Author Topic: Mortgage Payoff Club!!  (Read 292578 times)

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1000 on: September 03, 2016, 04:54:05 AM »
@SAfAmBit,  You're on an epic 'stach-ian quest and the successful end is in sight 12 months away at that rate...  steady as she goes!!

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1001 on: September 03, 2016, 06:19:48 AM »
Our mortgage is at $97,458.01.   Huzzah for being under $100k!

Our loan was sold to a new provider and they have difficulty with accepting principal payments.  I tried to make a larger payment in July but they took an additional payment out of it before applying the rest to the principal. 

So, we are skipping our September payment (was "paid" in July), and I will try making a large principal payment online for October.  Their online payment system has a box for extra principal.  It seems that I will only be able to add extra principal 1x a month, manually.  I could set it up for an automatic extra principal payment too, but I would like to max the number and do it every month.

Our income has been strong this year so I hope to pound out the mortgage.  Does it really feel different when the mortgage is entirely paid off?  $97k is still a lot of debt left.   I hope to put 10k+ on the mortgage in October.   If we could do 10k a month that would be amazing. (Edit: that is probably a big stretch.  I am sure we can do 5k+ a month, income is variable.)  It might be possible. We need to keep spending down to make that happen.

This month I considered buying a 2015 minivan for cash but decided to keep our old van instead.  I will try to wait to get a newer car until after the mortgage is done.   

My husband wants to spend some money and enjoy life, and I need to find out what he means exactly by that so he's feeling balanced and we can continue on this goal.  I think that paying off the mortgage scares him, as if we're missing out on something else by doing it, but I have more confidence that this is the right thing to do, right now.

Our other goals are to do things like -- replace some carpet in the living room.  I would like to update a bathroom but that can also wait until after our house is paid for.  I may also have a minor surgery this year.

« Last Edit: September 03, 2016, 06:24:24 AM by KBecks »

Comar

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Re: Mortgage Payoff Club!!
« Reply #1002 on: September 06, 2016, 10:53:26 AM »
Paid a pretty large sum this month 4200 dollars. Leaving my mortage at around 77k. I'm starting to see the endline somewhere on the horizon.

t5inside

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Re: Mortgage Payoff Club!!
« Reply #1003 on: September 06, 2016, 11:56:43 AM »
Just closed this morning on a refinance :).

Old: 30 year at 3.625%
New: 15 year at 2.5%, 0 points

Balance is $204k (house worth around  $285k). I know this is the payoff club thread, but I'm going to have a hard time justifying extra principal payments given 15 years isn't that long, and 2.5% is a crazy low rate.
« Last Edit: September 06, 2016, 12:00:38 PM by t5inside »

Threshkin

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Re: Mortgage Payoff Club!!
« Reply #1004 on: September 06, 2016, 12:29:01 PM »
Just closed this morning on a refinance :).

Old: 30 year at 3.625%
New: 15 year at 2.5%, 0 points

Balance is $204k (house worth around  $285k). I know this is the payoff club thread, but I'm going to have a hard time justifying extra principal payments given 15 years isn't that long, and 2.5% is a crazy low rate.

Yes, rates are amazingly low.  For comparison on my first home purchase I paid extra points at closing to bring my initial rate down to 13%...on an ARM!  After the first year the rate started climbing even though overall interest rates were declining.

This made me a firm and vocal supporter of fixed rate mortgages.

Disclaimers: 1) I could afford the payments and the increases, it just hurt to have it happen. I was never willing to buy more than I could afford.  2) I sold that place after a few years, moved to a different state and assumed a low-rate VA loan. 3) Way too many years later I finally wised up and finally paid off my mortgage, on the 5th home purchased.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1005 on: September 06, 2016, 06:57:51 PM »
Jan. 2015 - ~100k
Oct. 2015 - ~$67500
Dec.3, 2015 - ~$60k
Feb. 5, 2016 - $52,108.53
March 7, 2016 - 49,774.21
April 11, 2016 - 48,700 to go. Had to pay taxes this month.
May - failed to report in
June - $42,853.69 to go.
July - $41,597.20

Lower payment month, but still above the minimum. Reeled in the final payoff @minimum payments date by 1 more month. November 2020 at the absolute latest now and in reality any date that I choose to drain money from my taxable investments. At present the rule is still early paydown can only be done with income earned that month.

After paying everything else I put another $475 towards things in early July. Today I made my August payment and its a pretty decent one.

August 2016 - $39,000 Revised -> 38,000. I put another $1000 to it later in the month.

September 2016 - $36,230.88

markbike528CBX

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Re: Mortgage Payoff Club!!
« Reply #1006 on: September 06, 2016, 08:29:46 PM »
We're in:

Start:2012. 171k
paying 6K extra/year
Dec 2013: got impatient and sold some VTSAX to drop a 56k hammer on it.
2016, this year, put all of "retention bonus" in ,6k, so I don't need to be retained as long :-)
Just put regular 6k extra in
Sept 2014 61k left. 

Getting impatient again, as the mortgage is one of the few things between me and FIRE.

The downside is that the house price is up which means nothing to me but higher taxes.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1007 on: September 07, 2016, 12:41:59 AM »
We're in:

Start:2012. 171k
paying 6K extra/year
Dec 2013: got impatient and sold some VTSAX to drop a 56k hammer on it.
2016, this year, put all of "retention bonus" in ,6k, so I don't need to be retained as long :-)
Just put regular 6k extra in
Sept 2014 61k left. 

Getting impatient again, as the mortgage is one of the few things between me and FIRE.

The downside is that the house price is up which means nothing to me but higher taxes.

Yeah, my taxes will be increasing faster than general inflation down here for the foreseeable future. At some point I'm going to have to figure out how that factors into my FIRE numbers when I get closer. It's at least somewhat predictable as Oregon has a law that the taxable value can't go up more than 3% a year though, so it's limited to 3% value increase a year + whatever additional taxes get voted in. A couple years ago it went up 7%. 3% due to increase in value + a bunch of new bonds, etc. that got approved on the ballot. Even if the value of my house were to go down significantly my taxable value would still go up 3% because it's so far behind market value right now.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #1008 on: September 07, 2016, 06:01:26 AM »
I've still not had any paper work from the mortgage company after sending my final check.

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1009 on: September 07, 2016, 10:50:37 AM »
I'll join.

Started June 2014 at 71k.

It's currently $55k.  Goal is to finish it off by next June.   Have 20k in cash that would finish it off by then.  We are currently investing 15% as well.   Basically doing the Dave Ramsey plan.

Currently down to $51,500.  Hoping to get under $50K a month from today.

Down to $49660.  Was able to throw an extra $1555 at it this time.  Budgeting to be able to throw an extra $2500 next month.

$46,950 -- a $2,710 reduction this month.  October should be a little better with the magic of the 3 paychecks for me this month.  Should be under $40K by end of the year.

$41,843 -- a $5,107 reduction this month.  The 3rd paycheck was big this time.  Would love to be able to do that every month!  My goal for end of November is to get under 40K.  Once I'm at the $40K mark, I'll have about equal amounts of cash in the bank and mortgage balance.  Still also maxing out 2 Roth IRA's which speaks for $917 per month.  It is always tempting to stop the Roth or to throw a bunch of the available cash at it.  I think I'll just stay the course of throwing all the extra cash that was left over after the month at it.  Once the mortgage is gone, all towards investing.


$38,922 -- $2,921 reduction this month.  More travel and eating out this month, as well as property taxes and insurance slowed us down a bit.  But we are at the goal of being under $40K balance!  It's going down at a pretty good pace that I'm happy with!  We will have some Christmas expenses coming up this month but it shouldn't be all that bad.  My target is to hope to be under $37K at the end of December.

$35,898 -- $3,024 reduction this month.  Received a small bonus from work to more or less cancel out Christmas spending.  Also had to replace the wife's windshield.  Would love to be down to under $33K after January is up.  Have quite a few things on the horizon.  We are expecting our first child in late May.  With that we are planning on upgrading the vehicle fleet some.  While going from 3 vehicles to 2.  Just looking for more room and reliability.  Need to have the ability of hauling a child, 2 dogs, and luggage for trips to see our parents.  We have been on the mustachian side of things when it comes to vehicles.  Our 3 vehicles combined might be worth about 9 or 10K.  My goal is to have a paid for house as well as having atleast 1 newer vehicle also paid for by the time the baby arrives.  We are now at the position of having more cash than mortgage balance.  Really looking forward to knocking it out asap!  Another thing about having it paid off by the end of May is I'll finally be eligible to contribute to my 401K starting in July.  Would be wonderful to max out a 401K in just the remaining half of the year!

$32,026 -- a $3,872 reduction this month.  I always have to wait until the 5th or 6th of each month to process my extra payment.  I'm one of those weird ones that pay things as soon as I get the notice instead of holding on to the money for as long as possible.  If all goes well February and March have the potential to be good debt reduction months.  Tax refund in February hopefully and a 3 paycheck month in March.  We will be doing some vehicle upgrading with a new baby on the way but I will do everything I can to keep that cost to a minimum.


$31,609 --  a $417 reduction... I only made the normal payment this month and putting the agressive paydown on hold.  Some big possible life changes on the horizon and I want to have as much cash in the bank as possible just in case.  After the dust settles is when I'll finish it off.


$31,190 -- $419 reduction .. Another minimum payment.  Will be spending about $15K out of pocket upgrading the worn down vehicle fleet and adding room for the new baby next month.  Hope to finish off the mortgage by the end of 2016 or before.  Looking forward to getting the baby home and healthy and pressing reset on the paydown plan that we were doing so well at before.

$30,770 -- $420 reduction.  Spent about $22K to upgrade vehicles. Facepunch worthy I guess.  Now we are just waiting for the arrival of the baby!  I also switched from maxing out 2 Roth's to doing 15% in my 401K since I just became eligible.  This will give us a couple hundred more per month to throw at the mortgage.  Hopefully its paid off at the end of the year.  If not, it may be by my 33rd birthday in March.

$30,349 -- $421 reduction in May -- Minimum Payment but our baby was born and is healthy!

$26,954 --- $3,395 reduction for June -- Back on the paydown train!  Feels good to throw a good chunk at it again!

$26,523 --- $431 reduction for July -- made the minimum payment only.  Had over $2100 in hospital related expenses due to the baby born in May.  We had $4 left over for the month and it's not worth logging in to the system to move that over.  Feel blessed to be able to absorb the hospital bills in our normal cash flow.  Hoping for a good August.  Then September should be good with 3 paychecks.  Have $14K sitting in a checking account at my old bank that I plan to use to finish it off.  So about $12K away from being able to do that.

$24,566 -- $1,957 reduction for August.  My annual life insurance premium took $900+ from the paydown.  September should be a good month with it being a 3 paycheck month. 

asauer

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Re: Mortgage Payoff Club!!
« Reply #1010 on: September 08, 2016, 06:00:02 AM »
Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $48817  so far

3/1 Remaining balance $87322. Projected pay off date 09/09/2017 - SO 51st birthday.

4/1 Remaining balance $81837

4/30 Remaining balance $76952 (I owed the tax man!)

5/29 Remaining balance $73836

6/30 Remaining balance $65388

7/29 Remaining balance $60825

8/31 Remaining balance $55728

Excitement was brief, but for now I just wish it would end,
I feel you on that one!  We've been plugging away about the same amount of time you are and have a similar balance.  Just want it to be over now.  Hang in there!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1011 on: September 08, 2016, 08:11:59 PM »
End of 2015 update:

Starting mortgage = $435,000, 5 year term @ 3.26% (starting Sept. 30, 2013)
Goal = Full Mortgage Payoff by end of 5 year term (Sept. 30, 2018)

Progress:
- Mortgage amount as of December 25, 2014:  $380,819
- Mortgage amount as of April 2, 2015: $359,144
- Mortgage amount as of July 9, 2015: $324,055
- Mortgage amount as of December 31, 2015:  $285,708

We are making some serious progress all while continuing to invest for retirement.  We are also considering a change in 2016 but it will depend on the housing market.  We are looking at downsizing yet again, but this time to a condo in order to pay off the mortgage quicker.  Very dependant on how much we can get for our house though - exciting times ahead!

Inspired by everyone's progress, and jealous too of everyone under the 6 figures mark!  We are getting there slow but sure:

Mortgage amount - June 2, 2016 - $253,568

We will be into the 100's by the end of 2016 and are still on track to have it paid off in Sept. 2018.

In the meantime - we have listed our house in hopes of getting our asking price and doing a major downsize to be mortgage free.  Unfortunately the market is crap right now and we've had 2 showings in 2 months.  We will stay listed until our contract runs out at the end of June and then maybe try again in the fall.  I get this obsession - I've been obsessed since day one of this challenge - can't wait to be in the 5 figure amounts!

September 8, 2016 update - $232,502 - we've paid off almost 50% of our $435,000 mortgage in 3 years.  Making great progress in the mortgage payoff, but our house won't sell.  Finally committed to make the downsize so it's disappointing to get no bites!

K-ice

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Re: Mortgage Payoff Club!!
« Reply #1012 on: September 08, 2016, 08:15:33 PM »
Spoke with someone today who paid off their home in 7years.

I've known him for about 2 decades & I always guessed he was frugal.

It was a good conversation.

 He was kind of surprised that a new press article said over 1/2 of people live paycheck to paycheck. And couldn't scrape up $2000 for an emergency.

He was like "how hard is the concept to not spend more than you earn?"

I concurred & said I've never had CC debt. He was happy to hear that. In kind of a fatherly way. It was sweet. I didn't have the heart to say our mortgage was paid off in 5.5 years.

I think that those of us on the right financial track kind of keep it a secret because we don't want to brag.

It's nice we can brag on this forum ;)

It was also fun to talk with someone in the flesh. I joked, "Why aren't you retired already?" He said his wife asks the same thing.



ACLR8R

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Re: Mortgage Payoff Club!!
« Reply #1013 on: September 13, 2016, 01:25:03 PM »
Forgot to update mine. Paid the house off in March, about a week after my first child was born (I wanted to wait until after the birth to make sure there were no unexpected costs). Now I am working on our rental property, which feels a bit like starting over but it will end with a lot more positive cash flow each month!

Paid off $121k in less than 3 years on teachers salaries. Sold some toys as well.

Now trying to pay off $180k on our rental in under 3 years, we will see!

boarder42

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Re: Mortgage Payoff Club!!
« Reply #1014 on: September 13, 2016, 01:42:02 PM »
Forgot to update mine. Paid the house off in March, about a week after my first child was born (I wanted to wait until after the birth to make sure there were no unexpected costs). Now I am working on our rental property, which feels a bit like starting over but it will end with a lot more positive cash flow each month!

Paid off $121k in less than 3 years on teachers salaries. Sold some toys as well.

Now trying to pay off $180k on our rental in under 3 years, we will see!

for your primary residence suboptimal but ok ... but the rental game is all about leverage.  you're doing youself no favors paying down a low fixed rate mortgage assuming your US
PM me about how to save 6% on your annual grocery Bill!

There is a 35k starwood bonus right now as well. PM me for the info.

Eilonwy

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Re: Mortgage Payoff Club!!
« Reply #1015 on: September 14, 2016, 01:15:01 AM »
I want to join this club! We just got down below $80K, which is so exciting.

FireLane

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Re: Mortgage Payoff Club!!
« Reply #1016 on: September 14, 2016, 08:24:41 AM »
As of today, I'm down to $60k left. I could pay it off this year if I got really aggressive, but I'm trying to divide my paychecks between that and putting money into Vanguard. Aiming to be mortgage-free by 2018!

Progress update: My September payment has cleared and I'm down to $51K. The end is in sight!

ACLR8R

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Re: Mortgage Payoff Club!!
« Reply #1017 on: September 15, 2016, 07:46:13 PM »
Forgot to update mine. Paid the house off in March, about a week after my first child was born (I wanted to wait until after the birth to make sure there were no unexpected costs). Now I am working on our rental property, which feels a bit like starting over but it will end with a lot more positive cash flow each month!

Paid off $121k in less than 3 years on teachers salaries. Sold some toys as well.

Now trying to pay off $180k on our rental in under 3 years, we will see!

for your primary residence suboptimal but ok ... but the rental game is all about leverage.  you're doing youself no favors paying down a low fixed rate mortgage assuming your US

There really wasn't a question posed there, and I am ahead of schedule to my goal of FI. To each there own, and I will continue on my path, but thanks!

I love the guy in the mortgage payoff club thread, pissing on people who pay off their mortgage, lol!
« Last Edit: September 15, 2016, 11:27:21 PM by ACLR8R »

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1018 on: September 16, 2016, 05:05:25 PM »
Forgot to update mine. Paid the house off in March, about a week after my first child was born (I wanted to wait until after the birth to make sure there were no unexpected costs). Now I am working on our rental property, which feels a bit like starting over but it will end with a lot more positive cash flow each month!

Paid off $121k in less than 3 years on teachers salaries. Sold some toys as well.

Now trying to pay off $180k on our rental in under 3 years, we will see!

for your primary residence suboptimal but ok ... but the rental game is all about leverage.  you're doing youself no favors paying down a low fixed rate mortgage assuming your US

There really wasn't a question posed there, and I am ahead of schedule to my goal of FI. To each there own, and I will continue on my path, but thanks!

I love the guy in the mortgage payoff club thread, pissing on people who pay off their mortgage, lol!

Excellent work!

We paid off our vacation house (pre MMM purchase we intend to use as our FIRE house), $241K to go on the main house at 2.6%...5 year plan for us....we are more about low cash flow than optimized returns. Plan to start renting the FIRE house next Summer for some extra cash flow too.
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




ACLR8R

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Re: Mortgage Payoff Club!!
« Reply #1019 on: September 22, 2016, 12:23:15 PM »
Thanks!

2.6% is a really good interest rate!

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #1020 on: September 24, 2016, 11:51:31 AM »
Great work everyone!

I haven't checked in here in a while but am excited to report I am down to 32k!

Last month my mortgage got sold for the fourth time in as many years! I think the lenders have realized they are not going to make any money of me. I am so annoyed with the transition -- the new company does not offer any amortization schedules or calculators on their website for your loan and they charge a fee for online payments (which apparently is going to change, but still W.T.F.) -- so I am even more inspired to knock this baby out as fast as possible.

My goal is by my birthday next summer -- it will be a stretch, but I am pretty sure I can do it. I have a decent AirBnB income now from my basement, so that will help, and tightening my belt in other places in the meantime . . . pretty freaking excited to be this close!

MrsPotts

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Re: Mortgage Payoff Club!!
« Reply #1021 on: September 24, 2016, 09:38:24 PM »
Just paid that sucker off.  Damn mortgage company can go jump in the lake.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1022 on: September 25, 2016, 07:12:46 AM »
@MrsPotts,   Absolutely F-ing AWESOME!!!!!!    Welcome to freedom from indenture!  ;-)

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #1023 on: September 25, 2016, 10:47:31 AM »
i got my paperwork and a check reimbursement for escrow. YaY guess that is it then :) :)

We are going to redirect this mortgage payment straight into upping my contributions on the 403b next year. This year, I am on a paycut of 25% while taking the year off, (sabbatical) so this makes it up :)

Eilonwy

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Re: Mortgage Payoff Club!!
« Reply #1024 on: September 25, 2016, 12:16:34 PM »
Congratulations MrsPotts! I love your user name, btw. :-)

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1025 on: September 25, 2016, 08:11:39 PM »
Only here could I confess that I just put a $10 roll of quarters aside plus my birthday present check from family to go towards principal this month.  :)

asauer

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Re: Mortgage Payoff Club!!
« Reply #1026 on: September 28, 2016, 07:27:06 AM »
Just paid that sucker off.  Damn mortgage company can go jump in the lake.

Heck yeah!  Great job!!!

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #1027 on: September 28, 2016, 07:49:46 AM »
Amazing!!!! Congratulations!!

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1028 on: September 28, 2016, 10:43:32 AM »
Just paid that sucker off.  Damn mortgage company can go jump in the lake.
Congrats!!

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1029 on: September 28, 2016, 04:08:48 PM »
We paid down about $7k of principal this month, new balance approx $89,000.  My goal was to get under $90k.   My husband's variable paychecks are lower for the next trimester but I am thinking we might be able to knock this out in 18 months.

Nederstash

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Re: Mortgage Payoff Club!!
« Reply #1030 on: September 30, 2016, 01:00:56 PM »
All of you are doing great! It's really inspiring to see. Always have a smile on my face when I visit this thread :) keep being awesome!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1031 on: September 30, 2016, 10:02:40 PM »
Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $48817  so far

3/1 Remaining balance $87322. Projected pay off date 09/09/2017 - SO 51st birthday.

4/1 Remaining balance $81837

4/30 Remaining balance $76952 (I owed the tax man!)

5/29 Remaining balance $73836

6/30 Remaining balance $65388

7/29 Remaining balance $60825

8/31 Remaining balance $55728

9/30 Remaining balance $49696

Thank-you for all the encouragement - staying the course.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1032 on: September 30, 2016, 10:23:24 PM »
Looks like you'll be passing me up pretty soon. Congrats!

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1033 on: October 03, 2016, 08:19:23 AM »
I'll join.

Started June 2014 at 71k.

It's currently $55k.  Goal is to finish it off by next June.   Have 20k in cash that would finish it off by then.  We are currently investing 15% as well.   Basically doing the Dave Ramsey plan.

Currently down to $51,500.  Hoping to get under $50K a month from today.

Down to $49660.  Was able to throw an extra $1555 at it this time.  Budgeting to be able to throw an extra $2500 next month.

$46,950 -- a $2,710 reduction this month.  October should be a little better with the magic of the 3 paychecks for me this month.  Should be under $40K by end of the year.

$41,843 -- a $5,107 reduction this month.  The 3rd paycheck was big this time.  Would love to be able to do that every month!  My goal for end of November is to get under 40K.  Once I'm at the $40K mark, I'll have about equal amounts of cash in the bank and mortgage balance.  Still also maxing out 2 Roth IRA's which speaks for $917 per month.  It is always tempting to stop the Roth or to throw a bunch of the available cash at it.  I think I'll just stay the course of throwing all the extra cash that was left over after the month at it.  Once the mortgage is gone, all towards investing.


$38,922 -- $2,921 reduction this month.  More travel and eating out this month, as well as property taxes and insurance slowed us down a bit.  But we are at the goal of being under $40K balance!  It's going down at a pretty good pace that I'm happy with!  We will have some Christmas expenses coming up this month but it shouldn't be all that bad.  My target is to hope to be under $37K at the end of December.

$35,898 -- $3,024 reduction this month.  Received a small bonus from work to more or less cancel out Christmas spending.  Also had to replace the wife's windshield.  Would love to be down to under $33K after January is up.  Have quite a few things on the horizon.  We are expecting our first child in late May.  With that we are planning on upgrading the vehicle fleet some.  While going from 3 vehicles to 2.  Just looking for more room and reliability.  Need to have the ability of hauling a child, 2 dogs, and luggage for trips to see our parents.  We have been on the mustachian side of things when it comes to vehicles.  Our 3 vehicles combined might be worth about 9 or 10K.  My goal is to have a paid for house as well as having atleast 1 newer vehicle also paid for by the time the baby arrives.  We are now at the position of having more cash than mortgage balance.  Really looking forward to knocking it out asap!  Another thing about having it paid off by the end of May is I'll finally be eligible to contribute to my 401K starting in July.  Would be wonderful to max out a 401K in just the remaining half of the year!

$32,026 -- a $3,872 reduction this month.  I always have to wait until the 5th or 6th of each month to process my extra payment.  I'm one of those weird ones that pay things as soon as I get the notice instead of holding on to the money for as long as possible.  If all goes well February and March have the potential to be good debt reduction months.  Tax refund in February hopefully and a 3 paycheck month in March.  We will be doing some vehicle upgrading with a new baby on the way but I will do everything I can to keep that cost to a minimum.


$31,609 --  a $417 reduction... I only made the normal payment this month and putting the agressive paydown on hold.  Some big possible life changes on the horizon and I want to have as much cash in the bank as possible just in case.  After the dust settles is when I'll finish it off.


$31,190 -- $419 reduction .. Another minimum payment.  Will be spending about $15K out of pocket upgrading the worn down vehicle fleet and adding room for the new baby next month.  Hope to finish off the mortgage by the end of 2016 or before.  Looking forward to getting the baby home and healthy and pressing reset on the paydown plan that we were doing so well at before.

$30,770 -- $420 reduction.  Spent about $22K to upgrade vehicles. Facepunch worthy I guess.  Now we are just waiting for the arrival of the baby!  I also switched from maxing out 2 Roth's to doing 15% in my 401K since I just became eligible.  This will give us a couple hundred more per month to throw at the mortgage.  Hopefully its paid off at the end of the year.  If not, it may be by my 33rd birthday in March.

$30,349 -- $421 reduction in May -- Minimum Payment but our baby was born and is healthy!

$26,954 --- $3,395 reduction for June -- Back on the paydown train!  Feels good to throw a good chunk at it again!

$26,523 --- $431 reduction for July -- made the minimum payment only.  Had over $2100 in hospital related expenses due to the baby born in May.  We had $4 left over for the month and it's not worth logging in to the system to move that over.  Feel blessed to be able to absorb the hospital bills in our normal cash flow.  Hoping for a good August.  Then September should be good with 3 paychecks.  Have $14K sitting in a checking account at my old bank that I plan to use to finish it off.  So about $12K away from being able to do that.

$24,566 -- $1,957 reduction for August.  My annual life insurance premium took $900+ from the paydown.  September should be a good month with it being a 3 paycheck month.

$19,617 -- $4,949 reduction for September once I'm able to move the additional principal over in a couple days.  Getting close now! 

Eilonwy

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Re: Mortgage Payoff Club!!
« Reply #1034 on: October 04, 2016, 10:49:53 AM »
Heh, that would drive me crazy too! I was actually very tempted to use our renovation savings to pay ours off -- we have just the right amount -- but then things started moving, finally, with the permitting process, so it's just as well I didn't.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1035 on: October 06, 2016, 06:43:42 AM »
$9,445.44

I would pay it off today but the penalties for doing so would cost more than the interest charges I'll pay if I leave it until my renewal date. It's killing me, though, to leave a <$10k mortgage alone. I want to pick at it like a scab.

Soon!
Just think of the mortgage company and whomever reviews your renewal...   And then think of their unhappy scrunched up face when they realize the mortgage security your loan is in won't be getting the original interest "high margin period" in the loan's amortization that they want from a "young loan".    Enjoy your release from indenture!

asauer

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Re: Mortgage Payoff Club!!
« Reply #1036 on: October 08, 2016, 06:01:50 AM »
Annual bonus at work helped us drop the mortgage from $47600 to $36,500!

stashja

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Re: Mortgage Payoff Club!!
« Reply #1037 on: October 08, 2016, 09:33:25 AM »
Bought home in June 2014. Mortgage was $84K. Not including 20% down.
Have been overpaying principal every month, plus a few windfalls from extra pay. Trying to pay it off in 4-5 years (so, by 2018-9).
I make $49k.
Down to $48k balance left.
How am I doing?


Nederstash

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Re: Mortgage Payoff Club!!
« Reply #1038 on: October 09, 2016, 03:15:11 AM »
I used to be on Team Investing all the way but the more I think about it, the more I realize that I would be much happier with a paid for home. The borrower is slave to the lender, as they say... I never liked debt and I think that's winning over my rational/mathmatical investment mind. I think I've found a good middle ground between risk and safety:
- I won't cash out my investments
- I will still keep investing 10% of my take-home pay
- 6 months EF remains untouched of course
- Keep 10k separate to replace my car in a few months
- Anything extra goes to the mortgage

Wish me luck, I estimate it'll take about 8-10 years to knock out the mortgage.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1039 on: October 09, 2016, 04:37:34 AM »
@stashja,  Doing well on pay down at that rate.   With $48K to go, there may be no tax benefit to the amortization table of that loan and the terms are important to see if there are better options to reduce interest.   What are terms of that loan and how much monthly is interest right now?

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1040 on: October 09, 2016, 01:39:05 PM »
Jan. 2015 - ~100k
Oct. 2015 - ~$67500
Dec.3, 2015 - ~$60k
Feb. 5, 2016 - $52,108.53
March 7, 2016 - 49,774.21
April 11, 2016 - 48,700 to go. Had to pay taxes this month.
May - failed to report in
June - $42,853.69 to go.
July - $41,597.20

Lower payment month, but still above the minimum. Reeled in the final payoff @minimum payments date by 1 more month. November 2020 at the absolute latest now and in reality any date that I choose to drain money from my taxable investments. At present the rule is still early paydown can only be done with income earned that month.

After paying everything else I put another $475 towards things in early July. Today I made my August payment and its a pretty decent one.

August 2016 - $39,000 Revised -> 38,000. I put another $1000 to it later in the month.

September 2016 - $36,230.88
October 2016 - $34,250. Now down to April 2020 at minimum payments.

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1041 on: October 14, 2016, 11:26:06 AM »
We paid down about $7k of principal this month, new balance approx $89,000.  My goal was to get under $90k.   My husband's variable paychecks are lower for the next trimester but I am thinking we might be able to knock this out in 18 months.

$89,951
$ 3,750 extra principal paid (November)
======
$86,201 left to go

I'm anxious to go faster on this, but want to keep some reserve cash on hand going into the holidays.  If we pay $3,750 extra every time, our mortgage will be done in 24 months, so that is October 2018.   I was hoping to put an extra $5k a month and kill it in 18  months, but...  we'll see how it plays out over time.   

I was tempted to pull out extra money from investment accounts but for now I'm keeping the payments coming out of checking/savings cash flow.






« Last Edit: October 14, 2016, 11:28:44 AM by KBecks »

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1042 on: October 14, 2016, 11:57:18 AM »
I used to be on Team Investing all the way but the more I think about it, the more I realize that I would be much happier with a paid for home. The borrower is slave to the lender, as they say... I never liked debt and I think that's winning over my rational/mathmatical investment mind. I think I've found a good middle ground between risk and safety:
- I won't cash out my investments
- I will still keep investing 10% of my take-home pay
- 6 months EF remains untouched of course
- Keep 10k separate to replace my car in a few months
- Anything extra goes to the mortgage

Wish me luck, I estimate it'll take about 8-10 years to knock out the mortgage.

Good plan Nederstash, keep investing and an emergency fund alongside your paydown.  Good luck with it!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1043 on: October 17, 2016, 11:13:24 AM »
Annual bonus at work helped us drop the mortgage from $47600 to $36,500!

Awesome - we had a surprise from hubbies pension this month too so our balance went down a bit extra. Still behind you, but hope you don't mind, still using your progress to keep me on track. Today we have $42,100 to go! Do you have a goal payoff month?

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1044 on: October 17, 2016, 02:56:45 PM »
I used to be on Team Investing all the way but the more I think about it, the more I realize that I would be much happier with a paid for home. The borrower is slave to the lender, as they say... I never liked debt and I think that's winning over my rational/mathmatical investment mind. I think I've found a good middle ground between risk and safety:
- I won't cash out my investments
- I will still keep investing 10% of my take-home pay
- 6 months EF remains untouched of course
- Keep 10k separate to replace my car in a few months
- Anything extra goes to the mortgage


Wish me luck, I estimate it'll take about 8-10 years to knock out the mortgage.

Good plan Nederstash, keep investing and an emergency fund alongside your paydown.  Good luck with it!

My paydown journey/plan has been very similar to Nederstash.  I've been doing 15% into 401K and my wife is a public school teacher so she has about the same percentage taken out as well.  All extra dollars after the month is over gets moved to the principal reduction.  Not sure what I'll do exactly after the house is paid off.  Plans are to max out my 401K and our Roth IRA's and then save the the rest for an upgrade in house or possible buy some land down the road.  I'd be interested to hear what others are going to do with the extra cash flow after the home mortgage is gone.   

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #1045 on: October 18, 2016, 05:24:08 PM »

Quote

My paydown journey/plan has been very similar to Nederstash.  I've been doing 15% into 401K and my wife is a public school teacher so she has about the same percentage taken out as well.  All extra dollars after the month is over gets moved to the principal reduction.  Not sure what I'll do exactly after the house is paid off.  Plans are to max out my 401K and our Roth IRA's and then save the the rest for an upgrade in house or possible buy some land down the road.  I'd be interested to hear what others are going to do with the extra cash flow after the home mortgage is gone.   

Very similar situation here except I paid off last December.  I have considerable money going into retirement accounts but I also have quite a bit going into a plain old Ally savings account.  I frequently look for my "forever" house but I never see anything to get really excited about.  If and when the perfect house does come up, I hope to to put a huge down payment on it with savings from said account.  I really don't want to get into another mortgage that I can't knock down in ~5 years.

asauer

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Re: Mortgage Payoff Club!!
« Reply #1046 on: October 19, 2016, 06:49:07 AM »
Annual bonus at work helped us drop the mortgage from $47600 to $36,500!

Awesome - we had a surprise from hubbies pension this month too so our balance went down a bit extra. Still behind you, but hope you don't mind, still using your progress to keep me on track. Today we have $42,100 to go! Do you have a goal payoff month?

Great job!  Those surprises are definitely handy.  Yes, we hope to pay it off in Feb 2017 barring any catastrophes.  You?

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1047 on: October 19, 2016, 07:58:35 AM »

Quote

My paydown journey/plan has been very similar to Nederstash.  I've been doing 15% into 401K and my wife is a public school teacher so she has about the same percentage taken out as well.  All extra dollars after the month is over gets moved to the principal reduction.  Not sure what I'll do exactly after the house is paid off.  Plans are to max out my 401K and our Roth IRA's and then save the the rest for an upgrade in house or possible buy some land down the road.  I'd be interested to hear what others are going to do with the extra cash flow after the home mortgage is gone.   

Very similar situation here except I paid off last December.  I have considerable money going into retirement accounts but I also have quite a bit going into a plain old Ally savings account.  I frequently look for my "forever" house but I never see anything to get really excited about.  If and when the perfect house does come up, I hope to to put a huge down payment on it with savings from said account.  I really don't want to get into another mortgage that I can't knock down in ~5 years.

I'm in my first home.  A 2 bed 1 bath.  Perfect home to start with but not our forever home.  It does fit our needs for now.  The forever home will probably cost over twice what our current one is.  My thoughts are if I'm going to drop that kind of money on a home then I better love every single thing about it.  So I plan to be very picky.  It's a good feeling to know that we are currently turning a 15 year mortgage into 3 or less.  I feel the same way as you about the next one, take a 15 yr loan out and hopefully knock it out in 5 or so.   



SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1048 on: October 19, 2016, 08:56:12 AM »
Annual bonus at work helped us drop the mortgage from $47600 to $36,500!

Awesome - we had a surprise from hubbies pension this month too so our balance went down a bit extra. Still behind you, but hope you don't mind, still using your progress to keep me on track. Today we have $42,100 to go! Do you have a goal payoff month?

Great job!  Those surprises are definitely handy.  Yes, we hope to pay it off in Feb 2017 barring any catastrophes.  You?

We are aiming for June 2017 so long as the earth keeps spinning evenly - a little ways behind you, but that means we will have to raise a glass twice to toast!

mlbfan07

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Re: Mortgage Payoff Club!!
« Reply #1049 on: October 21, 2016, 07:51:22 PM »
Evening all!
Joining in on the mortgage payoff club!
Have been back and forth on the mortgage/invest battle and over the last few weeks I decided to go the route of the mortgage payoff.

Started 2016 at $149,900.
At this point I am at $113,374.
I have a few nice year end checks coming that should hopefully get me under $100k to end the year. to $99k to end the year. (that sounds so much better!)

Thank you all for the motivation!