Tuesday, February 1, 2011

Mortgage Principal Balance Update: February 1

Even though I just paid the minimums today, the mortgage balance is going down just a little.  I hope to get back to paying extra before the end of February, but I must get the balance of our vacation paid first. Here are the numbers as of today:

Mortgage 1: $184,979.58
Mortgage 2: $20,719.35
Total: $205,698.93

Amount needed to break even on our house value (mini goal #1): $5,698.93
Amount needed to pay off 2nd mortgage and be done with that monthly payment (mini goal #2): $20,719.35

I believe I said a few weeks ago that the second mortgage balance would begin with a 1 by this time, so I'm a little disappointed to see it still close to $21K.  Hopefully it will be a 1 by March 1st. I worked some over time this past weekend and I have a birthday coming up so hopefully I will be getting some cash as gifts!  I'm also thinking of going through my stuff and finding some stuff to put on Ebay to raise some extra cash.

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