Cabin Payoff

This is where I track the progress of one of our major goals: paying off our cabin in 5 years or less.  We refinanced our cabin mortgage (the words “cabin” and “mortgage” do not go well together) in February of 2017 and are starting with a balance of $157,100.00.

The back story on how we came to own a cabin and how we reached the decision to try and pay off the mortgage in a hurry are covered in a two-part post: part one and part two.


Goal Progress

Months: 10

Principal paid to date: $36,749.32

 

Month by Month :

December 2017 remaining balance: $120,350.68

  • $1,090.05 regular mortgage ($544.83 principal, $396.85 interest, $148.37 escrow)
  • $2,000 from excess checking account funds

November 2017 remaining balance: $122,895.51

  • $1,090.05 regular mortgage ($533.58 principal, $408.10 interest, $148.37 escrow)
  • $450 from a small raise that was retroactive to July
  • $2,500 from excess checking account funds

October 2017 remaining balance: $126,379.09

  • $1,090.05 regular mortgage ($524.14 principal, $417.54 interest, $148.37 escrow)
  • $2,400 from excess checking account funds

September 2017 remaining balance: $129,303.23

  • $1,090.05 regular mortgage ($522.45 principal, $419.23 interest, $148.37 escrow)
  • I forgot to make an extra payment this month. Will try to double down in October

August 2017 remaining balance: $129,825.68

  • $2,700 from excess checking account funds in August
  • $1,090.05 regular mortgage ($512.08 principal, $429.60 interest, $148.37 escrow)

July 2017 remaining balance: $133,037.76

  • $2,000 from excess checking account funds in July
  • $1,090.05 regular mortgage ($503.99 principal, $437.69 interest, $148.37 escrow)

June 2017 remaining balance: $135,541.75

  • $1,000 from excess checking account funds in June
  • $1,090.05 regular mortgage ($493.68 principal, $448.00 interest, $148.37 escrow)

May 2017 remaining balance: $137,035.43

  • $1,700 from excess checking account funds in May
  • $1,090.05 regular mortgage ($492.09 principal, $449.59 interest, $148.37 escrow)

April 2017 remaining balance: $139,227.52

  • $3,600 from excess checking account funds in April
  • $2,000 federal and state income tax return
  • $1,090.05 regular mortgage ($472.48 principal, $469.20 interest, $148.37 escrow)

March 2017 remaining balance: $145,300.00

  • $5,000 we had in excess emergency funds
  • $4,300 from a small taxable investment account
  • $2,500 from excess checking account funds in March