Author Topic: Mortgage Payoff Club!!  (Read 233758 times)

mlbfan07

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Re: Mortgage Payoff Club!!
« Reply #1050 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!

Nederstash

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Re: Mortgage Payoff Club!!
« Reply #1051 on: October 22, 2016, 01:15:23 PM »
Since my plan is going to take 8-10 years, I've developed some visual aid to help me stay motivated. I've divided my mortgage by the square meters (excuse the metric) of my house, so that I know what my house per square meter costs. I've taken the floor plan to my house and colored in the amount of space I've already paid for. At this point, I own half a kitchen :) looking forward to color more!

Anyone else using this kind of visual aid? Please share it, I'd love to see it!

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1052 on: October 22, 2016, 02:09:09 PM »
Currently at $90k. Goal for the rest of 2016 is to get to $85k by Dec 31.


Since joining this thread:
Jan'15 - $139k
Apr'15 - $131k
Jun'15 - $126k
Oct '15 - $119k
Feb'16 - $108k
Jul'16  - $99k
Oct'16 - $90k

Goal - to pay off fully 2.5 years from now

Faraday

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Re: Mortgage Payoff Club!!
« Reply #1053 on: October 26, 2016, 07:43:41 PM »
Since my plan is going to take 8-10 years, I've developed some visual aid to help me stay motivated. I've divided my mortgage by the square meters (excuse the metric) of my house, so that I know what my house per square meter costs. I've taken the floor plan to my house and colored in the amount of space I've already paid for. At this point, I own half a kitchen :) looking forward to color more!

Anyone else using this kind of visual aid? Please share it, I'd love to see it!

That's a beautiful idea, I hope you are flattered by my intent to copy it. :-) :-) :-)

I track the mortgage paydown and graph it - simple and quick in an excel spreadsheet. However, I make the numbers more interesting by correlating each mortgage debt milestone to an item that I DID NOT buy. Examples:

$200k point - house debt < modest yacht
$100k point - house debt < Tesla (approximately)
$80k point - house debt < Base Porsche Panamera
$70k point - house debt < Well Equipped BMW 5 series
$65k: At this point, my house debt is less than a new, modestly-equipped double-wide modular home

Full disclosure:
This is just a thought exercise to express debt in terms of things I can happily and easily do without.
I don't worry about comparing taxes and insurance between the house and the alternative imagined items.
And although the mortgage principal and interest goes to zero at payoff, I'm not naive enough to say the house is "free" at that point.
Maybe I'm off on the values of the items, but you get the drift.
FIRE in 2020.

flowrider

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Re: Mortgage Payoff Club!!
« Reply #1054 on: October 26, 2016, 08:00:45 PM »
Dec 2015 $30,237
May 2016  $20,777
Planning to pay off around July next year:)
Under $20k now $19,617
$14,400 to go now, looking at August 2017 now as target payoff date all going to plan.

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1055 on: October 27, 2016, 03:12:56 PM »
Longtime lurker here but decided to jump in on this thread for motivation

Original mortgage acquired in April 2013...375k at 3.9%. Paid the minimum for the first year but after seeing how little was going toward the principle my wife and decided we'd had it. As of October 1 the balance is 147k! Can't  wait to get under 100k.
« Last Edit: October 27, 2016, 03:29:30 PM by Decoy1 »

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1056 on: October 27, 2016, 05:11:38 PM »
Wow, after reading these posts, I had to join. Current Balance is: $119,781 Hopefully I will be able to stay motivated and join the club.

Still chucking along. Decided to go with a mixed approach to paying off the mortgage. Mainly because I'm not sure if we will be moving in the near future. Not sure if it's the best way to go, but it's what we are going with now.
1. Pretty much the plan is pay off the 30 yr mortgage like its a 15 yr.
2. Start a mortgage payoff fund in a brokerage account.

Current Mortgage Balance is: $116,828.23
Current Mortgage Payoff Fund Balance: $11,881.76
Balance Left: $104,946.47

Approaching the 5 figure mark, hopefully this provides some extra motivation.

Mortgage Balance:$115,225.42
Payoff Fund:$15,769.88
What's Left:$99,455.54

Finally joining the 5 figure club also. I'm very excited to enter this part of the journey. Im shooting for a balance of $85k at the end of the year, $80k would be even better.

[Rounded Numbers]
Mortgage Balance:$108,000
Payoff Fund:$32,000
What's Left:$76,000

Robbed some savings to help with the progress. Would be nice to get under $65k by 12/31.

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #1057 on: October 30, 2016, 03:30:41 PM »
I joined this thread this year and haven't posted in a few months.  DH and I decided to pay off the whole thing tomorrow (~$25K) with much of our emergency savings fund.  We were at $100K last summer and having been paying $5K in principal each month.  It's going to bring us to just over $10K cash on hand, but without that mortgage payment we'll be able to get back to where we were quickly, if we decide that's what we want.

I can't tell anyone I know ... so I'm telling MMM strangers :)

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1058 on: October 30, 2016, 04:20:52 PM »

I can't tell anyone I know ... so I'm telling MMM strangers :)

That's funny! Just told my wife the other day that once we get it paid off I'll only be able celebrate with complete strangers on the Internet!

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1059 on: October 30, 2016, 08:14:29 PM »
Whatever happened to mortgage burning parties?  This used to be a thing in generations past but now I worry that it would come across badly or make people jealous.  Doh.

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1060 on: October 30, 2016, 09:54:32 PM »
Whatever happened to mortgage burning parties?  This used to be a thing in generations past but now I worry that it would come across badly or make people jealous.  Doh.


It's sad that we have to keep it a secret! Part of the reason we decided to pay ours off was because friends of ours told us they paid theirs off in 5 years. I didn't even know people really did that until they told us!

Lmoot

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Re: Mortgage Payoff Club!!
« Reply #1061 on: October 31, 2016, 05:08:38 AM »
 I think it is because there are so many people in debt today, and paying the house off early is no longer an attainable goal for many, even if at their own fault. It's fun to  celebrate with people in similar positions, or even higher positions. But it's not so fun for you or the other party when celebrating with someone who can't even conceive of where you are.

I plan on paying my mortgage off early, and sadly the only people I plan on telling are  folks here, and my parents.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1062 on: October 31, 2016, 05:35:45 AM »
I joined this thread this year and haven't posted in a few months.  DH and I decided to pay off the whole thing tomorrow (~$25K) with much of our emergency savings fund.  We were at $100K last summer and having been paying $5K in principal each month.  It's going to bring us to just over $10K cash on hand, but without that mortgage payment we'll be able to get back to where we were quickly, if we decide that's what we want.

I can't tell anyone I know ... so I'm telling MMM strangers :)
This makes me so excited for you. Congratulations!  Great job.

ETA :  and with no mortgage payment, you can reduce your emergency fund so it won't take long to replenish before you start killing the investments. Awesome! 
« Last Edit: October 31, 2016, 05:38:43 AM by BlueHouse »
Sometimes nothing can be a real cool hand

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #1063 on: October 31, 2016, 07:21:25 AM »
Yes, great point!  With mortgage gone, 6 months living expenses is greatly reduced :) 

Thanks for the cheer for an internet stranger--we're grinning stupidly this morning as we prepare to head for the Credit Union!

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1064 on: October 31, 2016, 07:37:30 AM »
Yes, great point!  With mortgage gone, 6 months living expenses is greatly reduced :) 

Thanks for the cheer for an internet stranger--we're grinning stupidly this morning as we prepare to head for the Credit Union!

Congrats! Savor the feeling.

I'd never thought about the benefit of a smaller emergency fund once the mortgage is gone. Sweet!

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1065 on: October 31, 2016, 08:13:46 AM »
Whatever happened to mortgage burning parties?  This used to be a thing in generations past but now I worry that it would come across badly or make people jealous.  Doh.

I'm still having one, just inviting parents, though, as 1. they are the only ones who will be proud of us IRL, and 2. It will also be a 'thanks for the good start in life' party in honor of them, so I think that will make it more special, less braggy.    The only one in the group who MIGHT be a little jealous will be my husband's dad.  He has a weird competition thing going on with his son.  But the other three will be proud, I think. 

But I'm not posting on social media or anything. 

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1066 on: October 31, 2016, 08:21:54 AM »
I joined this thread this year and haven't posted in a few months.  DH and I decided to pay off the whole thing tomorrow (~$25K) with much of our emergency savings fund.  We were at $100K last summer and having been paying $5K in principal each month.  It's going to bring us to just over $10K cash on hand, but without that mortgage payment we'll be able to get back to where we were quickly, if we decide that's what we want.

I can't tell anyone I know ... so I'm telling MMM strangers :)

Congrats!! Can't wait to join you!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1067 on: October 31, 2016, 01:32:28 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 - $63440  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

10/31 Remaining balance $39920

Good month due to an unexpected error by military pension people - thank-you. Paid some extra so I could get it in the 30's. Will not be putting much on it this month, cest la vie. Are we there yet..........

freeatlast

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Re: Mortgage Payoff Club!!
« Reply #1068 on: October 31, 2016, 08:28:01 PM »
Since my plan is going to take 8-10 years, I've developed some visual aid to help me stay motivated. I've divided my mortgage by the square meters (excuse the metric) of my house, so that I know what my house per square meter costs. I've taken the floor plan to my house and colored in the amount of space I've already paid for. At this point, I own half a kitchen :) looking forward to color more!

Anyone else using this kind of visual aid? Please share it, I'd love to see it!

Hi - I have created a large graph so that I can visually see my progress.  I made a goal for 2016 and the bottom right of the chart is my goal number.  The top left is where I started. It keeps me motivated seeing the line going down towards that goal.  Some days that chart is the only thing getting me to work! It is so hard because it is a long term goal - but the chart keeps me going.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1069 on: November 01, 2016, 06:07:56 AM »


Good month due to an unexpected error by military pension people - thank-you. Paid some extra so I could get it in the 30's. Will not be putting much on it this month, cest la vie. Are we there yet..........

Haven't we seen this in the news lately?  Some vets had the error amounts clawed back before sec carter put an end to the claw backs. But if this error just happened now, you know the consequences and should set that money aside in case they come for it later.   
(I'll leave the moral aspect of whether you should capitalize on an error on your shoulders).

Sometimes nothing can be a real cool hand

Lmoot

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Re: Mortgage Payoff Club!!
« Reply #1070 on: November 01, 2016, 08:32:36 AM »
Hopefully they meant that the error was they didn't get paid enough originally.

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1071 on: November 02, 2016, 12:02:15 AM »
Hopefully they meant that the error was they didn't get paid enough originally.
The error was they forgot the dependent aspect - so it was paid. We waited 2 1/2 years for them to even start paying - despite a 24 year long active duty service. If they come back for it we have it - however after 9 of the 24 years in the desert - morally I think it was earned!

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1072 on: November 02, 2016, 06:09:12 AM »
Hopefully they meant that the error was they didn't get paid enough originally.
The error was they forgot the dependent aspect - so it was paid. We waited 2 1/2 years for them to even start paying - despite a 24 year long active duty service. If they come back for it we have it - however after 9 of the 24 years in the desert - morally I think it was earned!

Good to hear it!  And thank you for your service! 
Sometimes nothing can be a real cool hand

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1073 on: November 03, 2016, 12:36:17 PM »
Longtime lurker here but decided to jump in on this thread for motivation

Original mortgage acquired in April 2013...375k at 3.9%. Paid the minimum for the first year but after seeing how little was going toward the principle my wife and decided we'd had it. As of October 1 the balance is 147k! Can't  wait to get under 100k.

october 2016 147k

November 2016 142k

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1074 on: November 03, 2016, 01:20:45 PM »
HCOL city in a big house.  I'll show progress in terms of % paid off against initial home value (equity against initial sale price).

Progress (%equity against initial sale price)
  • 06/2012 - 25%  (downpayment & first monthly payment)
  • 06/2013 - 27%  (now paying a few hundred extra monthly)
  • 06/2014 - 30%  (now paying 1000 extra each month)
  • 06/2015 - 33%  (still paying 1000 extra each month)
  • 08/2015 - 46%  (big fat payment in preparation for a requested recast next quarter)
  • 03/2016 - 48%  (now paying 1400 extra each month)
  • 08/2016 - 53%  (now paying 6400 extra each month)
  • 11/2016 - 54%  (Finally completed a recast - the bank reamortized and my P&I is now $1000 less per month!) 

I finally completed the recast!   The bank reamortized for free, and with previous additional principal payments made over the last 2 years, my P+I is reduced by $1000/month.  This gives me a feeling of relief because I definitely felt that I was "over-leveraged" before and I had a mortgage payment that was very scary to me.  What a weight off my shoulders. 

I doubt I'll stop though.  I really love the idea of being mortgage-free.  Love this thread and the inspiration I get from seeing others pay off their mortgages. 
Sometimes nothing can be a real cool hand

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1075 on: November 03, 2016, 03:10:11 PM »
Whoa!  Blue House - what a huge reduction with the recast!  That's great!  When we recast it won't be nearly as drastic - just like $300 lower than our current payment but it will make it so if I get a teaching job I can pay all of our bills on my salary alone.  Congrats!!

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1076 on: November 04, 2016, 04:32:01 AM »
but it will make it so if I get a teaching job I can pay all of our bills on my salary alone. 

Yeah, there's definitely something to be said about freeing up cash flow and having a monthly payment you can stomach. Awesome news all around!
Sometimes nothing can be a real cool hand

mlbfan07

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Re: Mortgage Payoff Club!!
« Reply #1077 on: November 05, 2016, 09:12:00 AM »
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!

Updated for end of October:
New Balance is $107,992.00.
Almost $6k paid off for first month of new focus.
Thanks all!

bzzzt

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Re: Mortgage Payoff Club!!
« Reply #1078 on: November 07, 2016, 04:20:47 PM »
Well, it hasn't been quite a year since my payoff, but it's still awesome.

I'm on pace to make $30k/year less this year (joys of construction!..) than last year. Other than my savings rate not being what I had hoped and some pretty crappy investment returns, I haven't cared much.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1079 on: November 07, 2016, 07:59:34 PM »
Well, it hasn't been quite a year since my payoff, but it's still awesome.

I'm on pace to make $30k/year less this year (joys of construction!..) than last year. Other than my savings rate not being what I had hoped and some pretty crappy investment returns, I haven't cared much.

Sounds pretty awesome being able to have high variability in your income and no longer care about it much.

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1080 on: November 08, 2016, 07:10:21 AM »
October beg balance$19,617

November beg balance $17,803 -- $1,814 reduction for the month. 

Eilonwy

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Re: Mortgage Payoff Club!!
« Reply #1081 on: November 14, 2016, 02:35:12 PM »
Well, our payoff will be delayed. :-( Our remodel permits were approved, which will be a financial win long term because we'll have rental income -- quite possibly enough to cover our mortgage payment -- but for now, we need to concentrate on rebuilding some emergency savings, since it will all be going towards the construction. I'm going to continue paying a little extra, just for the psychological boost.

(Edited for punctuation.)
« Last Edit: November 14, 2016, 04:52:46 PM by Eilonwy »

AutoZealot

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Re: Mortgage Payoff Club!!
« Reply #1082 on: November 14, 2016, 03:27:11 PM »
last year refi'd to go to a 10 year loan, thus far this year:
paid 15K on principal to get to a ~184K balance.

This isn't fast enough and still leaves me depressed, balance payoff is 2025 and I pushed pretty hard with my SO to get the refi done.

New strategy is more drastic, thinking of downsizing to burn off the mortgage or nearly so with a new right sized property.

Already verified we have the capital to buy the next one before we sell the current one so we can purchase something that needs some work and get it done before we move in.  Have buy-in from SO on the plan and have a realtor on the hook.

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1083 on: November 14, 2016, 05:40:07 PM »
December payment might be tough to do a big one.  We're planning a little family trip out to Washington DC and there's the holidays.  I also want to do some home maintenance things.. but...  we'll keep trying and I will pay *something* extra.  Our current balance is $86,168.   I'd like to take $3k off that at a minimum this month, but it might not work out.   This still feels like a lot of debt, even though our home value is north of $200k. 


rpr

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Re: Mortgage Payoff Club!!
« Reply #1084 on: November 14, 2016, 11:38:16 PM »
Just wanted to post in this thread to just admire you guys for having the dedication and commitment to pay off the mortgage early.

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1085 on: November 27, 2016, 10:45:15 PM »
Wow, after reading these posts, I had to join. Current Balance is: $119,781 Hopefully I will be able to stay motivated and join the club.

Still chucking along. Decided to go with a mixed approach to paying off the mortgage. Mainly because I'm not sure if we will be moving in the near future. Not sure if it's the best way to go, but it's what we are going with now.
1. Pretty much the plan is pay off the 30 yr mortgage like its a 15 yr.
2. Start a mortgage payoff fund in a brokerage account.

Current Mortgage Balance is: $116,828.23
Current Mortgage Payoff Fund Balance: $11,881.76
Balance Left: $104,946.47

Approaching the 5 figure mark, hopefully this provides some extra motivation.

Mortgage Balance:$115,225.42
Payoff Fund:$15,769.88
What's Left:$99,455.54

Finally joining the 5 figure club also. I'm very excited to enter this part of the journey. Im shooting for a balance of $85k at the end of the year, $80k would be even better.

[Rounded Numbers]
Mortgage Balance:$108,000
Payoff Fund:$32,000
What's Left:$76,000

Robbed some savings to help with the progress. Would be nice to get under $65k by 12/31.
Nov 2016
Balance:$102,464
Fund:$33,000
Left:$69,464

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1086 on: November 27, 2016, 10:49:07 PM »
I finally completed the recast!   The bank reamortized for free, and with previous additional principal payments made over the last 2 years, my P+I is reduced by $1000/month.  This gives me a feeling of relief because I definitely felt that I was "over-leveraged" before and I had a mortgage payment that was very scary to me.  What a weight off my shoulders. 

Are there any cons to recasting? Was thinking about this as an option.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1087 on: November 27, 2016, 11:20:40 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
July - $41,597.20
August 2016 - 38,000
September 2016 - $36,230.88
October 2016 - $34,250. Now down to April 2020 at minimum payments.
November 2016 - $32,211 and some change.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1088 on: November 27, 2016, 11:21:49 PM »
I finally completed the recast!   The bank reamortized for free, and with previous additional principal payments made over the last 2 years, my P+I is reduced by $1000/month.  This gives me a feeling of relief because I definitely felt that I was "over-leveraged" before and I had a mortgage payment that was very scary to me.  What a weight off my shoulders. 

Are there any cons to recasting? Was thinking about this as an option.

This is highly dependent on the terms of your mortgage. Some mortgages can't be recast at all, others you have to pay a fee. Some can be recast only once, etc.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1089 on: November 28, 2016, 11:50:56 AM »
I finally completed the recast!   The bank reamortized for free, and with previous additional principal payments made over the last 2 years, my P+I is reduced by $1000/month.  This gives me a feeling of relief because I definitely felt that I was "over-leveraged" before and I had a mortgage payment that was very scary to me.  What a weight off my shoulders. 

Are there any cons to recasting? Was thinking about this as an option.

This is highly dependent on the terms of your mortgage. Some mortgages can't be recast at all, others you have to pay a fee. Some can be recast only once, etc.

No downside.  Nothing changed in my agreement.  Length of loan and interest rate stay the same.  It's just as if my original loan value was less than it was.  My bank allows one free recast or modification per life of mortgage.  I emailed them telling them that I wanted to recast, they checked to see that I had made pre-payments over 20k, they mailed me paperwork, I signed, notarized, mailed.  Done.   

Remember why recasts exist -- banks wanted home buyers to be able to close on new homes before their old homes sell/close.  So the banks tried to make it easy for them to get the equity from their old houses onto their new house.  Knowing that factoid made it easier for me to believe that sometimes things that look "too good to be true" really do exist. 
Sometimes nothing can be a real cool hand

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1090 on: November 29, 2016, 06:36:39 PM »
We'll be going into 2017 with a balance of just under $84,500.  Only put $1k extra on principal this month because of the holidays.
Still making progress, little bit by little bit.

asauer

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Re: Mortgage Payoff Club!!
« Reply #1091 on: December 01, 2016, 10:14:37 AM »
Down to $23,400.  Hoping blast it some more during Dec and get it into the 19s by 2017!

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1092 on: December 02, 2016, 11:15:10 AM »
October beg balance$19,617

November beg balance $17,803 -- $1,814 reduction for the month.


I'm planning to take some available cash and knock this puppy out in December and start the new year without a mortgage.  It will take a few days still before I'm able to process this but it's about to happen!   

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1093 on: December 02, 2016, 09:34:49 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 - $66540  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

10/31 Remaining balance $39920

11/30 Remaining balance $36721

Unexpectedly have to travel this month so this is my projected start for 2017.

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1094 on: December 02, 2016, 09:37:01 PM »
Down to $23,400.  Hoping blast it some more during Dec and get it into the 19s by 2017!

Wow - it seems to be falling fast now, almost there!

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1095 on: December 06, 2016, 08:07:05 AM »
Longtime lurker here but decided to jump in on this thread for motivation

Original mortgage acquired in April 2013...375k at 3.9%. Paid the minimum for the first year but after seeing how little was going toward the principle my wife and decided we'd had it. As of October 1 the balance is 147k! Can't  wait to get under 100k.

october 2016 147k

November 2016 142k



November '16 142k
December '16 135k

Getting close!

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1096 on: December 11, 2016, 01:33:49 PM »
October beg balance$19,617

November beg balance $17,803 -- $1,814 reduction for the month.


I'm planning to take some available cash and knock this puppy out in December and start the new year without a mortgage.  It will take a few days still before I'm able to process this but it's about to happen!   

Oh man, thats what im planning to do when I get close enough. Long way to go though. Congratulations!!

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1097 on: December 12, 2016, 10:49:33 AM »
October beg balance$19,617

November beg balance $17,803 -- $1,814 reduction for the month.


I'm planning to take some available cash and knock this puppy out in December and start the new year without a mortgage.  It will take a few days still before I'm able to process this but it's about to happen!   

Oh man, thats what im planning to do when I get close enough. Long way to go though. Congratulations!!

Thanks!  I wish I could say that we will be completely debt free once this happens. However, my wife and I just volunteered to take over her student loan payments from her divorced parents.  Her mother has many medical issues and we didn't feel right having her continue on with making the payments even though she said she would way back when.  But that will also be knocked out sometime in 2017.  THEN we will be debt free completely!  The reason I'm doing the mortgage first is we have to wait a few more months to be eligible for some student loan forgiveness.  Still investing 15% of our gross and we also still have a cash cushion.       



rjbf65

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Re: Mortgage Payoff Club!!
« Reply #1098 on: December 16, 2016, 02:09:39 PM »
Payoff complete!  Took some money that was sitting around and knocked it out. 
Loan originated in June 2014 - $71,600 loan at 3.375%.  Paid off in December 2016.  A wedding, baby, 2 car upgrades, 15% of gross income investing all along the way.  As mentioned before we will knock out a student loan this year but are waiting for the loan forgiveness part of it to process.  After that we will keep saving.  Invest more of our income and also save up for our son's college and for an upgrade in house down the road.  This was scheduled to be a 180 month loan that was paid off in 30 months.  This group here has provided great motivation for this! 

mies

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Re: Mortgage Payoff Club!!
« Reply #1099 on: December 16, 2016, 02:31:16 PM »
Payoff complete!  Took some money that was sitting around and knocked it out. 
Loan originated in June 2014 - $71,600 loan at 3.375%.  Paid off in December 2016.  A wedding, baby, 2 car upgrades, 15% of gross income investing all along the way.  As mentioned before we will knock out a student loan this year but are waiting for the loan forgiveness part of it to process.  After that we will keep saving.  Invest more of our income and also save up for our son's college and for an upgrade in house down the road.  This was scheduled to be a 180 month loan that was paid off in 30 months.  This group here has provided great motivation for this!

Nice job!
Less is more.