My most recent payment cleared the bank and my lender. Here are the gory details.
LTV fell from 113.2% to 104.6% Current principal Balance is $125,353.45 Previous principal balance was $135,669.50 Total payment sent was $11,421.36. Of that, the breakdown was as follows.
My lenders’ website only allows for a maximum of $9999.99 to be sent as principal payments, so I just make the maximum every month until I’ve exhausted what I originally planned to throw at it.
A drop of 8.6% LTV, but still far away from the 80% that I need to eliminate PMI. While PMI elimination isn’t really a goal, I consider it “the next step” in paying off my mortgage because it will be the next closest target.
After that, the only remaining target is zero balance.