Christmas and Equity snowflakes I have accumulated in 7 months equal $1555.65! That averages out $222.24 per month. If I can keep up that pace I should be able to get another $1100 before the end of the year. I have a feeling it might be more!

The good thing is I have a firm grasp on accumulating snowflakes and sending them in to pay down the mortgage! Yippee!!

Posted in Saving, Sales, Surveys, Rebates, Debt | 17 Comments »

17 Responses to “Total Mortgage Principal Paid Off”

  1. PauletteGoddard Says:
    August 1st, 2013 at 04:28 pm 1375374487
    1375374487

    That's terrific progress!

  2. rachel021406 Says:
    August 1st, 2013 at 04:32 pm 1375374723
    1375374723

    Awesome! You are the Snowflake Queen. Smile

  3. snafu Says:
    August 1st, 2013 at 05:02 pm 1375376547
    1375376547

    Paying down mortgage principal by nearly $ 6 K in two months is downright spectacular! Your focus on this only one year old mortgage will make a huge difference in over all interest paid lender over the life of the mortgage even with the most modest sum directly to principal. Looking forward to reading about your progress.

  4. ceejay74 Says:
    August 1st, 2013 at 05:12 pm 1375377141
    1375377141

    Nice work!! I'm looking forward to seeing what other snowflakes you gather along the way. You're an inspiration. Smile

  5. FrugalTexan75 Says:
    August 1st, 2013 at 05:14 pm 1375377295
    1375377295

    Wow!

  6. Petunia 100 Says:
    August 1st, 2013 at 05:17 pm 1375377430
    1375377430

    I noticed you have a Wells Fargo mortgage. I have one too, and I have found that I can make an extra principal payment online at any time, and it it is immediately applied to principal. This is very convenient for me, as I have a WF checking account as well.

    You're making great progress. Smile

  7. PNW Mom Says:
    August 1st, 2013 at 05:24 pm 1375377879
    1375377879

    Great job! Smile

  8. creditcardfree Says:
    August 1st, 2013 at 05:30 pm 1375378207
    1375378207

    Thanks for the support!!

    @snafu, the $6K is since July of last year: 2012. I wish we could pay it down that fast in two months. Something to work for! Wink
    @Petunia, yes I do see that the principal payments can be made anytime...so I may start sending them a little more frequently.

  9. Jenn Says:
    August 1st, 2013 at 05:34 pm 1375378494
    1375378494

    Your title got me SO excited! You're doing great. You've always been good at focusing on one area - it seemed like that truck loan vanished overnight.

  10. scottish girl Says:
    August 1st, 2013 at 06:47 pm 1375382833
    1375382833

    Amazing! You are an inspiration Smile

  11. Beawealthywarrior Says:
    August 1st, 2013 at 07:38 pm 1375385911
    1375385911

    Great job! My mortgage is also my only debt and I love paying extra. If all goes well, I will have it paid off by 2015!

  12. scfr Says:
    August 2nd, 2013 at 12:47 am 1375404428
    1375404428

    Great job. It's perfectly understandable that you wouldn't want to share your mortgage amount ... not all of us are comfortable sharing every detail with the entire anonymous "internet world."

  13. Banker Gurl Says:
    August 2nd, 2013 at 07:26 pm 1375471597
    1375471597

    We are also working to pay off our mortgage. It can be a daunting task, but you are doing great! I love to read about the "snowflakes"! We do something similar with our "mortgage checking" that is seperate funds that we deposit into that special checking account and then send to the mortgage each month. It is hard for me to choose between mortgage paydown and savings. Look forward to reading more of your journey!

  14. Jazzmint98 Says:
    August 2nd, 2013 at 09:51 pm 1375480262
    1375480262

    Excellent job!!

  15. NJDebbie Says:
    August 4th, 2013 at 01:53 pm 1375624384
    1375624384

    Way to go!!! I look forward to your progress.

  16. Miz Pat Says:
    August 7th, 2013 at 10:16 pm 1375913797
    1375913797

    I am so glad for you!!!! You rock.

  17. My English Castle Says:
    August 17th, 2013 at 05:27 am 1376717273
    1376717273

    I agree with ceejay--You are an inspiration!

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