Author Topic: Mortgage Payoff Club!!  (Read 271024 times)

asauer

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Re: Mortgage Payoff Club!!
« Reply #1100 on: December 19, 2016, 04:39:58 PM »
Got a side gig check and took the mortgage down to 19,900!  Thinking of using some savings (not all) to just knock this out in Jan.

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1101 on: December 30, 2016, 04:19:47 AM »
Trying something new for the new years. Only going to count the mortgage balance from now on and not the mortgage payoff fund. Hopefully this will make me move faster. So here we go. Going to be a slow next few months at least. Hopefully we can get under $100k by Feb or March.

April 2016: $119,781
June 2016: $116,828.23
July 2016: $115,225.42
Oct 2016: $108,000
Nov 2016: $102,464
Dec 2016: $102,042.05

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1102 on: December 30, 2016, 04:20:37 AM »
Got a side gig check and took the mortgage down to 19,900!  Thinking of using some savings (not all) to just knock this out in Jan.

DO IT!!!

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1103 on: December 30, 2016, 03:07:43 PM »
Reclaimed $600 for stuff on Craigslist that all just went to principal and that now pays us back $3 a month so as of 9/1, we'll be down to $106,750.    So without raiding the stash, need to find another $5,500 to get to 5 digits by year end.   Have a plan for 4K of it so far...

Lots of goodness lately on the payoffs/paydowns...     Progress was slower than hoped after paying 2 semesters of college expenses the last 5 months plus annual 529 contributions instead of the mortgage...   Didn't make the 5-digit club, but feeling good about paying down to $105K.

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1104 on: December 30, 2016, 08:59:56 PM »
End of 2016 update:

Starting mortgage = $435,000, 5 year term @ 3.26% (starting Sept. 30, 2013)
Original Goal = Full Mortgage Payoff by end of 5 year term (Sept. 30, 2018)
Modified Goal = Extend Mortgage Payoff by one year (Sept. 30, 2019).  Add an additional $40,000 into TFSAs.

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
- Mortgage amount - June 2, 2016 - $253,560
- Mortgage amount - September 8, 2016 - $232,502
- Mortgage amount - December 30, 2016 - $194,252

Into the $100's!!  Onward and upward to 2017!

flowrider

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Re: Mortgage Payoff Club!!
« Reply #1105 on: January 03, 2017, 03:13:23 PM »
Wow, $95k in 12 months that is killing it!

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1106 on: January 03, 2017, 05:28:06 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.

$82,600 balance after January payment.  A little slow going over the holidays.


asauer

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Re: Mortgage Payoff Club!!
« Reply #1107 on: January 06, 2017, 08:14:33 AM »
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.

$82,600 balance after January payment.  A little slow going over the holidays.

Any movement is good!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1108 on: January 06, 2017, 04:56:40 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 - $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

01/05 Remaining balance $34633

Knew it was going to be bad - but was hoping for better. To hit my target date I need $4250 every month. Here is to doing my best - I hate missing goals I set myself!

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1109 on: January 07, 2017, 03:14:21 PM »
Gonna start this back up again.  Current goal is to get to 90K by the end of 2016. 

Starting Mtg Sept 2013:  $123,500

Today (July 5th):  $98,504


It's fun to be back on this thread again!

8/1/2016:  $95,504


1/7/2016 $84,969.68

Not bad...still have to fill up DH's 2016 IRA but I can do that in March as it's a three paycheck month...cutting it close, I know. 

asauer

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Re: Mortgage Payoff Club!!
« Reply #1110 on: January 11, 2017, 07:28:37 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1111 on: January 11, 2017, 07:29:09 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.


Let me be the first to congratulate you!!

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1112 on: January 11, 2017, 09:26:49 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Woo hoo!!


motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #1113 on: January 11, 2017, 10:57:04 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Congratulations.

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1114 on: January 11, 2017, 11:01:08 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

That's great news! Congratulations!!

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1115 on: January 11, 2017, 11:44:23 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Congratulations!!! I love reading these posts. 
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asauer

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Re: Mortgage Payoff Club!!
« Reply #1116 on: January 11, 2017, 03:28:47 PM »
Thanks all!  I don't think it will really hit me until I don't have to pay in Feb.

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #1117 on: January 11, 2017, 06:11:59 PM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Congratulations!  I did the same at the end of October--nearly drained the emergency fund, but it's almost rebounded and I can't describe the feeling of being completely debt free.  I appreciate that there's dissenting opinion on the wisdom of this, but I don't regret paying that sucker off for one minute.

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1118 on: January 12, 2017, 08:47:01 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Congratulation - can't wait to join you. Let me know when Feb rolls around and it feels real!

plainjane

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Re: Mortgage Payoff Club!!
« Reply #1119 on: January 13, 2017, 08:44:24 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.
Congratulation - can't wait to join you. Let me know when Feb rolls around and it feels real!

FYI - I did this last year.  It still doesn't really feel real maybe?  But is is great to see the growth in our investments each month.  (Though that doesn't really feel real _either_, everything is still just numbers on a screen.)

Remember to tell your home insurance folks - they should give you a discount!
Using procrastination to my advantage since 2001.

frugalkristen

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Re: Mortgage Payoff Club!!
« Reply #1120 on: January 16, 2017, 08:19:53 AM »
I'm joining!  My balance is $84816.49.  It's my only debt.  I max my Roth every year and contribute quite a bit to my 401K.  I want the peace of mind from having this debt gone.  My property tax bill and homeowner's insurance will be about $285 per month which means I can live off less than $1000 per month. 

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1121 on: January 16, 2017, 08:39:22 AM »
We are almost in exactly the same boat, frugalkristen!  Our property tax plus insurance is $285 a month, and we owe just under 85K.  I am in a family of four, though, so we are more like 2K for expenses once we pay off the mortgage.  Welcome!

farmecologist

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Re: Mortgage Payoff Club!!
« Reply #1122 on: January 16, 2017, 08:51:37 AM »
Glad to see so many others have the same outlook as we do about paying off the mortgage.  Reading some of the other posts..I was beginning to wonder.  Lots of contributors out there that believe NOT paying off the mortgage is 'better'.

We paid off our mortgage about 9 years ago ( just before the stock market crash ).  Was very lucky to have stock options that were just enough to pay it off.  Went against nearly everyone's recommendation that the windfall should be invested instead. 

Very glad we paid it off.  Awesome feeling to not have that debt hanging over our heads.  100% of cash previously used to pay the mortgage is now used to invest.  The only thing that sucks now is the property tax bill. :-)


So keep with it guys!     
 

frugalkristen

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Re: Mortgage Payoff Club!!
« Reply #1123 on: January 16, 2017, 09:30:08 AM »
Neustache - I'm recently divorced (about 2 years ago) with 4 grown kids.  Right now it's just me but my boyfriend is probably going to move in soon.  We will keep our finances separate. I'm 47 and he's 52 - and wildly apart in net worth.  I'm about $440,000 and he's about $0.  He likes his job, has no plans to retire early and isn't very extravagant but also not very careful.  That has changed a lot since we've been together and he really likes how I handle money.  This issue used to make me nervous about our relationship but I'm learning that since we are older, we can have different goals and still be together.  Neither of us make a lot so sharing expenses makes a lot of sense and will help both of us (not the reason we're moving in together - just a perk).  A two person household will be more expensive - $1000 probably won't be realistic - but we can keep it low.  Our cars are paid off, we don't like to go out much (and it's mostly just family events) and neither of us like shopping.  Paying off my mortgage is a huge focus for me right now so I can move forward with plans to retire at 55.  :)

tomsang

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Re: Mortgage Payoff Club!!
« Reply #1124 on: January 17, 2017, 10:52:19 AM »
Glad to see so many others have the same outlook as we do about paying off the mortgage.  Reading some of the other posts..I was beginning to wonder.  Lots of contributors out there that believe NOT paying off the mortgage is 'better'.

We paid off our mortgage about 9 years ago ( just before the stock market crash ).  Was very lucky to have stock options that were just enough to pay it off.  Went against nearly everyone's recommendation that the windfall should be invested instead. 

Very glad we paid it off.  Awesome feeling to not have that debt hanging over our heads.  100% of cash previously used to pay the mortgage is now used to invest.  The only thing that sucks now is the property tax bill. :-)

So keep with it guys!     
 

There are many who believe that paying off a mortgage early is inherently and mathematically riskier than investing in thousands of diversified companies.  All of the mathematical models that we use to gain an understanding of when we can retire and our SWR use projected returns greater than 3% or what mortgages are paying right now.  You mention paying off your mortgage about 9 years ago.  As you probably know, the S&P 500 hundred is up 7.9% since then, which is significantly higher than the mortgage rate for a 30 year mortgage for those living in the US.  You paying off your mortgage nine years ago pushed back you retirement date vs. you investing in the S&P 500.  If you would like to see the math, logic, and discussion check out the discussion that we have had over the years.   http://forum.mrmoneymustache.com/investor-alley/paying-off-mortgage-early-how-bad-is-it-for-your-fi-date/


farmecologist

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Re: Mortgage Payoff Club!!
« Reply #1125 on: January 17, 2017, 12:26:21 PM »
Glad to see so many others have the same outlook as we do about paying off the mortgage.  Reading some of the other posts..I was beginning to wonder.  Lots of contributors out there that believe NOT paying off the mortgage is 'better'.

We paid off our mortgage about 9 years ago ( just before the stock market crash ).  Was very lucky to have stock options that were just enough to pay it off.  Went against nearly everyone's recommendation that the windfall should be invested instead. 

Very glad we paid it off.  Awesome feeling to not have that debt hanging over our heads.  100% of cash previously used to pay the mortgage is now used to invest.  The only thing that sucks now is the property tax bill. :-)

So keep with it guys!     
 

There are many who believe that paying off a mortgage early is inherently and mathematically riskier than investing in thousands of diversified companies.  All of the mathematical models that we use to gain an understanding of when we can retire and our SWR use projected returns greater than 3% or what mortgages are paying right now.  You mention paying off your mortgage about 9 years ago.  As you probably know, the S&P 500 hundred is up 7.9% since then, which is significantly higher than the mortgage rate for a 30 year mortgage for those living in the US.  You paying off your mortgage nine years ago pushed back you retirement date vs. you investing in the S&P 500.  If you would like to see the math, logic, and discussion check out the discussion that we have had over the years.   http://forum.mrmoneymustache.com/investor-alley/paying-off-mortgage-early-how-bad-is-it-for-your-fi-date/


Yes..believe me, I am aware of the pros and cons.  Because my situation was 'extra' money..and we were already maxing out all tax-deferred accounts, the pain was quite a bit less than it could have been.  We were also lucky in that if we would have invested it, we would have lost a good chunk of it due to the crash ( on paper of course ). AND the money we would have put towards the mortgage payment went towards investing instead...and by blind luck we caught the period just after the crash so the returns on that money looked stellar.  However, I do agree this was blind luck.

I guess I am one of those 'weirdos' that like being debt free....even at the cost of MAYBE increasing the early retirement date.  Also trying to point out that 'the math' doesn't apply to every situation. 




KBecks

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Re: Mortgage Payoff Club!!
« Reply #1126 on: January 17, 2017, 06:08:35 PM »

There are many who believe that paying off a mortgage early is inherently and mathematically riskier than investing in thousands of diversified companies.  All of the mathematical models that we use to gain an understanding of when we can retire and our SWR use projected returns greater than 3% or what mortgages are paying right now.  You mention paying off your mortgage about 9 years ago.  As you probably know, the S&P 500 hundred is up 7.9% since then, which is significantly higher than the mortgage rate for a 30 year mortgage for those living in the US.  You paying off your mortgage nine years ago pushed back you retirement date vs. you investing in the S&P 500.  If you would like to see the math, logic, and discussion check out the discussion that we have had over the years.   http://forum.mrmoneymustache.com/investor-alley/paying-off-mortgage-early-how-bad-is-it-for-your-fi-date/

This thread is for a group of people who have decided to pay off their mortgage and are working toward it.  Everyone can access the pros/cons threads if they want.

daschtick

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Re: Mortgage Payoff Club!!
« Reply #1127 on: January 17, 2017, 08:09:35 PM »
Glad to see so many others have the same outlook as we do about paying off the mortgage.  Reading some of the other posts..I was beginning to wonder.  Lots of contributors out there that believe NOT paying off the mortgage is 'better'.

We paid off our mortgage about 9 years ago ( just before the stock market crash ).  Was very lucky to have stock options that were just enough to pay it off.  Went against nearly everyone's recommendation that the windfall should be invested instead. 

Very glad we paid it off.  Awesome feeling to not have that debt hanging over our heads.  100% of cash previously used to pay the mortgage is now used to invest.  The only thing that sucks now is the property tax bill. :-)

So keep with it guys!     
 

There are many who believe that paying off a mortgage early is inherently and mathematically riskier than investing in thousands of diversified companies.  All of the mathematical models that we use to gain an understanding of when we can retire and our SWR use projected returns greater than 3% or what mortgages are paying right now.  You mention paying off your mortgage about 9 years ago.  As you probably know, the S&P 500 hundred is up 7.9% since then, which is significantly higher than the mortgage rate for a 30 year mortgage for those living in the US.  You paying off your mortgage nine years ago pushed back you retirement date vs. you investing in the S&P 500.  If you would like to see the math, logic, and discussion check out the discussion that we have had over the years.   http://forum.mrmoneymustache.com/investor-alley/paying-off-mortgage-early-how-bad-is-it-for-your-fi-date/

But what if the market tanks, and your job and savings goes away with it?  I would much rather not owe $2000 /mo in this scenario.

We all realize that mathematically, investing comes out ahead, but you are completely ignoring the mental satisfaction of being debt free, along with everyone's personal risk tolerance.  You obviously have a higher risk tolerance, which works for you.  However, between myself and many others in this thread, there is no better night's sleep than living debt free.

Congratulations to all of you that have made it!

Captain and Mrs Slow

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Re: Mortgage Payoff Club!!
« Reply #1128 on: January 18, 2017, 01:45:02 AM »
Neustache - I'm recently divorced (about 2 years ago) with 4 grown kids.

  I'm about $440,000

 Paying off my mortgage is a huge focus for me right now so I can move forward with plans to retire at 55.  :)

That's pretty impressive coming off a divorce, most people get wiped out and have to start over. I'm just about to make my first lump sum paymen, I held off for a long time as it was an investment property, but we just moved back in. Called the mortgage company and 4 years of lump sum payments plus 4 months and that baby is gone! After a decade of renting it feels so good to be owners again. Also accelerating our investment mortgages as I want those gone in 9 years when the wife retires, this will give us an extra 1200 a month in income, nothing to sneeze at
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Trifele

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Re: Mortgage Payoff Club!!
« Reply #1129 on: January 18, 2017, 06:40:13 AM »
Count me in!  We have a $89,900 balance, and the mortgage is our only debt.  Property tax and insurance is about $290 per month.  So we are pretty much where you are Frugalkristen and Neustache.  We are looking to kill ours by the end of next year -- December '18.  Will feel amazing!!!   

minimalistgamer

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Re: Mortgage Payoff Club!!
« Reply #1130 on: January 18, 2017, 06:44:19 AM »
I have the money to pay off the house...

I am not sure if I should go for it. It scares me for some reason...
I paid off my mortgage! You can read the details here -
https://minimalistgamer.blogspot.com/2017/01/paid-off-our-mortgage.html

Feel free to ask any questions.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1131 on: January 18, 2017, 06:45:27 AM »
Trifele - I think KBecks is around that balance as well.  I'm shooting for sometime in 2018 as our payoff...maybe sooner if we sell our rental. 


KBecks

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Re: Mortgage Payoff Club!!
« Reply #1132 on: January 18, 2017, 07:05:30 AM »
I have the money to pay off the house...

I am not sure if I should go for it. It scares me for some reason...

If you don't like having it paid off, you could take a HELOC. :)

minimalistgamer

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Re: Mortgage Payoff Club!!
« Reply #1133 on: January 19, 2017, 06:33:20 AM »
I have the money to pay off the house...

I am not sure if I should go for it. It scares me for some reason...

If you don't like having it paid off, you could take a HELOC. :)

Haha! I definitely like having it paid off :p I have to break a CD to do so...I don't know why I am shying away from it. Perhaps someone needs to talk me into it. I don't know. I definitely do not want to make banks richer :p
I paid off my mortgage! You can read the details here -
https://minimalistgamer.blogspot.com/2017/01/paid-off-our-mortgage.html

Feel free to ask any questions.

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1134 on: January 19, 2017, 07:46:02 AM »
Trifele - I think KBecks is around that balance as well.  I'm shooting for sometime in 2018 as our payoff...maybe sooner if we sell our rental.

We're around $82, and working it down bit by bit.  I see a few people who are in the same general area, and that's fun!

farmecologist

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Re: Mortgage Payoff Club!!
« Reply #1135 on: January 19, 2017, 08:11:44 AM »
Did it! Took some available cash and paid off the mortgage!  Personal banker had no idea what to do.  She had never seen this before.  Can't wait to see our investments build like crazy now.

Congratulations!  I did the same at the end of October--nearly drained the emergency fund, but it's almost rebounded and I can't describe the feeling of being completely debt free.  I appreciate that there's dissenting opinion on the wisdom of this, but I don't regret paying that sucker off for one minute.

Congrats!

Dissenting opinion is an understatement.  There are many on the boards that will berate you in a patronizing manner if you even mention paying off the mortgage.  At least this thread is a somewhat 'safe' area to talk about it.


KBecks

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Re: Mortgage Payoff Club!!
« Reply #1136 on: January 19, 2017, 12:46:32 PM »
This month we're putting on an extra $1,800, not a ton but it's still progress.  It will move us into the 70s, with a new balance of roughly $79,960.

I find it motivating to try and get down to lower numbers, so getting out of the 80's was motivating.  Next I'll look at $75, how quick we can get that, etc. etc. etc.

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #1137 on: January 20, 2017, 10:47:47 AM »
So we walked in to our CU on Saturday and sent off the death blow via wire transfer.  I still don't trust the mortgage company to acknowledge receipt of the transfer nor apply it correctly to our account as they have yet to do anything correctly in the two years since they bought our mortgage, so I'm waiting until Wednesday and then giving them a call. 

On the other hand, it feels awesomely freeing to have no debt to anyone in the world.

For those in a similar situation, wait a month or two and then check with your county register of deeds to make sure the mortgage lien has been cleared.

Oh, heck.  Everybody do it.  It's best to double-check.

frugalkristen

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Re: Mortgage Payoff Club!!
« Reply #1138 on: January 20, 2017, 06:19:51 PM »
I won't be able to pay it of as fast as everyone else has here.  My income limits me but I have about $36,000 in cash right now.  I'm maxing my Roth then putting some money toward the mortgage.  I'll add a little extra every month.  I'm hoping to put about $15,000 extra toward paying it off each year.  I've never had much debt (only mortgages and car loans - my car is paid off now) but getting rid of this mortgage has become a main focus.  It's the reason I take extra shifts at work, pick up shifts with a second job, and earn money online every day.  It all adds up!  (Last year, that extra effort totaled about $7800!)

minimalistgamer

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Re: Mortgage Payoff Club!!
« Reply #1139 on: January 20, 2017, 08:26:36 PM »
I need advice here.

Here is my networth situation - http://imgur.com/a/BO23I

I am earning 2.30% on the CD, and 1% on the savings account. My mortgage interest rate is at 3%. I am thinking about closing the CD and paying off the house. Is this a good idea? Thanks for any insights into this.
I paid off my mortgage! You can read the details here -
https://minimalistgamer.blogspot.com/2017/01/paid-off-our-mortgage.html

Feel free to ask any questions.

mies

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Re: Mortgage Payoff Club!!
« Reply #1140 on: January 21, 2017, 03:17:40 AM »
I need advice here.

Here is my networth situation - http://imgur.com/a/BO23I

I am earning 2.30% on the CD, and 1% on the savings account. My mortgage interest rate is at 3%. I am thinking about closing the CD and paying off the house. Is this a good idea? Thanks for any insights into this.

If it looks like you would save more in interest than you would earn by leaving it in the CD and savings account, it seems like a solid idea to me. That's partly how I rationalized draining my savings to pay off our house :D I was earning %0.95 interest in my savings account and paying %3.39 on the mortgage. I just made sure I left a few months worth of expenses in my savings account and used the rest to pay off the mortgage. It looks like even if you cash out your CD and liquidate your savings, you'll still have plenty left over.

Once you have that mortgage off your back, you can build your savings back up pretty quickly. After paying off my mortgage, I was able to double my 401(k) contributions and get my cash savings back up to a comfortable level pretty quickly. It's nice doing those net worth calculations when you are completely in the black :)

Good luck with whatever you decide to do! Also, yay for minimalism :) My user name alludes to minimalism in architecture.
« Last Edit: January 21, 2017, 03:21:36 AM by mies »
Less is more.

minimalistgamer

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Re: Mortgage Payoff Club!!
« Reply #1141 on: January 21, 2017, 08:31:30 AM »

If it looks like you would save more in interest than you would earn by leaving it in the CD and savings account, it seems like a solid idea to me. That's partly how I rationalized draining my savings to pay off our house :D I was earning %0.95 interest in my savings account and paying %3.39 on the mortgage. I just made sure I left a few months worth of expenses in my savings account and used the rest to pay off the mortgage. It looks like even if you cash out your CD and liquidate your savings, you'll still have plenty left over.

Once you have that mortgage off your back, you can build your savings back up pretty quickly. After paying off my mortgage, I was able to double my 401(k) contributions and get my cash savings back up to a comfortable level pretty quickly. It's nice doing those net worth calculations when you are completely in the black :)

Good luck with whatever you decide to do! Also, yay for minimalism :) My user name alludes to minimalism in architecture.

I will definitely save more in interest if I were to pay off the house. I will lose 180 days worth of simple interest, but in the long run, its more profitable for me to not have a mortgage.

Thanks for your advice.

Quote
Good luck with whatever you decide to do! Also, yay for minimalism :) My user name alludes to minimalism in architecture.

Most definitely! The reason I am able to pay off the house so early is due to the fact that I have been a minimalist for a long time. I focused on the things that made me happy and I cut out the rest. Made my life a lot easier!
I paid off my mortgage! You can read the details here -
https://minimalistgamer.blogspot.com/2017/01/paid-off-our-mortgage.html

Feel free to ask any questions.

sansimeon

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Re: Mortgage Payoff Club!!
« Reply #1142 on: January 22, 2017, 06:45:29 AM »
Original Loan:  $226k in Feb 2013. 
discovered mustache at the end of that year and started on early payoff.
Current balance:  $79k.
Expected payoff:  Feb 2018.

One year to go!  Can start to taste the freedom.  Thanks to people on this thread for providing good examples and motivation.  I really cannot wait for this goal to be complete.  I'll feel a lot more comfortable leaving my high stress job once this is done.

BBub

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Re: Mortgage Payoff Club!!
« Reply #1143 on: January 25, 2017, 09:25:50 AM »
Currently around $83k.  Paying $1,750/mo, which will eliminate it in about 4yrs.  Will probably freak out at some point between now & then, and just demolish it.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1144 on: January 25, 2017, 02:17:01 PM »

So we walked in to our CU on Saturday and sent off the death blow via wire transfer. I still don't trust the mortgage company to acknowledge receipt of the transfer nor apply it correctly to our account as they have yet to do anything correctly in the two years since they bought our mortgage, so I'm waiting until Wednesday and then giving them a call. 

On the other hand, it feels awesomely freeing to have no debt to anyone in the world.

A Lot of people (me included) seem to have this same worry.  I've always thought that I would pay off the majority of my mortgage then watch my statements while the paperwork catches up to my payments.  If I make my final payment in response to a bank invoice, in the exact amount that they've requested, then I have some pretty good evidence that their records are up to date and that I've paid it off...even if I have to wait a few more months to see it in the county records.  But I have never seen anyone else discuss this as a plan.  Anyone? 
Sometimes nothing can be a real cool hand

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1145 on: January 25, 2017, 03:33:22 PM »
I used to work at a title company, where we paid off mortgages on a daily basis...it's really not a big deal, you guys.  They get the check (with daily interest added to make sure it's above the balance), they cut the homeowner a check for the difference, then they send the Deed of Release to the county for recording.  Every once in a while, something was paid off and we needed a release.  So we'd call them, they would send us a release.  By all means, keep on eye on it, but in my experience this really isn't a thing to be overly worried about. 


Lochi21

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Re: Mortgage Payoff Club!!
« Reply #1146 on: January 25, 2017, 04:03:45 PM »
I used to work at a title company, where we paid off mortgages on a daily basis...it's really not a big deal, you guys.  They get the check (with daily interest added to make sure it's above the balance), they cut the homeowner a check for the difference, then they send the Deed of Release to the county for recording.  Every once in a while, something was paid off and we needed a release.  So we'd call them, they would send us a release.  By all means, keep on eye on it, but in my experience this really isn't a thing to be overly worried about.

Thanks Neustache.  I was thinking it couldn't be that hard.  Later this year I plan to make a large lump sum payment of around 125K to completely pay off my mortgage balance. Do I contact the mortgage company (Wells Fargo) a day or two before to find out the payoff amount and then just show up to a local branch with a cashier's check from my personal bank (Chase)?  Do you foresee any issues with this large lump sum type of transaction?  I know there is no pre-payment penalty on my loan.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1147 on: January 25, 2017, 05:27:50 PM »
The way we always did it (pre-2005, not sure what they do now) is we'd call the mortgage company for a payoff letter good thru X date (usually 5 days past closing date) and then they'd fax it to us (LOL...fax....I'm sure they e-mail it now). 

Then we'd follow the instructions on the payoff letter and either wire it or overnight a check.  BUT....title company checks are considered (or at least they were) almost like a certified check.  So unless you are wiring the amount I'd get a cashier's check. 

Now here's the bit I don't know - we'd always overnight our checks (and charge the seller or refinancer $15 to do so!) so that we'd know it was there on time or not, as we were guaranteeing a clear title and we didn't want the seller or person refinancing saying we held the check, so we wanted proof of receipt.  So I guess I don't know what it's like to just walk into a company with a check for payoff - I've never done it!

If you don't have a prepayment penalty, no, there shouldn't be an issue with your lump sum.  I'd just call your mortgage company because everyone is going have a different way of wanting you to do it.  I plan on paying mine off online....although taking a check there would be fun, too!

Think about it this way - every time someone sells a house there's a huge (usually) lump sum paid on the mortgage when the buyer's funds (or in the case of refinance, your new mortgage company's funds) gets processed by the title company or attorney's office. 

If you've ever refinanced but never worried about it getting the previous mortgage paid off...well...it's basically the same thing happening here.  I hope that helps!

4n6

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Re: Mortgage Payoff Club!!
« Reply #1148 on: January 25, 2017, 06:08:26 PM »
I do hope we can do this. So I will post: $148,771 left on a 12 year mortgage with 2.875% interest. No matter what this will be done actually in 10 years, but I am hoping to do it sooner to give us more room for FI and flexibility with our budget. I first need to pay off our car and then can use that extra money for savings AND the mortgage. Congrats to everyone on their success so far.
Created a personal finance blog to track my progress to FI. Come check it out at http://www.reachingourbalance.com

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1149 on: January 29, 2017, 04:29:29 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 - $67650
2017 - $2700

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

01/05 Remaining balance $34633

01/29 Remaining balance $32965
 
Ugg - little movement. 8 months to hit my target 9/9 payoff. $4120 needed per month. Maybe getting in the $20's will re-motivate me - I think I have payoff blues!
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