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.

Description Principal Interest Escrow Amount Paid
Additional principal $9999.99 $0.00 $0.00 $9999.99
Payment $316.06 $522.89 $582.42 $1,421.37

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.