Thursday, February 10, 2011

2010 Mortgage Summary

I look forward to my bank's annual mortgage summary statement each year and ours came yesterday.

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

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5 comments:

  1. MeFebruary 10, 2011 at 9:48 AM

    Wowzers! That's AWESOME!
    I can't say that MY mortgage statement was very exciting this year... I checked it for accuracy and was happy to see I owe $700 less than I thought I did! :)

    Maybe some day I can blast payments out like you did this year. For now, I'm satisfied (and happy) with making regular payments plus additional principle payments of $2400/yr.

    But again, way to go on your mortgage payments - you did amazing!

    ReplyDelete
  2. The ExecutionerFebruary 10, 2011 at 9:25 PM

    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.

    Well done on the debt reduction!

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  3. lauraFebruary 11, 2011 at 3:45 PM

    Great going on the mortgage reduction!

    Do you plan to pay off the ski condo this year?

    ReplyDelete
  4. MWFebruary 14, 2011 at 7:27 AM

    Hi Makky's Mom!

    Thank 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.

    ReplyDelete
  5. lauraFebruary 14, 2011 at 1:10 PM

    Thanks for the answer :)

    Good luck 'hustling' to pay down the home mortgage; I'm sure that you'll do it!

    ReplyDelete

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