Author Topic: Mortgage Payment Club $75K : Starting current balance of $50K- $99K  (Read 9720 times)

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #50 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 #51 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 #52 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 #53 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 #54 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 #55 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 #56 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 #57 on: December 02, 2017, 04:16:04 PM »
Exciting news! Mortgage balance now features on my banking app!

Down to £65.2k now.

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #58 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 #59 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 #60 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!

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #61 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 #62 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 #63 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 #64 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 #65 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 #66 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 #67 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 #68 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

sneekeestache

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #69 on: December 22, 2017, 06:03:18 AM »
Made my last payment for 2017 last week. $1100 on the principal which pushes our mortgage down to about $75970.

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #70 on: December 26, 2017, 05:04:55 PM »
We went ahead and paid off the mortgage balance today. :-O We were left with a 4-month emergency fund, which is fine with me, and we will start work to build that higher ASAP.

Nothing shows online yet, so it doesn't feel real, but I do feel much calmer.

Long-term FI saving is going well. Assuming all continues to go well, I will "retire" in 2018. My spouse has no desire to RE.

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #71 on: December 28, 2017, 01:25:28 PM »
We went ahead and paid off the mortgage balance today. :-O

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


CONGRATULATIONS to gypsy79 for not only graduating from the MPC075 but for paying off the entire amount.  Awesome!    WE WISH YOU THE BEST IN YOUR NEXT ENDEAVOR. 

Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79

KBecks

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #72 on: December 28, 2017, 02:52:19 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.

$53,700 balance
$  1,100 payment
======
$52,600 balance.

I need to work on graduating and getting out of this group!  ;)

gypsy79

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #73 on: December 28, 2017, 03:16:18 PM »
Good job, Kbecks! You are super close to graduation.

middo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #74 on: December 28, 2017, 09:56:49 PM »
End of December update as things won't change over the next few days.

Beginning of month: $80 000
Paid Mortgage Debt This Month: $3 000
Ending Mortgage Debt:  $77 000

A better month.

Imma

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #75 on: December 30, 2017, 06:48:30 AM »
I'm in!

Starting Mortgage Debt :  € 77.900

Beginning Mortgage Debt This Month: € 74.337,79
Paid Mortgage Debt This Month :  € 158,39
Ending Mortgage Debt : € 74.179.40

Purchase price of house: €79.500 (in 2015, when the economy was still recovering from the triple dip)
Current estimated value: €88.950 (massive housing boom and we own an affordable starter home in a childfriendly area)


End of 2017:

Starting mortgage debt in 2015: €77.900,00
Mortgage 31 December 2017:     €73.222,85

Purchase price of house: €79.500 in 2015
Current estimate value:  €92.000

LTV 2015: 98%
LTV 2017: 80%

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #76 on: January 24, 2018, 08:44:46 PM »
Good job, Kbecks! You are super close to graduation.

Thanks for visiting us gypsy79!   Curious if you hit the jackpot and thus was able to go straight to paying off everything.  :D:D

Gardo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #77 on: January 24, 2018, 08:47:17 PM »

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

Opening 2018!  Woo hoo!

Beginning Mortgage Debt This Month:  $84K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $82K

KBecks

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #78 on: January 25, 2018, 10:37:23 AM »
My mortgage company seems to be having processing problems.  I received a letter saying our Jan payment was missing --- um, no, it's not.   I have not received a statement and payment slip for February, and it's not on line either so I can't print it out.  Blah.  What the heck?

But we're current. I am going to set us up for automatic payments with extra principal, and I'm just trying to figure out how much per month we should throw at it automatically -- between 500 and 800 a month extra.  The time difference is 3 years to payoff vs. 2.5 years to payoff -- is it really that big of a deal?   May go a little faster as more and more goes to principal over time.

I am not happy that my mortgage company seems to be floundering.  Our current balance is $52,576.  We will be either 50 or 51 at payoff if we accelerate payments....  more like 5 years if we don't pay extra.

It may be good to set it and forget it, although in the past year, I was scraping together as much as I could every month to throw at the beast.

middo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #79 on: January 31, 2018, 10:22:41 PM »
End of January update.

Beginning of month: $77 000
Paid Mortgage Debt This Month: $2 300
Ending Mortgage Debt:  $74 700

A better month.

« Last Edit: February 06, 2018, 09:01:16 PM by middo »

motiv8ed

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #80 on: February 06, 2018, 07:58:01 PM »
A little late, but posting for January. It's been a few months since i've applied any additional money to the principal, looks like February or March will be the lucky month to kick things back off. Im hoping to be a high-achiever and graduate really quick.

Beginning Mortgage Debt This Month: $96,838.63
Paid Mortgage Debt This Month :  $ 440.95
Ending Mortgage Debt : $96,397.67

middo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #81 on: February 28, 2018, 10:20:33 PM »
End of February update. It got raided again to pay for daughters start at university.  I think there will be slow progress for a while now.  But posting to keep myself honest:

Beginning of month: $74 700
Paid Mortgage Debt This Month: $ -1 700
Ending Mortgage Debt:  $76 400


KBecks

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #82 on: March 08, 2018, 11:56:48 AM »
Current Balance, $50,376 -- next month I'm outta here and off to the main payoff thread for the last leg of the journey.   Thanks for the support and good luck everyone!

middo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #83 on: April 05, 2018, 10:31:46 PM »
End of March update. Slow progress

Beginning of month: $76 400
Paid Mortgage Debt This Month: $ 100
Ending Mortgage Debt:  $76 300

Slow road to freedom

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #84 on: June 24, 2018, 09:32:22 AM »
Hey everyone.

Opportunity to pay off full mortgage has arisen (unexpected windfall). Heart says pay it down, head says save, save, save (Vanguard obviously).

Seems a bit odd to be in this position. Not sure how I’m going to feel once it’s sunk in.

Think I’m going to pay it down. I’ll miss you guys - thanks for your support, and I wish you all well in your journey to debt-freeness.


CheapScholar

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #85 on: June 24, 2018, 03:48:14 PM »
I graduated the other thread and my balance is now 99K.  Feels good to be here!

middo

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Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
« Reply #86 on: July 30, 2018, 10:07:37 PM »
End of March update. Slow progress

Beginning of month: $76 400
Paid Mortgage Debt This Month: $ 100
Ending Mortgage Debt:  $76 300

So, moving interstate hasn't helped the finances at all.  Current situation for July is:

Beginning of month: $90 900
Paid Mortgage Debt This Month: $ 3900
Ending Mortgage Debt:  $87 000

Note that this is still a loooong way above where I was.  And renovations start in 10 days time!  I'll try to report to keep myself honest.