The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice

September 17, 2009

Expedited Mortgage Amortization Schedule

Filed under: Excel fun, Mortgage, Personal Finance, Uncategorized — thebalancedspreadsheet @ 10:56 am

Way back when I discussed the topic of whether or not it was wise to pay down the mortgage or not, I promised that I would post our current mortgage debt situation.  Well almost a month later I finally have gotten around to it!

A few notes first:  I purchased my current residence in August of 2006 for $118,500 on a 30 year fixed note at 6.10% with no money down.  Unfortunately I had the foresight to buy at the top of the housing bubbleL.  Putting no money down is definitely not the way to go, as less then two years after getting the mortgage, the condo was under water.  The last year and a half I have been making extra payment to get back to having some equity.  As I mentioned in my latest net worth update, I have the house valued at $95,000 which maybe is a tad conservative, but I would have rather underestimate then overestimate. 

Currently our payment with insurance and taxes is $999.24.  We are currently adding $1500.76 per month extra in principal payments, for a total monthly payment of $2,500.

Mortgage Amortization Schedule-Word Format

As you can see from the spreadsheet, we are really making some headway toward completely paying off the mortgage!  Our current balanced is a tad over $90,000.  November’s payment is highlighted in light green because that is the first month we would have equity in our house after realtor fees if we had to sell ($95,000 sales price less 7% realtor and listing fees).  Based on our current payment schedules our mortgage would be paid off on June 1, 2013.  That would mean the total length of the mortgage would be 6 years and 9 months!  Obviously this is assuming that my wife stays employed that long.  One of our financial goals is for her to come home once we start having children.  We plan to have children before 2013 so our payment schedule will probably be slowing down.

Tomorrow I will look into the possibility of refinancing to a lower rate.  Currently rates are in the mid to high 4% range, but is it worth it to pay the closing costs  if you are only going to keep the mortgage a few more years?

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3 Comments »

  1. […] ready to run the simulations. While keeping the same $2,218.10 principal and interest payment as my accelerated monthly payment , I come up with the following amortizations […]

    Pingback by Should I Refinance? Part II-The Final decesion « Thebalancedspreadsheet's Blog — October 13, 2009 @ 2:44 pm

  2. […] @ 8:11 am After discussing our plan to pay down the mortgage, discussing my families accelerated mortgage amortization schedule, and things to consider before you refinance, I am now finally ready to run a simulation on whether […]

    Pingback by Should I Refinance? 4.375% w/ 1 point v. 4.75% « Thebalancedspreadsheet's Blog — October 16, 2009 @ 11:04 am

  3. […] is based on my income anyway so we will be fine there, but we are going to be slowing down our accelerated mortgage payoff plan for now.  We will pick that up as soon as our businesses become profitable.  So while in the […]

    Pingback by Changes In The Balanced Spreadsheet’s Family « The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice — April 10, 2010 @ 1:08 pm


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