Author Topic: Mortgage Payment Club $75K : Starting current balance of $50K- $99K  (Read 4588 times)

sneekeestache

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #50 on: November 18, 2017, 04:39:25 PM »
Made the December payment today. Down to $77,000.

Greenback Reproduction Specialist

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #51 on: November 20, 2017, 03:25:22 PM »
Starting Mortgage Debt :  $101k

Beginning Mortgage Debt This Month: $60,300
Paid Mortgage Debt This Month :  $1,300
Ending Mortgage Debt : $59,000

We have had our mortgage since March 2016. At the current rate we should be paid off in ~45 months or sooner. The goal is to get it knocked out in about 36mo, then it becomes a cashflow cow of a rental.
**Investing, Economics, Early Retirement - BlackSheepWithFeet.com

FIRE.... Remember, it's closer than it feels.


Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #52 on: November 21, 2017, 08:57:12 PM »
Starting Mortgage Debt :  $101k

Beginning Mortgage Debt This Month: $60,300
Paid Mortgage Debt This Month :  $1,300
Ending Mortgage Debt : $59,000

We have had our mortgage since March 2016. At the current rate we should be paid off in ~45 months or sooner. The goal is to get it knocked out in about 36mo, then it becomes a cashflow cow of a rental.

Everybody please welcome to the MPC075 club Greenback Reproduction Specialist!  Enjoy your stay and nice rental business you have!

MPC075 Members:
Gardo
KBeck
indentured4now
sneekeestache
Imma
gypsy79
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist


Graduates:
MangoAtPlay

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #53 on: November 21, 2017, 09:00:02 PM »
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $3K
Ending Mortgage Debt:  $87K

KBecks

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #54 on: November 22, 2017, 02:26:10 PM »
Only putting an extra $300 on this month.

$54,800
-  1,100
======
$53,700 balance

However, we've paid $29,500 in principal year to date.  I feel like we haven't been saving anything but we have been making progress.

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #55 on: November 30, 2017, 09:44:49 PM »
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $3K
Ending Mortgage Debt:  $87K

Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $4K
Ending Mortgage Debt:  $86K

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #56 on: November 30, 2017, 09:46:04 PM »
Only putting an extra $300 on this month.

$54,800
-  1,100
======
$53,700 balance

However, we've paid $29,500 in principal year to date.  I feel like we haven't been saving anything but we have been making progress.

The house is the savings!  :)

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #57 on: December 02, 2017, 07:44:57 AM »
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $4K
Ending Mortgage Debt:  $86K

Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $85K
« Last Edit: December 17, 2017, 10:56:28 AM by Gardo »

middo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #58 on: December 02, 2017, 03:25:06 PM »
End of October update:

Beginning Mortgage Debt This Month:  $82 000
Paid Mortgage Debt This Month: $3 400
Ending Mortgage Debt:  $78 600

End of November update. A bad month due to reduced income and one off expenses relating to my daughter.

Beginning of month: $78 600
Paid Mortgage Debt This Month: $-1 400
Ending Mortgage Debt:  $80 000

We use the mortgage as our emergency fund, and it got raided.

Slow road to freedom

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #59 on: December 02, 2017, 04:16:04 PM »
Exciting news! Mortgage balance now features on my banking app!

Down to £65.2k now.
I really want to do things other than work... :-)

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #60 on: December 09, 2017, 10:19:33 AM »
We are at 58k and I am seriously thinking about using our still-too-high emergency fund to pay this off now. We would be left with a 3-month emergency fund and we already live on less than one income, so we likely wouldn't even use the emergency fund if one of us lost a job (unless it happened at the same time as a major household or auto repair or something, but even then, what we have would be enough...barring like 8 bad things happening at once).

I think I've just about talked myself into it. We could build the EF back to 6 months in no time. Let me know if I'm missing something!

ACyclist

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #61 on: December 09, 2017, 11:37:49 AM »
We owe less than 10K, and have more than that in cash.  I could pay it off, but I'm letting it ride.  We're saving the excess.  We should be debt free in about 18 months or so.  Not in a big hurry.

It is comforting knowing that we could easily pay it off.

Slow road to freedom

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #62 on: December 09, 2017, 03:02:17 PM »
We are at 58k and I am seriously thinking about using our still-too-high emergency fund to pay this off now. We would be left with a 3-month emergency fund and we already live on less than one income, so we likely wouldn't even use the emergency fund if one of us lost a job (unless it happened at the same time as a major household or auto repair or something, but even then, what we have would be enough...barring like 8 bad things happening at once).

I think I've just about talked myself into it. We could build the EF back to 6 months in no time. Let me know if I'm missing something!

It all depends on your appetite to hold mortgage debt, the interest rate, and how your individual long-term FI saving is going - In other words, are all tax free savings vehicles used? Long conversations in other threads about whether or not to pay off mortgages, not for this thread. But this is a mortgage payoff thread, so on that basis we’re all here for a reason!
I really want to do things other than work... :-)

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #63 on: December 10, 2017, 07:45:28 AM »
Good points. I have no appetite for mortgage debt, so maybe that is my answer. 😀 Long-term FI saving is going well.

indentured4now

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #64 on: December 10, 2017, 09:34:12 AM »
Now a proud graduate to the "Under 50K club"!   I cheated on my final exam though by using some investment equity to accelerate to $48K.   Time to start an "Under 50K short timer's club"?

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #65 on: December 11, 2017, 05:46:50 AM »
Congratulations, indentured!

CharlesBronzee

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #66 on: December 16, 2017, 08:01:57 PM »
First time poster here.

Began 2017 with $110k in mortgage and HELOC debt.

Got it down to $96k in May.

Now currently at $67k.

Monthly mortgage payment is only $800.

Goal is to pay it off by end of 2019, at the latest.

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #67 on: December 17, 2017, 10:35:23 AM »
End of November update. A bad month due to reduced income and one off expenses relating to my daughter.

Beginning of month: $78 600
Paid Mortgage Debt This Month: $-1 400
Ending Mortgage Debt:  $80 000

We use the mortgage as our emergency fund, and it got raided.

You did the right thing.  Family first!  You'll get it back. 

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #68 on: December 17, 2017, 10:39:52 AM »
Everybody please welcome to the MPC075 club our new members Slow road to freedom  and CharlesBronzee!  Enjoy your stay!  Congrats on your app Slow road to freedom!

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
gypsy79
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
Slow road to freedom
CharlesBronzee


Of equal note, CONGRATULATIONS to indentured4now for GRADUATING FROM THIS CLUB!  WE WISH YOU THE BEST IN YOUR NEXT ENDEAVOR.
Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
« Last Edit: December 17, 2017, 10:55:00 AM by Gardo »

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #69 on: December 17, 2017, 10:53:40 AM »
Good points. I have no appetite for mortgage debt, so maybe that is my answer. 😀 Long-term FI saving is going well.

If I were in your position, I would do exactly what you are doing ... the mortgage debt is already manageable and I will just let it run its course and keep my EF.  I would just adjust my decision as condition improves over time. 

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #70 on: December 17, 2017, 11:01:46 AM »
Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $85K

This is my last payment for 2017! 

MERRY CHRISTMAS/HAPPY HOLIDAYS EVERYONE!  Or, as they fondly say in the 50th State, MELE KALIKIMAKA!

Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $84K