Mortgage - The First Year

As I passed the one year mark to owning my own home I got to throw another 10% of my mortgage amount onto my mortgage and can now happily report that I own 43% of my house. (If you're interested it includes my front sitting room, my den, a bathroom and pretty much all of the kitchen/dining room area.) Left to pay off is the second bathroom, all three bedrooms, the family room and the utility room.

Amount of House Owned
Goal:  $191,000 by Nov. 8 2017
Current:  $82,078.92

43.0%

As you can see from the above graphics I currently have $82,078.92 worth of principle in my $191,000 house. Other interesting facts:

-I started with a 360 month (30 year) amortization period. I now have 195 months (16.25 year) left if I were to stick to the normal payment schedule (ya right).

-The line of credit on my house now has $43,878.92 on it (equity built in the house minus the 20% down payment). Not that I'm planning on using it, but it is fun to watch it grow.

-This should drop my monthly interest from over $300 a month to around $280 which means even more of my payment is going to principle.

-I am bang on my schedule of having the house paid off in 5 years (which is my term, after which interest rates may change)

-According to my calculations and my general understanding of my bank's "mortgage payment vacation" rules I could not make another payment for the next 12.75 years and though I would loose all most all of the gains I have made in paying off my house they wouldn't foreclose

Paying off my house is going to get a bit trickier over the next year and a half as my pay will be decreasing as I take time to do my Masters (which is another big cost). That said it's been good so far and I'll be doing my best to keep the momentum going.