I made my very first mortgage chip on this mortgage in February of 2013. That first month, I saved $.09 of interest. This month, I saved $2.02. While it is still not much, it is picking up speed. This coming month, even with no new chips, I will save interest on $600.01 + $9.33, which will amount to $2.09.
Update: And there will definitely be new chips, as I just now chipped another $13.19 from credit card rewards redeemed today.
My mortgage payment posted today, bringing the balance down to $174,823.64.
Chips this month:
CC rewards $108.64
budgeted extra $18.62
wallet sweeps $13.00
HauserNet $8.00
Chips this month: $148.26
Chips to date: $600.01
Interest savings this month: $2.02
Interest savings to date: $9.33
Eventually, the interest savings on the chips I have already made will compound to $1,359.50, provided I own this house until the mortgage is paid in full.
Mortgage Chips To Date
February 4th, 2014 at 05:20 pm