Here's how the numbers played out in 2010:
Main House
- Jan 1, 2010 balance $117258.84
- Regular principal payments $19963.77
- Additional principal payments $26139.33
- Dec 31, 2010 balance $71155.74
- Total principal paid $46103.10
- Total interest paid $1529.23
Ski Condo
- Jan 1, 2010 balance $34626.78
- Regular principal payments $7286.99
- Additional principal payments $6500
- Dec 31, 2010 balance $20839.79
- Total principal paid $13786.99
- Total interest paid $504.20
I'm jealous of Canada's super low mortgage interest rate. Our balance was lower than yours throughout the year, but we paid over twice the amount in total interest.
ReplyDeleteWell done on the debt reduction!
Great going on the mortgage reduction!
ReplyDeleteDo you plan to pay off the ski condo this year?
Hi Makky's Mom!
ReplyDeleteThank you so much. Remember you are raising a family...priorities are different for you right now and you are still able to make prepayments. I think that is awesome!
@ The Executioner;
Yup, we are pretty luckly up here with our rates.
Does being able to deduct mortgage interest in your income tax makes enough of a difference to counteract the higher interest rates?
Hi laura;
Thanks! Even though it looks intuitive, we aren't able to pay off the ski condo because the prepayment limit on it is around $7000.
We are in time race with our home mortgage because the term is up in 1 yr 7 months and in order for it to be done by then, we have to hustle a bit. The allowable prepayment is much larger so that helps.
Whereas on the other mortgage, the term isn't up for 2 yrs 3 months. We'll have plenty of time to pay it off.
Thanks for the answer :)
ReplyDeleteGood luck 'hustling' to pay down the home mortgage; I'm sure that you'll do it!