Author Topic: $$ in Savings Surpassed $$ Left on Mortgage today  (Read 1082 times)

tyort1

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$$ in Savings Surpassed $$ Left on Mortgage today
« on: November 05, 2017, 01:05:00 PM »
TODAY:
Savings/Investments - $350k
Mortgage Balance - $348k

Woohoo!!!! This is the first time this has EVER happened in my life.  In fact, before I found MMM 3 years ago, it was:

3 YEARS AGO:
Savings/Investments - $131k
Mortgage Balance - $360k

I won't pay off the mortgage any time soon, but it's nice to know I could if I really wanted to.

nereo

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #1 on: November 05, 2017, 01:40:00 PM »
TODAY:
Savings/Investments - $350k
Mortgage Balance - $348k

Woohoo!!!! This is the first time this has EVER happened in my life.  In fact, before I found MMM 3 years ago, it was:

3 YEARS AGO:
Savings/Investments - $131k
Mortgage Balance - $360k

I won't pay off the mortgage any time soon, but it's nice to know I could if I really wanted to.

Congrats. 
I've found that it gets even better; as we pay down our mortgage (minimum amount) each month and as our savings increase the two are diverging rather rapidly. About three years ago I was where you are now (about equal mortgage:savings).  Presently we have roughly 3x our remaining mortgage in savings.

ACyclist

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #2 on: November 05, 2017, 01:49:19 PM »
That is great.  Congrats.  Positive net worth.

Your home must be awesome.  That kind of mortgage would stress me out. 

Our mortgage balance is less than 10K now.  Should be all done this year.  My income is very modest.  I only work about 10 months a year.  One job I have is around minimum wage, but the perks are rad. 


SwordGuy

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #3 on: November 05, 2017, 03:47:24 PM »
Congrats!

Rosy

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #4 on: November 05, 2017, 05:13:23 PM »
That is the best feeling in the world, you could actually wipe out that monster debt if you had to!:) tomorrow and really, any time you felt like it.
CONGRATS - you're doing great!

Roe

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #5 on: November 06, 2017, 10:58:22 AM »
Awesome work!

Wishing you luck in resisting the temptation to pay it off. We have student loans that we could wipe out, but the interest is something like 0.?%. Paying them off would be frivolous on par with Starbucks latte. And it's still tempting!

tyort1

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #6 on: November 06, 2017, 02:34:30 PM »
Thanks all!  I also have to give credit to the "Don't pay off your mortgage" thread.  Which given the crazy good market returns the past few years, has totally been the right call. 


Your home must be awesome.  That kind of mortgage would stress me out. 

This high a mortgage DOES stress me out.  But almost anywhere you try to live in Denver nowadays is going to be expensive.  We searched for the right house for 3 years and found this one about 3 years ago.  We bought it for $455k and it would go for $620k easy, based on comps in the neighborhood.  So I'm glad we locked in the price we got at the time that we did.  But it's not a crazy OTT home - it's a 1954 brick house, split ranch style, about 1800 square feet. 

That is the best feeling in the world, you could actually wipe out that monster debt if you had to!:) tomorrow and really, any time you felt like it.
CONGRATS - you're doing great!

The only thing that tempers it a bit is that a lot of the $$ is in retirement accounts so it wouldn't 'completely' pay it off because of penalties and fees, but it's still a pretty awesome feeling to see the savings higher than the mortgage. 

Awesome work!

Wishing you luck in resisting the temptation to pay it off. We have student loans that we could wipe out, but the interest is something like 0.?%. Paying them off would be frivolous on par with Starbucks latte. And it's still tempting!
Thanks!  Yes it's tempting, a tiny bit.  And I DO plan to have the mortgage paid off completely before I FIRE.  But I'm still in hardcore accumulation mode, so I am shoving all money at investments until I have enough to FIRE and pay off the mortgage, both. 

Debts_of_Despair

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #7 on: November 06, 2017, 02:56:59 PM »
Why not take out a HELOC and invest the money?

ysette9

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Re: $$ in Savings Surpassed $$ Left on Mortgage today
« Reply #8 on: November 06, 2017, 03:02:01 PM »
Quote
    Your home must be awesome.  That kind of mortgage would stress me out.


This high a mortgage DOES stress me out.

That just gets to (again) how regional real estate is. A mortgage balance that low would seem like a sweet deal to me. :)

Congrats on the amount you have invested. That is a nice feeling.