Author Topic: Mortgage Payment Club $125K : Starting current balance of $100K-$149K  (Read 4164 times)

Gardo

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Hi guys,

I'm looking for folks to share mortgage payment journey with similar situation. 

To be a member of the Club, which we can shorten to MPC125, the requirement is :

YOUR CURRENT MORTGAGE PRINCIPLE BALANCE MUST BE BETWEEN $100K-$149k.   

This gives Club members a better bonding experience as we belong in the same similar range of debt VS people who either have bigger or smaller debt.

The Required First Post should follow this pattern: 


Starting Mortgage Debt :  $ (must be between $100K-$149K)

Beginning Mortgage Debt This Month: $
Paid Mortgage Debt This Month :  $
Ending Mortgage Debt : $

****Descriptive Text *****


Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #1 on: August 06, 2016, 04:29:37 PM »
Starting Mortgage Debt :  $122,500

Beginning Mortgage Debt This Month: $122,500
Paid Mortgage Debt This Month :  $2,000
Ending Mortgage Debt : $120,500


And with that, the MPC125 is formally founded.   

BlueHouse

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #2 on: August 06, 2016, 04:32:12 PM »
I work in percentages, so the balance shouldn't really matter.
Sometimes nothing can be a real cool hand

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #3 on: August 25, 2016, 05:49:15 PM »
I work in percentages, so the balance shouldn't really matter.
You can covert them into $.  Here, the balance matters because the MPC125 requires balance of nothing less than $100K and the only way to know that is if you know the $.

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #4 on: September 23, 2016, 06:11:11 PM »
Starting Mortgage Debt :  $122,500

Beginning Mortgage Debt This Month: $122,500
Paid Mortgage Debt This Month :  $2,000
Ending Mortgage Debt : $120,500


And with that, the MPC125 is formally founded.

Beginning Mortgage Debt This Month: $120,500
Paid Mortgage Debt This Month :  $1,500
Ending Mortgage Debt : $119,000

Where are the various emoticons on this site?

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #5 on: September 23, 2016, 06:17:14 PM »
I'm trying to target a milestone of $100K which would let me graduate from this Club but at the same time get me to 5 digit debt.  Target date for that is 6/30/2017.

doug111

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #6 on: September 27, 2016, 12:53:28 AM »
Hi guys,

I'm looking for folks to share mortgage payment journey with similar situation. 

To be a member of the Club, which we can shorten to MPC125, the requirement is :

YOUR CURRENT MORTGAGE PRINCIPLE BALANCE MUST BE BETWEEN $100K-$149k.   

This gives Club members a better bonding experience as we belong in the same similar range of debt VS people who either have bigger or smaller debt.

The Required First Post should follow this pattern: 


Starting Mortgage Debt :  $ (must be between $100K-$149K)

Beginning Mortgage Debt This Month: $
Paid Mortgage Debt This Month :  $
Ending Mortgage Debt : $

****Descriptive Text *****
I would race everyone with one hand tied behind my back but i wouldn't want to be crush everyone !!!! lol !!!! I just knocked out $115,000 in 23 short months !!!!!  The next mortgage that I'm destroying is at about $138,000 !!!!! Maybe I will compete against myself since there is no real competitors out there !!!!! And I will be driving my 68 MPG Geo Metro to the bank everyday to pay the CHASE bank Gods !!!!! Heres a pic of my beautiful Metro !!!!

marty998

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #7 on: September 27, 2016, 01:31:47 AM »
Dammit.

My 5 mortgage balances are (net of offsetting cash):

$0
$74,000
$80,000
$256,000
$360,000

Guess I need to find a new club... :D

doug111

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #8 on: September 27, 2016, 08:42:28 AM »
Dammit.

My 5 mortgage balances are (net of offsetting cash):

$0
$74,000
$80,000
$256,000
$360,000

Guess I need to find a new club... :D
You remind me of myself. I also have 5 mortgages and in a week I will be down to 4 just like you. My 4 that are left are less than your 4 luckily.

moneysaver

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #9 on: October 02, 2016, 05:53:16 PM »
Mortgage $148,900
Paid: $1600
New Mortgage: 147,800

HotPotato

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #10 on: October 02, 2016, 07:43:09 PM »
I'll join but I can't wait to not be a member!

Starting Mortgage: $144,400

Ending Balance $132,110

I'd be curious to know what everyones equity is. I'm at about 13%. Started at ~6%. I can't wait to hit $121k and the PMI will be gone!

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #11 on: October 14, 2016, 05:55:25 PM »
Hi guys,

I'm looking for folks to share mortgage payment journey with similar situation. 

To be a member of the Club, which we can shorten to MPC125, the requirement is :

YOUR CURRENT MORTGAGE PRINCIPLE BALANCE MUST BE BETWEEN $100K-$149k.   

This gives Club members a better bonding experience as we belong in the same similar range of debt VS people who either have bigger or smaller debt.

The Required First Post should follow this pattern: 


Starting Mortgage Debt :  $ (must be between $100K-$149K)

Beginning Mortgage Debt This Month: $
Paid Mortgage Debt This Month :  $
Ending Mortgage Debt : $

****Descriptive Text *****
I would race everyone with one hand tied behind my back but i wouldn't want to be crush everyone !!!! lol !!!! I just knocked out $115,000 in 23 short months !!!!!  The next mortgage that I'm destroying is at about $138,000 !!!!! Maybe I will compete against myself since there is no real competitors out there !!!!! And I will be driving my 68 MPG Geo Metro to the bank everyday to pay the CHASE bank Gods !!!!! Heres a pic of my beautiful Metro !!!!

Welcome doug11  to MPC125!  Everybody competes with no one but themselves!   So take it easy or take it hard but most of all enjoy the ride!   

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #12 on: October 14, 2016, 05:57:06 PM »
Dammit.

My 5 mortgage balances are (net of offsetting cash):

$0
$74,000
$80,000
$256,000
$360,000

Guess I need to find a new club... :D

... Or you can create something similar LOL

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #13 on: October 14, 2016, 05:58:19 PM »
Mortgage $148,900
Paid: $1600
New Mortgage: 147,800

Welcome moneysaver to MPC125!  Enjoy the ride!

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #14 on: October 14, 2016, 06:01:05 PM »
I'll join but I can't wait to not be a member!

Starting Mortgage: $144,400

Ending Balance $132,110

I'd be curious to know what everyones equity is. I'm at about 13%. Started at ~6%. I can't wait to hit $121k and the PMI will be gone!

Welcome HotPotato to MPC125!  Glad to see new members flowing in.  Enjoy the ride.  :)

To answer, mine is at 56%.  Oh yeah, once the PMI is gone, great feeling.

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #15 on: October 14, 2016, 06:04:03 PM »
Beginning Mortgage Debt This Month: $120,500
Paid Mortgage Debt This Month :  $1,500
Ending Mortgage Debt : $119,000

Where are the various emoticons on this site?
Beginning Mortgage Debt This Month: $119,000
Paid Mortgage Debt This Month :  $1,000
Ending Mortgage Debt : $118,000

CheapScholar

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #16 on: October 26, 2016, 04:42:28 PM »
Beginning mortgage (2014):  129K
Current balance:  121K

I just changed my principal curtailment so that I am now chipping away $1,000 (and change) each month off the principal total.  Fortunately for me I live in a low cost of living area.  Purchased home for 160K, great schools and community.  Annual taxes = $1,800.

My spouse and I each contribute $18,000 to 403(b)s, so there's only so much money left to fight the mortgage.  I recently used my son's Legos to create a 3D chart for killing my mortgage.  I have rows of 10, each 1x1 Lego represents 1K of my mortgage.  To make it truly relevant, the bottom rows are green and represent current liquid assets.  So, as of now the bottom 62 units are green.  The remaining units are red, which can be broken off as the principal goes down.  Or, red units can turn green as I acquire more liquid assets.  Of course, green units could turn red if shit hits the fan and I need to buy a new furnace.

I'm not sure I have a strict goal to pay off the mortgage, it will depend on how great I feel about the market moving forward.  For now I'm taking it one brick at a time.

marty998

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #17 on: October 27, 2016, 01:31:31 AM »
I'll join but I can't wait to not be a member!

Starting Mortgage: $144,400

Ending Balance $132,110

I'd be curious to know what everyones equity is. I'm at about 13%. Started at ~6%. I can't wait to hit $121k and the PMI will be gone!

Net loans $756,000
Property assets: $1,425,000

Equity: 47%

I probably have too much tied up in property and not enough in higher yielding shares.

Property yields after all costs are rooooobbish

motiv8ed

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #18 on: October 27, 2016, 05:04:10 PM »
Starting Mortgage: $160,000
Ending Balance: $108,000
Equity:~44%

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #19 on: October 30, 2016, 07:09:21 AM »
Beginning Mortgage Debt This Month: $119,000
Paid Mortgage Debt This Month :  $1,000
Ending Mortgage Debt : $118,000

Beginning Mortgage Debt This Month: $119,000
Paid Mortgage Debt This Month :  $2,000 
Ending Mortgage Debt : $117,000

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #20 on: October 30, 2016, 07:13:27 AM »
Beginning mortgage (2014):  129K
Current balance:  121K

I just changed my principal curtailment so that I am now chipping away $1,000 (and change) each month off the principal total.  Fortunately for me I live in a low cost of living area.  Purchased home for 160K, great schools and community.  Annual taxes = $1,800.

My spouse and I each contribute $18,000 to 403(b)s, so there's only so much money left to fight the mortgage.  I recently used my son's Legos to create a 3D chart for killing my mortgage.  I have rows of 10, each 1x1 Lego represents 1K of my mortgage.  To make it truly relevant, the bottom rows are green and represent current liquid assets.  So, as of now the bottom 62 units are green.  The remaining units are red, which can be broken off as the principal goes down.  Or, red units can turn green as I acquire more liquid assets.  Of course, green units could turn red if shit hits the fan and I need to buy a new furnace.

I'm not sure I have a strict goal to pay off the mortgage, it will depend on how great I feel about the market moving forward.  For now I'm taking it one brick at a time.

Welcome to the Club CheapScholar!  Nice visuals strategy on the Legos. 

Normally I say "KEEP IT UP!"  but for this Thread, it's apt to say "KEEP IT DOWN!"  :)

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #21 on: October 30, 2016, 07:15:36 AM »
Starting Mortgage: $160,000
Ending Balance: $108,000
Equity:~44%

Welcome motiv8ted!  Wow you're close to graduation.  Good for you!

motiv8ed

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #22 on: October 30, 2016, 03:44:46 PM »
Starting Mortgage: $160,000
Ending Balance: $108,000
Equity:~44%

Welcome motiv8ted!  Wow you're close to graduation.  Good for you!

Oh wow, I didn't realize that you graduate once you hit $100k. Well hopefully that will be early next year and then I can join the under $100k group once it gets created.

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #23 on: November 15, 2016, 09:30:38 PM »
Beginning Mortgage Debt This Month: $119,000
Paid Mortgage Debt This Month :  $2,000 
Ending Mortgage Debt : $117,000

Beginning Mortgage Debt This Month: $117,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $116,000

motiv8ed

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #24 on: November 27, 2016, 05:22:56 PM »
Starting Mortgage: $160,000
Ending Balance: $108,000
Equity:~44%
Nov 2016
Ending Balance: $102,464

jedsbud

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #25 on: November 27, 2016, 06:07:53 PM »
OK I'll play since I started getting more aggressive on my mortgage. 

August
Ending Balance: $120,031

September
Beginning Mortgage Debt This Month: $120,031
Paid Mortgage Debt This Month :  $1,919
Ending Mortgage Debt : $118,122

October
Beginning Mortgage Debt This Month: $118,112
Paid Mortgage Debt This Month :  $1,655 
Ending Mortgage Debt : $116,447

I'll update November this week.  Currently have about 60% equity.  I should be able to accelerate my payments in 2017, as my oldest is graduating college this upcoming spring, I get a one year break as the next boy will have another year of high school. 

motiv8ed

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #26 on: November 27, 2016, 10:37:03 PM »
OK I'll play since I started getting more aggressive on my mortgage. 

Welcome to the club jedsbud

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #27 on: November 30, 2016, 10:18:50 PM »
Beginning Mortgage Debt This Month: $117,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $116,000
Beginning Mortgage Debt This Month: $117,000
Paid Mortgage Debt This Month :  $2,000 
Ending Mortgage Debt : $115,000

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #28 on: November 30, 2016, 10:25:21 PM »
OK I'll play since I started getting more aggressive on my mortgage. 

August
Ending Balance: $120,031

September
Beginning Mortgage Debt This Month: $120,031
Paid Mortgage Debt This Month :  $1,919
Ending Mortgage Debt : $118,122

October
Beginning Mortgage Debt This Month: $118,112
Paid Mortgage Debt This Month :  $1,655 
Ending Mortgage Debt : $116,447

I'll update November this week.  Currently have about 60% equity.  I should be able to accelerate my payments in 2017, as my oldest is graduating college this upcoming spring, I get a one year break as the next boy will have another year of high school.

Welcome jedsbud!   I thought you were me.  Close to 60% equity, and almost same debt.   :D

jedsbud

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #29 on: December 03, 2016, 10:18:58 AM »
November
Beginning Mortgage Debt This Month: $116,447
Paid Mortgage Debt This Month :  $1,416 
Ending Mortgage Debt : $115,031

December will be more of a challenge with taxes due, but an early bonus payment rumor has been floating around.  Through August of this year I had written off the possibility of a bonus this year so I am prepared for the taxes, with or without a bonus.  Should be an interesting month, hopefully my mortgage holder gets a bonus. :) 

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #30 on: December 17, 2016, 09:58:51 AM »
Beginning Mortgage Debt This Month: $117,000
Paid Mortgage Debt This Month :  $2,000 
Ending Mortgage Debt : $115,000

Beginning Mortgage Debt This Month: $115,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $114,000

Closing the 2016 Book!  Merry Christmas everyone! :)  Catch up with y'all next year.

MrsWhipple

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #31 on: December 19, 2016, 07:51:26 PM »
Well, I've been slowly wrapping up all my business stuff for the past few months. I had about five hours of work this week. Of course, all my time is taken up with the baby so I haven't been relaxing too much.

It sucks, I'd like to move nearer to my inlaws to get more help with the baby, but the place they live is awful (Inland Empire, literally the worst air quality in the country and way overdeveloped.) And the place we live now is pretty HCOL, so we can't just up and buy them a house here so that they can move. Been looking for a place to move to that's cheaper, but so far we can't decide on any place that would be comparable to what we have here (in the mountains right outside Santa Cruz). Any place with decent air quality seems to rain all year long =/

motiv8ed

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #32 on: December 20, 2016, 04:36:02 PM »
Oct 2017: $108,000
Nov 2017: $102,464
Dec 2017: $102,042.05

Im done for the rest of the year also. Hoping for an April or May graduation. Happy Holidays everyone.

CheapScholar

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #33 on: December 22, 2016, 01:22:11 PM »
Nov 2016 balance: 120K
Dec 2016 balance:  119K

Been chipping away 1K in principal every month for a couple months now.  If you are thinking about stretching to make this happen, I highly recommend it.  Feels good!  I auto pay through my checking account on the first of the month but I still elect to receive for the paper statement, which usually shows up in the mail box between the 17th and 23rd.  I look forward to getting the statement and I'm pretty bummed out everyday it's not there.  It arrived today and I was thrilled to compare it to last month's statement.

ajachim

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #34 on: December 22, 2016, 04:10:08 PM »
Is there any advantage to paying the lender directly vs saving the money and paying it down in one lump sum?

Thanks-

jedsbud

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #35 on: December 26, 2016, 10:03:12 AM »
Is there any advantage to paying the lender directly vs saving the money and paying it down in one lump sum?

Thanks-

My answer is paying the 'lender directly' is better than 'saving the money and paying it own in one lump sum'.  Your mortgage interest is based on your principle balance.  So the earlier you can pay down the principle the less interest you will incur.  I have two mortgages on my house, and I pay extra principle every Monday on the smaller and higher interest account.  Sometimes more sometimes less depending on the spending for the week.  But if I look at the mortgage balance every day it will increase slightly as interest is applied daily.   

The exception would be is if you could earn an interest rate above your mortgage rate during the saving period in order to pay a lump sum later.  And even this may not be a wise decision. 

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #36 on: December 26, 2016, 03:50:56 PM »

Beginning Mortgage Debt This Month: $115,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $114,000

Closing the 2016 Book!  Merry Christmas everyone! :)  Catch up with y'all next year.

Opening the 2017 Book a little early guys!  Happy New Year everyone!

Beginning Mortgage Debt This Month: $114,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $113,000

CheapScholar

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #37 on: December 27, 2016, 08:32:33 AM »
Is there any advantage to paying the lender directly vs saving the money and paying it down in one lump sum?

Thanks-

All depends on your mortgage rate and balance, and what kind of return you think you can get investing to build your funds.  I plan on paying extra on my mortgage until it's at about 50K and then paying it off with some money/investments.  Although, if at that point, I feel the market is hot I'd keep the money in investments. 

Some posters on this forum think it's a bad idea to pay down your mortgage because the rate is typically low.  I see that math, but I also want the peace of mind of true home ownership.

rageth

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #38 on: December 27, 2016, 09:00:06 AM »
Beginning mortgage debt: $146,290
Mortgage payments this month:$1071.50
Ending mortgage debt: $146,057

Current equity: ~8%

motiv8ed

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #39 on: December 30, 2016, 04:44:44 AM »
Is there any advantage to paying the lender directly vs saving the money and paying it down in one lump sum?

Thanks-

It really just depends on your current situation. This is something I'm dealing with now. A few months ago I started saving some money to pay down the mortgage using the lump sum method. As others have mentioned, if you put your lump sum money in a savings account, you will lose money. If you invest it, you have a better chance of beating the mortgage rate. It also depends on your time table for paying off the mortgage. If its going to be a while, investing could work for you. If its shorter than a year, you would then have to pay higher taxes on your returns. If I could do it all over again, I would probably have just stuck with paying the lender, but that's me. Not paying the lender directly gives you the advantage of being more flexible with that money in the future.(In the case that you change your mind about paying off the mortgage, or you need the money.)

jedsbud

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #40 on: December 31, 2016, 12:23:33 PM »

December
Beginning Mortgage Debt This Month: $115,031
Paid Mortgage Debt This Month :  $2,493
Ending Mortgage Debt : $112,538

Unexpected bonus helped this month, and provides momentum going into 2017.  I am going to push to be under $100K by May. 

Gardo

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #41 on: January 21, 2017, 11:28:01 AM »
Opening the 2017 Book a little early guys!  Happy New Year everyone!

Beginning Mortgage Debt This Month: $114,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $113,000

Beginning Mortgage Debt This Month: $113,000
Paid Mortgage Debt This Month :  $1,000 
Ending Mortgage Debt : $112,000

bender

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #42 on: January 23, 2017, 11:00:56 AM »
Beginning Mortgage Debt This Month: $148,000
Paid Mortgage Debt This Month :  $9,000
Ending Mortgage Debt : $139,000


Farmgirl

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #43 on: January 23, 2017, 11:14:23 AM »
We got ours down to $32K last month.  On Friday, we wired the balance to pay it off.  We paid $257K in less than 9 years.  I am so glad it is gone.
I logged on to Wells Fargo this morning just to see the "PD IN FULL" notation on our account.

Now to rebuild our emergency fund. 

Keep the faith gang.  You can do it. 

frugalkristen

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #44 on: January 23, 2017, 01:48:39 PM »
We got ours down to $32K last month.  On Friday, we wired the balance to pay it off.  We paid $257K in less than 9 years.  I am so glad it is gone.
I logged on to Wells Fargo this morning just to see the "PD IN FULL" notation on our account.

Now to rebuild our emergency fund. 

Keep the faith gang.  You can do it.

Awesome!!!  Congrats!!

Lochi21

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #45 on: January 25, 2017, 01:38:11 PM »
Current Home Value: $300,000
Original Mortgage Balance (June 2003): $225,000
Current Mortgage Balance (Jan 2017): $126,000
Monthly Principal Reduction Via Mortgage: $1000
Current Money Market Savings Account Balance (Ear-Marked For Mortgage Pay-Off): $119,000
Current Retirement Savings (401K, IRAs, etc.): $475,000
Approximate Net Worth: $800,000
Current Monthly Savings Rate: 60%
FIRE Date: Who knows??  Maybe never. But our options are pretty much unlimited.

Hello everyone. Great to see so many people like us who are searching for the peace of mind that comes with being 100% debt-free, including their mortgage.  As many of you have noted this is not the path financial planners (and most people on this forum) would suggest but it's the path we are choosing on our road to FIRE.  I'm typically just a voyeur on the MMM forum but have decided to join this thread because it helps to have support when sticking to a principle that many consider way too conservative. I just wish I had stumbled upon it sooner because we are nearing the end of our journey...

Two years ago my wife and I decided we wanted to pay off our mortgage early (we are in our mid-40s).  We had already been saving for a number of years to our retirement accounts and felt it was time to knock out the mortgage.  As is my nature I researched the topic thoroughly and the plan that seemed to make the most sense for us was to use the money-market savings account (MMSA) option.  With this option, instead of paying down the mortgage principal every month (like it appears most in here are doing) we put our funds into the MMSA earning 1%. This has allowed us to remain very liquid in case of emergency.  We understood this was a very conservative path which is why we placed a high priority on doing it quickly.  This meant really focusing on our savings rate.  Today we are right at a 60% savings rate (with a family of 3).  In two years we've gone from $0 to $119,000 in our MMSA. We could pay off the mortgage in a couple of months but we are planning to wait until the end of summer.  This way, after the large lump sum mortgage payment, we will have enough additional funds set aside to buy 2 newer (used) cars in case ours break down beyond repair (mine is a 12 yr old Honda Civic with 182K miles and my wife's is a 9 yr old Toyota Camry with 162K miles). 

As you can imagine, we are counting the days.  The thought of being 100% debt-free is mind-bottling. You know, where you mind gets all trapped up in a bottle?  Anyone catch that Blades of Glory reference?  Anyway, I'm hoping our story adds some resolve and commitment to your own individual plan - especially on days like today when the market is hitting all time highs.  As MMM often puts it, this site is more about finding efficient happiness than it is about personal finance.  We belong to a more conservative group of Mustachians that put being debt-free as one of our highest priorities.  It's a simplistic approach with little downside. Kudos to us for focusing on this crazy principle instead of a $5 latte!! 



4n6

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    • Reaching Our Balance
Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #46 on: January 25, 2017, 06:21:05 PM »
Beginning mortgage this month: $148,447
Paid Mortgage Debt this month: $1000
End of the month mortgage balance: $147,447

I am not sure I will pay this off in 5 years (that would be nice) but no matter what it will be done in 10. I have a 11.5 years left (on a 12 year mortgage) at 2.875%

Good luck to everyone.
Created a personal finance blog to track my progress to FI. Come check it out at http://www.reachingourbalance.com

CheapScholar

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #47 on: January 25, 2017, 08:40:36 PM »
Wow, lochi.  I'm super impressed. Thanks for sharing the MMSA idea with us.  I'm about 10 years behind you in age but I'm on a path to be right about where you are in my mid 40s.  Truly inspiring.  I'd rather sleep like a baby in a home I actually own and have a half mil in retirement accounts than $5 lattes for sure!

Lochi21

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #48 on: January 25, 2017, 10:12:11 PM »
Wow, lochi.  I'm super impressed. Thanks for sharing the MMSA idea with us.  I'm about 10 years behind you in age but I'm on a path to be right about where you are in my mid 40s.  Truly inspiring.  I'd rather sleep like a baby in a home I actually own and have a half mil in retirement accounts than $5 lattes for sure!

Great to hear we've inspired you CheapScholar. Yes, the balances on our accounts are nice, but the number we're most proud of is the 60% savings rate.  As you know, this is the cornerstone of the MMM philosophy and it's sheer genius in my opinion.  Finding happiness at this high savings rate has been an amazing journey.  We've benefited financially, physically, mentally and spiritually.  About the only area that has taken a step backward is socially but that's only because we've had a hard time finding like-minded people.  Keep up your own good work and most of all keep up your dedication. Shoot me a message if you ever need someone to talk to.

CheapScholar

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #49 on: January 26, 2017, 08:28:32 AM »
Wow, lochi.  I'm super impressed. Thanks for sharing the MMSA idea with us.  I'm about 10 years behind you in age but I'm on a path to be right about where you are in my mid 40s.  Truly inspiring.  I'd rather sleep like a baby in a home I actually own and have a half mil in retirement accounts than $5 lattes for sure!

Great to hear we've inspired you CheapScholar. Yes, the balances on our accounts are nice, but the number we're most proud of is the 60% savings rate.  As you know, this is the cornerstone of the MMM philosophy and it's sheer genius in my opinion.  Finding happiness at this high savings rate has been an amazing journey.  We've benefited financially, physically, mentally and spiritually.  About the only area that has taken a step backward is socially but that's only because we've had a hard time finding like-minded people.  Keep up your own good work and most of all keep up your dedication. Shoot me a message if you ever need someone to talk to.

Ha, right on.  I thought of this post again when driving to work today.  There's a fancy Starbucks in my town and the drivethru was lined with shiny new SUVs.  I'm surprised you are most proud of the savings rate as opposed to your stache.  That is one of the things I might disagree with MMM about, and I can't figure out the fascination with people here finding the number.  I could earn 30K a year and save 80%, but I wouldn't be making much progress.  Conversely, my wife and I could earn 145K per year and still make some dumb decisions and be well on our way to FIRE.  I've always measured my monthly progress by dollars invested/saved/thrown at mortgage principal.