Goal Progress: Update #29, July 2018

It’s been 29 months since we set a goal to pay off the mortgage (on our condo) and to have a net worth of at least $1M by 2020. This is the 29th update on the progress of the goal. If you’re wondering why we set this goal, click here.

This month marks a milestone for this blog.

Since tracking net worth in February 2016, our net worth has doubled from $311,584.35 to $632,206.84.

The average increase to date has been $11,056/month from income, real estate appreciation, and stock market investments.

I hope to make time to do some posts other than monthly updates in the near future, but for now, baby #2 is keeping us both busy.

Here’s this month’s update:

Net worth calculation:

Total Assets: $1,126,602.48

Condo (Rental property): $330,000

Primary residence: $520,000

Cash on hand: $25,325.43

Investments (including retirement): $251,277.05

Total Liabilities: $494,395.64

Mortgage on Condo (Rental property): $117,510.44

Mortgage on Primary Residence: $376,885.20

Net worth = $1,126,602.48 – $494,395.64 = $632,206.84

100% of our debt is mortgage debt at 3.25% interest; the condo is on a 7/1 ARM (starts adjusting in 2022) and our primary residence is on a 30-yr fixed.

Net worth progress:

Tracking your net worth is a good way to assess your financial health and see how you’re doing each month. I use Personal Capital to help me track my net worth. I highly recommend it.

Net worth = assets – liabilities, or everything we own minus everything we owe. I’m not including our cars here, which are both paid off, to keep the calculation a little simpler. I am including an estimate of home equity.

I am using my knowledge as a realtor to provide estimates of value for our real estate.

Our net worth increased this month by $10,317.50 to $632,206.84. I gave a $5,000 bump to our condo valuation this month. Real estate has been noticeably appreciating in the past few months in northern Virginia.

Date Home equity Investments Cash Net Worth
2/19/2016 $140,695 $149,076 $21,813 $311,584
3/19/2016 $145,519 $164,791 $23,512 $333,822
4/18/2016 $150,007 $171,697 $17,457 $339,161
5/17/2016 $153,000 $171,305 $21,672 $345,978
6/20/2016 $160,100 $174,881 $23,094 $358,075
7/19/2016 $162,000 $185,621 $27,689 $375,311
8/22/2016 $163,000 $192,479 $24,437 $379,916
9/20/2016 $261,403 $144,694 $3,657 $409,754
10/27/2016 $261,806 $151,425 $5,735 $418,966
11/21/2016 $262,855 $155,877 $10,364 $429,096
12/19/2016 $264,290 $162,281 $11,432 $438,004
1/19/2017 $285,534 $172,862 $8,751 $467,147
2/17/2017 $286,865 $178,666 $12,980 $478,511
3/17/2017 $286,718 $181,893 $18,413 $487,023
4/19/2017 $290,196 $184,580 $16,472 $491,247
5/15/2017 $290,941 $189,092 $11,453 $491,487
6/19/2017 $293,950 $187,627 $21,135 $502,712
7/17/2017 $301,391 $196,288 $19,292 $516,971
8/17/2017 $312,523 $195,913 $21,981 $530,417
9/19/2017 $320,769 $200,956 $16,914 $538,639
10/19/2017 $326,848 $204,144 $10,283 $541,275
11/20/2017 $328,010 $210,841 $11,490 $550,340
12/19/2017 $334,171 $213,215 $8,695 $556,081
1/18/2018 $335,335 $216,656 $8,074 $560,064
2/20/2018 $336,502 $218,847 $12,813 $568,162
3/20/2018 $337,672 $223,416 $16,135 $577,223
4/19/2018 $339,365 $229,208 $26,035 $594,608
5/16/2018 $346,063 $235,332 $22,790 $604,185
6/19/2018 $349,393 $247,582 $24,915 $621,889
7/19/2018 $355,604 $251,277 $25,325 $632,207

Mortgage progress:

This month, we reduced the principal by $509 to $117,510.44. This was just a minimum payment month.

Date Months left Intermediate goal Actual balance Principal reduction
2/19/2016 58 $179,304 $179,304
3/19/2016 57 $176,700 $174,481 $4,823
4/18/2016 56 $173,600 $169,993 $4,488
5/17/2016 55 $170,500 $167,000 $2,993
6/20/2016 54 $167,400 $159,900 $7,100
7/19/2016 53 $164,300 $158,000 $1,900
8/22/2016 52 $161,200 $157,000 $1,000
9/20/2016 51 $158,100 $156,597 $403
10/27/2016 50 $155,000 $156,194 $404
11/21/2016 49 $151,900 $155,789 $405
12/19/2016 48 $148,800 $155,000 $789
1/19/2017 47 $145,700 $154,000 $1,000
2/17/2017 46 $142,600 $153,589 $411
3/17/2017 45 $139,500 $152,178 $1,411
4/19/2017 44 $136,400 $145,746 $6,432
5/15/2017 43 $133,300 $143,909 $1,837
6/19/2017 42 $130,200 $143,471 $438
7/17/2017 41 $127,100 $142,472 $999
8/21/2017 40 $124,000 $137,000 $5,472
9/19/2017 39 $120,900 $129,416 $7,584
10/19/2017 38 $117,800 $124,000 $5,416
11/20/2017 37 $114,700 $123,504 $496
12/19/2017 36 $111,600 $123,010 $494
1/19/2018 35 $108,500 $122,516 $494
2/19/2018 34 $105,400 $122,020 $496
3/20/2018 33 $102,300 $121,523 $497
4/19/2018 32 $99,200 $120,524 $999
5/16/2018 31 $96,100 $119,523 $1,001
6/19/2018 30 $93,000 $118,019 $1,504
7/19/2018 29 $89,900 $117,510 $509

Photo source: Pixabay

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