Last month (February):
Years left: 11.83333333
P = $688.59 , I =$525.82, Escrow = 591.95
This month (March):
Years left: 11.58333333
P = $694.06 , I =$520.34, Escrow = 591.95
Monthly savings (difference between next month’s interest with and without the monthly prepayment)… something like $5.
Threw in quarterly dividends to the regular prepayment (rounded up to the nearest 00) for a mortgage payment of $3000… prepaying $1,193.65. Hopefully I won’t regret that extra $500 in September.
Since we refinanced, we have paid $58,355.32 towards our mortgage principal. Now, a good chunk of that was from previous savings when I consolidated some accounts and cashed some things out (not income from this year)… but I still find that number pretty stunning. Too bad we can’t prepay that much every year! We’d be knocking the ~129K remaining out of the park in a few short years. (Of course, if we’d known to invest that 54K we prepaid into the stock market before it started its rapid climb instead, we’d have something like 80K to pay in. If only we were prescient… but that’s why we diversify.) Ah well.
I don’t really have anything else interesting to say … so here’s some more updates on big spending and the state of our summer saving.
Our trees that were supposed to come in October finally came and were planted… so that $2K expense is out of the way. We love them already, even without leaves. The relative with the kids and no money had an unexpected cash influx and said he would fund his daughter’s 529 the minimum for us to match, but he hasn’t done it yet, so that’s another 2K that is waiting to be spent… who knows if it will happen. We’re also waiting to find out what the girls want to do with their summer. We requested and received 2K of our daycare flexible spending account back.
We’ve got somewhere between 2 and 3 months of spending in savings right now. Before we stop getting paid for the year, we will need at least 4, and hopefully 5 months + kindergarten tuition. Otherwise we’ll be doing an unplanned “no-spend” challenge of our own. Or selling stocks. But I like the way my stocks are almost back at pre-recession levels… it would be hard to give that up.
The steampunk challenge is over (watch for completed posts on the remaining books!) The next challenge will be inbox zero at work. Check out the “Monthly challenges 2011” page up at the top for all my big plans, says #2. Also some pretty graphs to keep track of how I did each month.
So… nothing deep here. How’s your saving/spending going?