. I checked my checking account online and see that the $6,000 I transferred from a mutual fund account is there and "in process."
So I called my mortgage bank and asked them for the exact payoff amount. Since that figure will vary depending on which day i pay off, I decided to wait until this Wednesday to walk into my local branch.
I had a balance of $6,122 but will only need to pay the bank $2,246 as I had $3,865 in escrow and will save myself $1,969 by paying it all off on Wednesday.
Once I do the payoff, the bank will mail me some paperwork. I will have to pay my town $53, they say, for release of the mortgage and let them know to send the next property tax bill, which is due end of July, to me directly, and from now on. That amount is $3,287 and the bill comes twice a year.
I asked the mortgage bank the total amount of money I've paid in interest in the 17 years I've had my home. I prepaid something the majority of time.
The amount I paid in interest since inception of the loan in December 1995: $82,354.
Then I asked him how much I WOULD have paid if I had made no prepayments and just did the usual fixed monthly payment for the entire 30 years of the life of the loan. This number is something of an estimate and doesn't include the first 2 years prior to a refinance I did. But his figures was $127,419.
That means I saved more than $45,000 on interest payments by religiously prepaying the mortgage, anywheres from an extra $100 to $400 a month, except for periods of unemployment.
Nice, huh?
I'm excited and anxious to get this behind me on Wednesday.
I saved over $45,065
July 9th, 2012 at 03:05 pm
July 9th, 2012 at 03:19 pm 1341843575
July 9th, 2012 at 03:21 pm 1341843711
It would mean saving $547 a month just for taxes.
July 9th, 2012 at 03:55 pm 1341845710
July 9th, 2012 at 04:18 pm 1341847100