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Home > May 2010 Mortgage

May 2010 Mortgage

April 30th, 2010 at 11:55 pm

Mortgage for May

Balance $134,300.00
+$545.59 Interest
+$345.57 Escrow
-$1286.00 Regular Payment
-$505.16 Principle Payment
New Balance $133,400.00

Additional Principle Payments 2010 = $2663.25
Current Position on Mortgage Amortization Schedule....April 2015...4 years and 11 months ahead of schedule!

Posted in Mortgage/Debt Payoff | 3 Comments »

3 Responses to “May 2010 Mortgage”

  1. ndchic Says:
    May 1st, 2010 at 01:00 am 1272675640
    1272675640

    I don't understand why you put an extra $500 on your mortgage this month when you had to pull $1900 out of your savings. I'm not sure what rate you are paying on your mortgage but I'm guessing around 5% since you just refinanced a little bit ago. Anyway, since the interest on your mortgage is tax deductible, it brings the effective rate down to about 3.5 or 4%. You could easily get that rate in your investments. I know that you think that you are saving a lot of money in interest but you are actually losing far more in lost opportunity cost.

  2. NJDebbie Says:
    May 1st, 2010 at 02:32 pm 1272724326
    1272724326

    Although I see where you are coming from ndchic, for some people not having a mortgage brings peace of mind. I would rather have my house paid off than investing my money. I understand why Banker Gurl is trying to pay off her mortgage.

  3. Banker Gurl Says:
    May 1st, 2010 at 06:48 pm 1272739682
    1272739682

    Thanks to you both for your comments. Our mortgage is at 4.8%. Our savings is currently makeing 1.4%. The money I took out of savings was not invested in anything it is just in ING so it is accessable when we need it. We just purchased out house in Sept 07 and have already paid over $18K in interest in less then 3 years! For us paying that amount just in interest is not something we are interested in continueing so we are doing our best to get this paid off asap. We do have retirement accounts with investments, but the $1900 was taken out of liquid savings. Even though we had to take money out of savings this month we feel it is important to stay "on schedule" with our principle payments. Like NJDebbie we would rather have our house paid off then have additional investments. Having our mortgage paid off by the time I am 35 or so will put us in a great place to do what we want financially.....travel is on the top of our list. We do invest 10% - 15% each in retirement and have since I was 21 y/o, (25 now). But I do appreciate any and all comments, I am always excited to learn other perspectives and ideas to help improve our financial picture. Thanks!

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