Author Topic: Mortgage Payoff Club!!  (Read 233764 times)

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1150 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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couponvan

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Re: Mortgage Payoff Club!!
« Reply #1151 on: January 30, 2017, 09:52:40 AM »
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.
We just did a payoff last April with WF....you call and they give you a payoff amount good for a certain amount of time. They wanted a wire tranfer, not a check. Our personal bank is Chase as well, and they waived the wire fee as we are private clients. It was fairly painless.
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)




minimalistgamer

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Re: Mortgage Payoff Club!!
« Reply #1152 on: January 30, 2017, 10:14:19 AM »
Paid it off last Friday! :)

Posted about it here - http://forum.mrmoneymustache.com/share-your-badassity/i-did-it!-the-mortgage-is-gone!-its-paid-off!/

Yes, WF wanted a wire transfer. Not a huge hassle.
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.

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1153 on: January 30, 2017, 10:21:58 AM »
Paid it off last Friday! :)

Posted about it here - http://forum.mrmoneymustache.com/share-your-badassity/i-did-it!-the-mortgage-is-gone!-its-paid-off!/

Yes, WF wanted a wire transfer. Not a huge hassle.

Congratulations - time for the happy dance!

minimalistgamer

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Re: Mortgage Payoff Club!!
« Reply #1154 on: January 30, 2017, 10:52:43 AM »
Paid it off last Friday! :)

Posted about it here - http://forum.mrmoneymustache.com/share-your-badassity/i-did-it!-the-mortgage-is-gone!-its-paid-off!/

Yes, WF wanted a wire transfer. Not a huge hassle.

Congratulations - time for the happy dance!

Thank you so much. Its an amazing feeling. I was very nervous about paying off the loan in one shot, but...man, its worth it!
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.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1155 on: February 01, 2017, 10:15:48 AM »
Paid it off last Friday! :)

Posted about it here - http://forum.mrmoneymustache.com/share-your-badassity/i-did-it!-the-mortgage-is-gone!-its-paid-off!/

Yes, WF wanted a wire transfer. Not a huge hassle.

CONGRATULATIONS!!!!!
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)




Travelling Biologist

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Re: Mortgage Payoff Club!!
« Reply #1156 on: February 01, 2017, 06:26:33 PM »
Paid it off last Friday! :)

Posted about it here - http://forum.mrmoneymustache.com/share-your-badassity/i-did-it!-the-mortgage-is-gone!-its-paid-off!/

Yes, WF wanted a wire transfer. Not a huge hassle.

Congrats!!!

Travelling Biologist

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Re: Mortgage Payoff Club!!
« Reply #1157 on: February 01, 2017, 06:35:18 PM »
We paid off our mortgage today!!! We got the mortgage in fall 2009. We started out paying double each month, then slowed down to regular payments during parental leaves and when we realized that we would probably be better off investing. We'd often contemplated paying it down, but we were always in that strange position where we had too much left to pay it off quickly (I'm impatient!) and didn't want to be in a position where we started putting a lot of money into it but wouldn't have it paid off if one of us lost our jobs or something. But a couple of posts in this thread with rapidly declining balances that were as large as ours got me thinking. We used profits from selling our rental, put some idle cash to work, and sold off a few investments and paid it off in one fell swoop today! This means that we could comfortably live on just one of our salaries indefinitely if need be, and in the meantime we will be investing one salary and then some! Note that we did this after maxing out all tax advantaged accounts.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1158 on: February 01, 2017, 06:48:09 PM »
We paid off our mortgage today!!! We got the mortgage in fall 2009. We started out paying double each month, then slowed down to regular payments during parental leaves and when we realized that we would probably be better off investing. We'd often contemplated paying it down, but we were always in that strange position where we had too much left to pay it off quickly (I'm impatient!) and didn't want to be in a position where we started putting a lot of money into it but wouldn't have it paid off if one of us lost our jobs or something. But a couple of posts in this thread with rapidly declining balances that were as large as ours got me thinking. We used profits from selling our rental, put some idle cash to work, and sold off a few investments and paid it off in one fell swoop today! This means that we could comfortably live on just one of our salaries indefinitely if need be, and in the meantime we will be investing one salary and then some! Note that we did this after maxing out all tax advantaged accounts.

FANTASTIC!!  I sometimes run cocktail napkin math about this very scenario....
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)




SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1159 on: February 01, 2017, 09:49:28 PM »
We paid off our mortgage today!!! We got the mortgage in fall 2009. We started out paying double each month, then slowed down to regular payments during parental leaves and when we realized that we would probably be better off investing. We'd often contemplated paying it down, but we were always in that strange position where we had too much left to pay it off quickly (I'm impatient!) and didn't want to be in a position where we started putting a lot of money into it but wouldn't have it paid off if one of us lost our jobs or something. But a couple of posts in this thread with rapidly declining balances that were as large as ours got me thinking. We used profits from selling our rental, put some idle cash to work, and sold off a few investments and paid it off in one fell swoop today! This means that we could comfortably live on just one of our salaries indefinitely if need be, and in the meantime we will be investing one salary and then some! Note that we did this after maxing out all tax advantaged accounts.

Congratulations and Happy Dance ensues

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1160 on: February 02, 2017, 01:46:58 PM »
We paid off our mortgage today!!! We got the mortgage in fall 2009. We started out paying double each month, then slowed down to regular payments during parental leaves and when we realized that we would probably be better off investing. We'd often contemplated paying it down, but we were always in that strange position where we had too much left to pay it off quickly (I'm impatient!) and didn't want to be in a position where we started putting a lot of money into it but wouldn't have it paid off if one of us lost our jobs or something. But a couple of posts in this thread with rapidly declining balances that were as large as ours got me thinking. We used profits from selling our rental, put some idle cash to work, and sold off a few investments and paid it off in one fell swoop today! This means that we could comfortably live on just one of our salaries indefinitely if need be, and in the meantime we will be investing one salary and then some! Note that we did this after maxing out all tax advantaged accounts.

CONGRATS!!!!!!

Travelling Biologist

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Re: Mortgage Payoff Club!!
« Reply #1161 on: February 02, 2017, 02:15:15 PM »
Thanks, everyone! I feel kind of bad posting on this thread after paying off in one fell swoop when everyone is making such amazing steady progress, but there is no one else I can tell! Thanks for letting me indulge :)

asauer

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Re: Mortgage Payoff Club!!
« Reply #1162 on: February 02, 2017, 04:38:42 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!

Awesome job!  Congrats!

farmecologist

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Re: Mortgage Payoff Club!!
« Reply #1163 on: February 02, 2017, 07:52:37 PM »
Thanks, everyone! I feel kind of bad posting on this thread after paying off in one fell swoop when everyone is making such amazing steady progress, but there is no one else I can tell! Thanks for letting me indulge :)

Congrats!  I was in a similar situation.  Had stock options that were going to expire and used them to pay off the mortgage a few years ago.  Best thing I ever did..despite what "the math" ( i.e. - skeptics ) say.


FireLane

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Re: Mortgage Payoff Club!!
« Reply #1164 on: February 03, 2017, 04:58:17 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!

Down to $38K as of February. I'm getting impatient to be done with this now that the amount left is so small. :)

Lochi21

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Re: Mortgage Payoff Club!!
« Reply #1165 on: February 03, 2017, 05:43:22 AM »
We paid off our mortgage today!!! We got the mortgage in fall 2009. We started out paying double each month, then slowed down to regular payments during parental leaves and when we realized that we would probably be better off investing. We'd often contemplated paying it down, but we were always in that strange position where we had too much left to pay it off quickly (I'm impatient!) and didn't want to be in a position where we started putting a lot of money into it but wouldn't have it paid off if one of us lost our jobs or something. But a couple of posts in this thread with rapidly declining balances that were as large as ours got me thinking. We used profits from selling our rental, put some idle cash to work, and sold off a few investments and paid it off in one fell swoop today! This means that we could comfortably live on just one of our salaries indefinitely if need be, and in the meantime we will be investing one salary and then some! Note that we did this after maxing out all tax advantaged accounts.

Congratulations!!  That is an incredible amount of interest saved and a really impressive payoff timeline.  I'm assuming you are now 100% debt-free and will remain that way for the rest of your lives?  Think about how awesome that is!!  I'm a few months from joining you with my own mortgage and I'm really looking forward to removing the hyena's from my pocket forever!!

theadvicist

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Re: Mortgage Payoff Club!!
« Reply #1166 on: February 03, 2017, 05:54:57 AM »
We're not going hardcore on the mortgage paying off, but being in the UK where rates are variable or only fixed for a few years, it's something I've been working towards, so I'd love to join in?

We've had really historic low rates here, yet I remember in the 90s my parents mortgage climbing to double digits! Something like 15%. Can you imagine paying 15% of your total loan value to the bank every year?

We started in 2009 borrowing 157,000. That mortgage was at 5.49% and we were paying about 24 A DAY interest. In the five years we had that mortgage we paid 39,000 in interest, and paid of 11,000 principle. Yikes!

Managed to get a much lower rate when that mortgage expired in 2014. I also chose an offset savings account, where you savings reduce the mortgage balance on which you pay interest, as even at 2.49% there were no savings accounts which could beat it, and we keep 6 months on hand in cash at all times.

Suddenly our interest payments were more like 5 a day, so we made huge inroad into the debt. In the two year life of that deal, we paid 3,340 interest, and 12,000 principle. Compare that to the first scenario - where in 5 years we only paid of 11k and paid TEN TIMES the interest!

This is when I got quite focussed because I realised that extra payment while rates were so low would have a huge impact on the principal. I got determined to pay it off before rates went up. Note, I was still investing for maximum tax relief (SIPP pension), but not taking advantage of all tax sheltered accounts (ISAs).

I paid off about 50k extra principal from saving our income in mid 2016, when we were again due a new mortgage deal. This also brought us to under 60% Loan To Value ratio, meaning we could get a rate of 1.5%. Currently we are paying 2.50 a day in interest - down from ten times that at the beginning. I also decided to shorten the amortization from 30 years to 15 years. Combined with another offset account, we are reducing the balance by about 450 a month.

I consider myself so lucky to live in this time of low interest rates. If the cycle repeats itself I should be piling up the savings as rates go higher as well.

2009 Original balance: 157,000
2017 Current balance: 81,850. I'm amazing to see 1k knocked off nearly every other month.

We can overpay by 10% per year without penalty. The deal expires in mid-2019, at which time we can pay it all off with a lump sum without penalty if we choose.

So my priorities are thus: maximum tax relief on Retirement account first and foremost. Then a split between ISAs (stocks and shares tax sheltered savings accounts) and paying off the mortgage. You guys are really inspiring! Thank you. 

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1167 on: February 10, 2017, 08:56:14 AM »
I've really enjoyed the energy and excitement of this thread. Slaying that huge debt is commendable and worth celebrating. Congrats, guys!

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #1168 on: February 11, 2017, 05:07:06 AM »
Under $20k

XLLaK7wsV

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Re: Mortgage Payoff Club!!
« Reply #1169 on: February 12, 2017, 11:46:08 AM »
Been following this thread for a couple years and that got me to focus on getting it knocked out.  Finally got it paid off this month.  Here is the balance since I started logging it during the paydown:

01/8/2016    $40,100
02/5/2016    $37,200
03/4/2016    $34,200
04/2/2016    $31,100
05/1/2016    $28,900
06/1/2016    $25,400
07/1/2016    $22,800
08/1/2016    $19,300
09/1/2016    $16,300
10/1/2016    $11,600
11/1/2016    $11,000
12/1/2016    $10,500
01/1/2017    $  9,900
02/1/2017    $  4,600
02/9/2017    $       0

Probably won't feel different till next month when there is no payment to make.  Thanks for the inspiration in this thread!

markbike528CBX

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Re: Mortgage Payoff Club!!
« Reply #1170 on: February 12, 2017, 09:26:34 PM »
@XLLaK7wsV

Do tell
       a) how does it feel next month
       b) what you did with all that new cash (we hope it is in VTSAX or VXUS or similar :-)


Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1171 on: February 15, 2017, 09:53:43 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!
February '16  81k

Payoff will slow down a bit over the next few months but hoping to be free of it by the the end of 2017

runewell

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Re: Mortgage Payoff Club!!
« Reply #1172 on: February 15, 2017, 12:10:02 PM »
I think paying off my mortgage would be a TERRIBLE idea.

My rate is 2.625% and by deducting my $3,430 of mortgage interest I saved $784 in taxes, making my effective borrowing rate 2.025%


2.625% x (3430-784)/3430 = 2.025%

I would expect to get a much higher return out of the stock market.  Everyone's situation is different, but by paying down your market you are merely guaranteeing a rate of return equal to your loan's interest rate.  Does that really make financial sense?

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1173 on: February 15, 2017, 12:57:44 PM »
Those are good points runewell and at that interest rate I'm not sure what I would do. For me I just don't want debt and without a mortgage monthly cash flow is significantly improved. We are already saving ~20% for retirement and without a mortgage will be able to bump that up to over 30% so we are not paying down the mortgage at the expense of saving.

 I've never understood the whole appeal of deducting mortgage interest unless I'm understanding it wrong . Say someone makes 150k a year and pays 30k a year towards their mortgage with 10k going toward interest. At the end of the year they will pay taxes on 140k instead of 150k...correct? So to get that 10k deduction they had to pay 30k. If that same person didn't have a mortgage couldn't they just take that 30k and put 20k in taxable investments and give 10k to charity and get a deduction?

wauske

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Re: Mortgage Payoff Club!!
« Reply #1174 on: February 15, 2017, 01:11:20 PM »
Current status: under 20k
Strech goal: Kill it in 2017

Major plus is that our interest dropped from 4% fixed to 2% variable (montly recalculation). My interest is now 30/month :D
Everything I say is my personal opinion which is based on my subjective experience.

runewell

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Re: Mortgage Payoff Club!!
« Reply #1175 on: February 15, 2017, 02:26:48 PM »
I've never understood the whole appeal of deducting mortgage interest
Well I'm not borrowing money just so I can pay lower taxes - I want a house as well!  The relevant point is that about 1/4 of the amount I pay in interest comes back to me, so I am only paying 3/4 of the interest when all is said and done. 

What I don't understand is why people are celebrating the 2-4% rate of returns people are getting by prepaying their mortgages. 
« Last Edit: February 15, 2017, 02:28:37 PM by runewell »

Decoy1

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Re: Mortgage Payoff Club!!
« Reply #1176 on: February 15, 2017, 03:10:41 PM »
I've never understood the whole appeal of deducting mortgage interest
Well I'm not borrowing money just so I can pay lower taxes - I want a house as well!

Hahaha

I really don't think there is a right or wrong answer when it comes to paying off debt vs investing. I imagine in the end it will all be a wash and we will both be fine. I guess I'm just glad we live in a time with amazingly low rates...who would've ever thought we'd have sub 3% rates.

flowrider

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Re: Mortgage Payoff Club!!
« Reply #1177 on: February 15, 2017, 06:28:51 PM »
I've never understood the whole appeal of deducting mortgage interest
Well I'm not borrowing money just so I can pay lower taxes - I want a house as well!  The relevant point is that about 1/4 of the amount I pay in interest comes back to me, so I am only paying 3/4 of the interest when all is said and done. 

What I don't understand is why people are celebrating the 2-4% rate of returns people are getting by prepaying their mortgages.
Here in NZ interest rates are creeping up with most terms now over 5% and there are no tax benefits for non investment properties here. For me having the mortgage paid off will be a weight off the shoulders. I am under $10k to go now.

AcctgGuy

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Re: Mortgage Payoff Club!!
« Reply #1178 on: February 17, 2017, 02:15:03 PM »
I am joining this crew. Ultimately, I want my wife to stay home with our future kids. A big step to accomplishing that will be killing this mortgage. I'm also looking forward to NEVER having a mortgage/rent payment outside of tax/insurance ever again once we tackle this!

Beginning Balance March 2016: $243,600 (20% Equity)

February 2017: $213,900 (30% Equity)

I'm happy with our progress so far but a long way to go. On to getting this thing under $200k.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1179 on: February 18, 2017, 09:35:38 AM »
I've never understood the whole appeal of deducting mortgage interest
Well I'm not borrowing money just so I can pay lower taxes - I want a house as well!  The relevant point is that about 1/4 of the amount I pay in interest comes back to me, so I am only paying 3/4 of the interest when all is said and done. 

What I don't understand is why people are celebrating the 2-4% rate of returns people are getting by prepaying their mortgages.
Diversification. Paying the mortgage early is similar to buying a bond in many ways. I have zero bonds in my portfolio.
« Last Edit: March 06, 2017, 10:48:52 PM by pdxmonkey »

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1180 on: February 21, 2017, 08:38:10 AM »
Kinda shocked to see the pay off home versus invest debate in this thread. Indeed it is an interesting debate (i am personally on the slow-pay-off side), but I'd like to see this thread be a safe space for people who take the commendable step of living in a paid-for house.

The consumer-world celebrates people for buying things, even when some of those things may detract from over-all wealth. Why shouldn't we celebrate this triumph of anti-consumerism?

jordanread

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Re: Mortgage Payoff Club!!
« Reply #1181 on: February 21, 2017, 08:42:01 AM »
Kinda shocked to see the pay off home versus invest debate in this thread. Indeed it is an interesting debate (i am personally on the slow-pay-off side), but I'd like to see this thread be a safe space for people who take the commendable step of living in a paid-for house.

The consumer-world celebrates people for buying things, even when some of those things may detract from over-all wealth. Why shouldn't we celebrate this triumph of anti-consumerism?

Don't be that shocked. It's 24 pages long, and I'd say that there is less than 2 pages of that. Otherwise, it's more like a celebration thread for those who go this route. Use it as such, and you'll be fine.
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wauske

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Re: Mortgage Payoff Club!!
« Reply #1182 on: February 21, 2017, 01:31:51 PM »
Kinda shocked to see the pay off home versus invest debate in this thread. Indeed it is an interesting debate (i am personally on the slow-pay-off side), but I'd like to see this thread be a safe space for people who take the commendable step of living in a paid-for house.

The consumer-world celebrates people for buying things, even when some of those things may detract from over-all wealth. Why shouldn't we celebrate this triumph of anti-consumerism?

Don't be that shocked. It's 24 pages long, and I'd say that there is less than 2 pages of that. Otherwise, it's more like a celebration thread for those who go this route. Use it as such, and you'll be fine.

A big part of the choice is also what you feel comfortable with. Some people calculate risks and choose investment over paying off because it is the most profitable way within their scope of calculation. Personally, I chose that guaranteed with no risks result of wiping out the mortgage and will start investing after clearing it (only 19k to go!).
Everything I say is my personal opinion which is based on my subjective experience.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1183 on: February 21, 2017, 01:58:35 PM »
Kinda shocked to see the pay off home versus invest debate in this thread. Indeed it is an interesting debate (i am personally on the slow-pay-off side), but I'd like to see this thread be a safe space for people who take the commendable step of living in a paid-for house.

The consumer-world celebrates people for buying things, even when some of those things may detract from over-all wealth. Why shouldn't we celebrate this triumph of anti-consumerism?

Don't be that shocked. It's 24 pages long, and I'd say that there is less than 2 pages of that. Otherwise, it's more like a celebration thread for those who go this route. Use it as such, and you'll be fine.

A big part of the choice is also what you feel comfortable with. Some people calculate risks and choose investment over paying off because it is the most profitable way within their scope of calculation. Personally, I chose that guaranteed with no risks result of wiping out the mortgage and will start investing after clearing it (only 19k to go!).

I have waffled on this one over and over.  Good job only having $19K to go! There's something intrinsicly satisfying in having a paid off home. 
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)




wauske

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Re: Mortgage Payoff Club!!
« Reply #1184 on: February 21, 2017, 02:13:40 PM »
Kinda shocked to see the pay off home versus invest debate in this thread. Indeed it is an interesting debate (i am personally on the slow-pay-off side), but I'd like to see this thread be a safe space for people who take the commendable step of living in a paid-for house.

The consumer-world celebrates people for buying things, even when some of those things may detract from over-all wealth. Why shouldn't we celebrate this triumph of anti-consumerism?

Don't be that shocked. It's 24 pages long, and I'd say that there is less than 2 pages of that. Otherwise, it's more like a celebration thread for those who go this route. Use it as such, and you'll be fine.

A big part of the choice is also what you feel comfortable with. Some people calculate risks and choose investment over paying off because it is the most profitable way within their scope of calculation. Personally, I chose that guaranteed with no risks result of wiping out the mortgage and will start investing after clearing it (only 19k to go!).

I have waffled on this one over and over.  Good job only having $19K to go! There's something intrinsicly satisfying in having a paid off home.
When in doubt, why not split between both?
Everything I say is my personal opinion which is based on my subjective experience.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1185 on: February 21, 2017, 02:40:09 PM »
Kinda shocked to see the pay off home versus invest debate in this thread. Indeed it is an interesting debate (i am personally on the slow-pay-off side), but I'd like to see this thread be a safe space for people who take the commendable step of living in a paid-for house.

The consumer-world celebrates people for buying things, even when some of those things may detract from over-all wealth. Why shouldn't we celebrate this triumph of anti-consumerism?

Don't be that shocked. It's 24 pages long, and I'd say that there is less than 2 pages of that. Otherwise, it's more like a celebration thread for those who go this route. Use it as such, and you'll be fine.

A big part of the choice is also what you feel comfortable with. Some people calculate risks and choose investment over paying off because it is the most profitable way within their scope of calculation. Personally, I chose that guaranteed with no risks result of wiping out the mortgage and will start investing after clearing it (only 19k to go!).

I have waffled on this one over and over.  Good job only having $19K to go! There's something intrinsicly satisfying in having a paid off home.
When in doubt, why not split between both?
Ha...paid off one, and kept a mortgage 2.625% 15 yr. on the other....see, I waffle quite well.  I think when my invested assets hit $1.0M I will switch back to paying off the remaining main house mortgage. Currently up to paying off $1.5K in principal each month - would like to bump that to $2.0K in principal each month starting in April.
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)




dreaming

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Re: Mortgage Payoff Club!!
« Reply #1186 on: February 22, 2017, 02:00:00 PM »
I am in the group of paying off my mortgage early.  I don't like owing anyone anything and I will feel like this burden will be lifted.   With that said, we are in the straight stretch of paying it off.  I am looking to be done with it in June.  I just paid for March and so now the balance is $12,716.  It's so close I can taste it.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1187 on: February 23, 2017, 10:39:13 AM »

Ha...paid off one, and kept a mortgage 2.625% 15 yr. on the other....see, I waffle quite well.  I think when my invested assets hit $1.0M I will switch back to paying off the remaining main house mortgage. Currently up to paying off $1.5K in principal each month - would like to bump that to $2.0K in principal each month starting in April.

I used 1.0M as the marker too, but then I kept doing both when I saw how fast the numbers grow when you get to $1M.  I also reduced my monthly extra principal payment to just under my full mortgage payment amount.  If my extra payment is under the full monthly PITI amount due to the bank, the bank automatically applies it to principal.  If it is the same or over my monthly payment, then the bank automatically applies it to the next month's payment and then any extra money is applied to additional principal.  For whatever reason, there is no way to default to my preference, so I would have to call the bank every month right before they receive the payment to let them know.  I've never been successful at this, so the change always is made after the payment is made, and their bookkeeping of the change is always very confusing.  So now, I double my mortgage payment, minus $10 dollars.  I think when I want to make a big payment ($20k or more), I'll walk into the bank and make sure they apply it the way I want the first time.  Small sacrifices! 
Sometimes nothing can be a real cool hand

KBecks

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Re: Mortgage Payoff Club!!
« Reply #1188 on: February 23, 2017, 11:35:10 AM »
Bluehouse, our mortgage company, Freedom Mortgage, is weird about taking extra payments.  I am doing old fashioned statement payments which have an area for -- extra principal -- but the opportunity to pay extra is only once a month, if I send in payments in another form, they were applying to the next payment.  This is a little putzy but it works.

For us:
Old balance 79, 950
New balance after March payment 76, 150

We may put some savings towards it and pay down bigger chunks but I want wait another month or two.   Last night my husband said he's willing to go on an AT hike when the mortgage is paid off and kids college is going well.  I say, bring it on!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1189 on: February 23, 2017, 11:20:17 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 - $8964

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

02/23 Remaining balance $26692
 
Good month - in the 20's. I am definitely seeing a light at the end of the tunnel.

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #1190 on: February 25, 2017, 03:55:17 PM »

dreaming

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Re: Mortgage Payoff Club!!
« Reply #1191 on: March 02, 2017, 09:37:51 AM »
I am in the group of paying off my mortgage early.  I don't like owing anyone anything and I will feel like this burden will be lifted.   With that said, we are in the straight stretch of paying it off.  I am looking to be done with it in June.  I just paid for March and so now the balance is $12,716.  It's so close I can taste it.

I couldn't fight the urge anymore.  We paid off the house today!  It feels good, but I bet it will feel even better come the end of the month when I normally make a payment and won't have to!

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #1192 on: March 02, 2017, 11:50:36 AM »
^same here.  Money wasn't in the market(wasn't going to jump in now), wasn't doing any good in my savings account.  Mortgage gone.  30 year loan paid off in 11.  Easily one hundred thousand saved in interest.  I never like paying money for not having money.


BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1193 on: March 02, 2017, 01:36:07 PM »
I couldn't fight the urge anymore.  We paid off the house today!  It feels good, but I bet it will feel even better come the end of the month when I normally make a payment and won't have to!

Woo-hoo!  Good job!   

^same here.  Money wasn't in the market(wasn't going to jump in now), wasn't doing any good in my savings account.  Mortgage gone.  30 year loan paid off in 11.  Easily one hundred thousand saved in interest.  I never like paying money for not having money.
Man, this makes me want to make a big drop into my account.  I have a bunch of cash waiting to invest, but I can't bring myself to do it right now....so it's just sitting in cash doing nothing.  With those options, making a big payment is the better choice, but I'm still hoping for a big dip in the market so I can pile it there instead. I'm still so far away from paying off that even my "big bunches of cash" don't really make a big dent.
Sometimes nothing can be a real cool hand

mies

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Re: Mortgage Payoff Club!!
« Reply #1194 on: March 02, 2017, 02:41:12 PM »
I couldn't fight the urge anymore.  We paid off the house today!  It feels good, but I bet it will feel even better come the end of the month when I normally make a payment and won't have to!

Woo-hoo!  Good job!   

^same here.  Money wasn't in the market(wasn't going to jump in now), wasn't doing any good in my savings account.  Mortgage gone.  30 year loan paid off in 11.  Easily one hundred thousand saved in interest.  I never like paying money for not having money.
Man, this makes me want to make a big drop into my account.  I have a bunch of cash waiting to invest, but I can't bring myself to do it right now....so it's just sitting in cash doing nothing.  With those options, making a big payment is the better choice, but I'm still hoping for a big dip in the market so I can pile it there instead. I'm still so far away from paying off that even my "big bunches of cash" don't really make a big dent.

It's funny how those master plans to pay off the mortgage go out the window when you get super close to paying it off :D Congratulations to everybody that has killed a mortgage recently.
Less is more.

nottoolatetostart

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Re: Mortgage Payoff Club!!
« Reply #1195 on: March 03, 2017, 03:31:45 AM »
I am in the group of paying off my mortgage early.  I don't like owing anyone anything and I will feel like this burden will be lifted.   With that said, we are in the straight stretch of paying it off.  I am looking to be done with it in June.  I just paid for March and so now the balance is $12,716.  It's so close I can taste it.

I couldn't fight the urge anymore.  We paid off the house today!  It feels good, but I bet it will feel even better come the end of the month when I normally make a payment and won't have to!

Congrats. Please let us know how it is. Congrats on waking up knowing it is all YOURS

nottoolatetostart

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Re: Mortgage Payoff Club!!
« Reply #1196 on: March 03, 2017, 03:38:59 AM »
^same here.  Money wasn't in the market(wasn't going to jump in now), wasn't doing any good in my savings account.  Mortgage gone.  30 year loan paid off in 11.  Easily one hundred thousand saved in interest.  I never like paying money for not having money.

Congrats! What an accomplishment.

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #1197 on: March 03, 2017, 07:32:59 PM »
I am in the group of paying off my mortgage early.  I don't like owing anyone anything and I will feel like this burden will be lifted.   With that said, we are in the straight stretch of paying it off.  I am looking to be done with it in June.  I just paid for March and so now the balance is $12,716.  It's so close I can taste it.

I couldn't fight the urge anymore.  We paid off the house today!  It feels good, but I bet it will feel even better come the end of the month when I normally make a payment and won't have to!


Congratulations!! I was going to post to say, I'm in the same boat -- just over 10k with my March payment and planning to be  done by June. Not sure I'll make it that long now either!

Woohoo!!
« Last Edit: March 05, 2017, 03:32:36 PM by cheddarpie »

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #1198 on: March 05, 2017, 08:13:15 PM »
I am in the group of paying off my mortgage early.  I don't like owing anyone anything and I will feel like this burden will be lifted.   With that said, we are in the straight stretch of paying it off.  I am looking to be done with it in June.  I just paid for March and so now the balance is $12,716.  It's so close I can taste it.

I couldn't fight the urge anymore.  We paid off the house today!  It feels good, but I bet it will feel even better come the end of the month when I normally make a payment and won't have to!
Congratulations

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1199 on: March 06, 2017, 06:54:50 PM »
The renewal letter for my mortgage arrived! I owe $7,361.71. Renewal time means I can pay it off without penalty! Which is, of course, the point. I want to pay it off on April 1 (aka the earliest possible date) but that's on a weekend. Waiting for April 3 might kill me. The indignities I suffer!
There is a small part of me that wants to borrow a ton more on my mortgage, under today's very nice rates, and invest it. That would make sense, numbers-wise. But I'm embarking on a financially risky move (getting tenants in my current home and the new one, taking on a more expensive house) and having lower monthly payments reduces that risk, so I will pay it off. But 2.69% is tempting. Such a pretty interest rate.

IMMA PAY OFF MY MORTGAGE, BITCHEZ!!!!

You go girl!!! I am 2.625% and I think I would be a better payoff person if it were higher. I'm starting to think cash flow though....gotta pay for college next year for kid #1. Not knowing how much that is going to cost is TORTURE!!!
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)