Author Topic: Mortgage Payoff Club!!  (Read 293898 times)

bender

  • Pencil Stache
  • ****
  • Posts: 907
Re: Mortgage Payoff Club!!
« Reply #1250 on: May 04, 2017, 03:21:12 PM »
So... why didn't you get a 30 year mortgage and invest the difference in payment with a 15 year mortgage? Clearly you haven't done the math. Nobody should use a 15 year mortgage when a 30 year mortgage is available for just .25% higher. Let's say you took a 100000 15 year at 3.5% instead of 30 at 3.75%. the payment will be 715 instead of 463. If you put the 252 into equities every month with just an 8% return you would have 87,782.98 extra after 15 years. Why are you throwing this away? Compare this to the less than 10000 extra you would have paid in interest and your 15 year loan is clearly a bad decision.
Or better yet, why not an interest-only loan?
Or even better, a negative amortization loan (balance grows each month because you pay less than the total interest).  I think these used to exist back in the heyday?

(Hopefully it's obvious I'm joking - I'm aiming to kill my mortgage over the next year)

runewell

  • Bristles
  • ***
  • Posts: 420
  • Age: 45
  • actuary
Re: Mortgage Payoff Club!!
« Reply #1251 on: May 05, 2017, 11:52:43 AM »
So... why didn't you get a 30 year mortgage and invest the difference in payment with a 15 year mortgage? Clearly you haven't done the math. Nobody should use a 15 year mortgage when a 30 year mortgage is available for just .25% higher.

The difference is usually 1/2 or even 3/4 of a pt.  And I will be nearly 60 when the mortgage is paid off, at which time my risk tolerance will be lower than it was four years ago when I started the 15-yr countdown.  I was quite happy to borrow at 2.625% before any tax advantages.
Please leave Dicey out of this! Have you not been paying any attention? Trolls are not welcome here!

talltexan

  • Pencil Stache
  • ****
  • Posts: 851
Re: Mortgage Payoff Club!!
« Reply #1252 on: May 08, 2017, 06:58:31 AM »
Didn't Dodd-Frank make negative amortization loans and Option loans illegal?

Asking for a friend.

BlueHouse

  • Handlebar Stache
  • *****
  • Posts: 2496
  • Location: WDC
Re: Mortgage Payoff Club!!
« Reply #1253 on: May 08, 2017, 09:32:52 AM »
So... why didn't you get a 30 year mortgage and invest the difference in payment with a 15 year mortgage? Clearly you haven't done the math. Nobody should use a 15 year mortgage when a 30 year mortgage is available for just .25% higher.

The difference is usually 1/2 or even 3/4 of a pt.  And I will be nearly 60 when the mortgage is paid off, at which time my risk tolerance will be lower than it was four years ago when I started the 15-yr countdown.  I was quite happy to borrow at 2.625% before any tax advantages.

OMG, I can't believe I've wasted my time arguing with someone whose strategy is even more conservative than mine!  Runewell, you're not holding your mortgage, you're paying it off early! 
Sometimes nothing can be a real cool hand

SAfAmBrit

  • Stubble
  • **
  • Posts: 131
  • Age: 46
Re: Mortgage Payoff Club!!
« Reply #1254 on: May 11, 2017, 09:07:13 AM »
Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $67650
2017 - $26674

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

03/29 Remaining Balance $17963

04/27 Remaining balance $12903
 
Jet fuel ever present! I will be in four figures next month - it is unbelievable

5/11 - sorry couldn't wait - needed to share with people who understand - 4 figure party - $9000.

iluvzbeach

  • Stubble
  • **
  • Posts: 166
Re: Mortgage Payoff Club!!
« Reply #1255 on: May 11, 2017, 01:11:26 PM »
Woo hoo! Nice work.
Planning to be FIREd in 2020!

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1256 on: May 11, 2017, 03:24:27 PM »
Fantastic. Great effort!

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: Mortgage Payoff Club!!
« Reply #1257 on: May 15, 2017, 06:38:51 AM »
Amazing!! You are right on target or ahead of your projections!!
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)




Neustache

  • Handlebar Stache
  • *****
  • Posts: 1079
Re: Mortgage Payoff Club!!
« Reply #1258 on: May 15, 2017, 07:24:54 AM »
Have an offer on our rental - for about 20K more than I thought I'd fetch.  Should it sell, will have about 55K to throw at our 83K mortgage on our residence.  Stay tuned...closing date set for 6/16. 

talltexan

  • Pencil Stache
  • ****
  • Posts: 851
Re: Mortgage Payoff Club!!
« Reply #1259 on: May 15, 2017, 12:42:22 PM »
Neustache-
on your rental, how many months would it have taken to roll up the $20K through just rental profits?

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1079
Re: Mortgage Payoff Club!!
« Reply #1260 on: May 15, 2017, 02:28:10 PM »
I have no idea.  LOL.  I became a landlord because when we moved the market was rough in my neighborhood and the realtor thought we'd maybe get 85K for the house.  So 3.5 years later it's selling for 35K more than that (and more importantly, I'm not a landlord anymore).  So as far as profit goes....the profit was in the waiting, but my numbers weren't great as a landlord.  I was renting it for too little because I started off too low (780 a month at the end) but I should have been charging at least 850.  I'm really not sure how to calculate that.  Let's just say I am super happy to be out (if we do in fact close!). 

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1261 on: May 15, 2017, 02:42:35 PM »
Have an offer on our rental - for about 20K more than I thought I'd fetch.  Should it sell, will have about 55K to throw at our 83K mortgage on our residence.  Stay tuned...closing date set for 6/16.

Since I'm planning to do the same thing, I say sell. My rental is generally cash flow neutral or slightly negative. The capital gain is great though. I could use the equity to pay down my mortgage and save $300 a month in interest. YMMV.

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1079
Re: Mortgage Payoff Club!!
« Reply #1262 on: May 15, 2017, 04:14:45 PM »
Oh, it's under contract.  I just used to work at a title company so I know a contract does not equal a sell.  Sorry for the awkward wording!!

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1263 on: May 15, 2017, 06:56:47 PM »
I see. I read it as a question. Silly me.
In any case, congrats and good luck on the sale.

markbike528CBX

  • Bristles
  • ***
  • Posts: 472
  • Location: the Everbrown part of the Evergreen State (WA)
Re: Mortgage Payoff Club!!
« Reply #1264 on: May 15, 2017, 07:25:30 PM »
Just put in 31% of the small remaining principle balance.   New service agent website for the credit union.  Will check tomorrow to see if things went well.  I've never had a principle-only payment go right the first time, yet.   I don't think anyone can deal with the concept of paying debt off early.

Comar

  • 5 O'Clock Shadow
  • *
  • Posts: 76
Re: Mortgage Payoff Club!!
« Reply #1265 on: May 16, 2017, 02:31:44 AM »
74k left. Finished in the next 3 years if things go as planned.

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1079
Re: Mortgage Payoff Club!!
« Reply #1266 on: May 16, 2017, 05:00:49 AM »
Just put in 31% of the small remaining principle balance.   New service agent website for the credit union.  Will check tomorrow to see if things went well.  I've never had a principle-only payment go right the first time, yet.   I don't think anyone can deal with the concept of paying debt off early.

Our credit union did a revamp on their site and now there's not even an option for a principal only payment.  Guess we'll have to go to the bank to make our large payments!

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1267 on: May 16, 2017, 06:45:55 AM »
What does it go to if it doesn't go to principal? That seems really odd to me as any extra payment I make comes straight off the balance owing. I am in Australia if that makes a difference.

markbike528CBX

  • Bristles
  • ***
  • Posts: 472
  • Location: the Everbrown part of the Evergreen State (WA)
Re: Mortgage Payoff Club!!
« Reply #1268 on: May 16, 2017, 07:36:50 AM »
Rowellen:
The payment some times is applied instead of a monthly payment, which screws up payment schedule
or is applied like a really big monthly payment, with proportional principle and interest
or is screwed up in some other fashion ( details forgotton) that I've had to correct at the bank in person.

BlueHouse

  • Handlebar Stache
  • *****
  • Posts: 2496
  • Location: WDC
Re: Mortgage Payoff Club!!
« Reply #1269 on: May 16, 2017, 12:53:00 PM »
What does it go to if it doesn't go to principal? That seems really odd to me as any extra payment I make comes straight off the balance owing. I am in Australia if that makes a difference.
My bank (WF) applies 100% of extra payment to principal -- unless the "extra" exceeds the entire amount of the monthly payment.  Here are examples:

Assume monthly mortgage payment = $2000

ex1:  Pay $2001-$3999.  Bank uses $2000 toward PITI as usual, and uses the extra $1-$1999 toward Principal.
ex2:  Pay $4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment.  No decrease in interest owed, you've just paid one month in advance.  You either have to NOT pay the next month, or call the bank to get them to correct it.
ex3:  Pay >$4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment, and uses any amount over $4000 to go to principal.

For whatever reason, there is no way for me to tell my bank that I want ALL extra payments, EVERY time, to go straight to principal.  I have to call to tell them every month.  So I've given up on that.  Now I just pay $3999 automatically and if I want to make an extra payment, I save it up and walk into the bank when it's worth my while to do it. 
Sometimes nothing can be a real cool hand

runewell

  • Bristles
  • ***
  • Posts: 420
  • Age: 45
  • actuary
Re: Mortgage Payoff Club!!
« Reply #1270 on: May 17, 2017, 12:01:24 PM »
What does it go to if it doesn't go to principal? That seems really odd to me as any extra payment I make comes straight off the balance owing. I am in Australia if that makes a difference.
My bank (WF) applies 100% of extra payment to principal -- unless the "extra" exceeds the entire amount of the monthly payment.  Here are examples:

Assume monthly mortgage payment = $2000

ex1:  Pay $2001-$3999.  Bank uses $2000 toward PITI as usual, and uses the extra $1-$1999 toward Principal.
ex2:  Pay $4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment.  No decrease in interest owed, you've just paid one month in advance.  You either have to NOT pay the next month, or call the bank to get them to correct it.
ex3:  Pay >$4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment, and uses any amount over $4000 to go to principal.

For whatever reason, there is no way for me to tell my bank that I want ALL extra payments, EVERY time, to go straight to principal.  I have to call to tell them every month.  So I've given up on that.  Now I just pay $3999 automatically and if I want to make an extra payment, I save it up and walk into the bank when it's worth my while to do it.

It sounds like those payments are all going to principal, what you have to do is keep making payments every month rather than relying on the bank to do it for you?
Please leave Dicey out of this! Have you not been paying any attention? Trolls are not welcome here!

BlueHouse

  • Handlebar Stache
  • *****
  • Posts: 2496
  • Location: WDC
Re: Mortgage Payoff Club!!
« Reply #1271 on: May 17, 2017, 01:38:53 PM »
What does it go to if it doesn't go to principal? That seems really odd to me as any extra payment I make comes straight off the balance owing. I am in Australia if that makes a difference.
My bank (WF) applies 100% of extra payment to principal -- unless the "extra" exceeds the entire amount of the monthly payment.  Here are examples:

Assume monthly mortgage payment = $2000

ex1:  Pay $2001-$3999.  Bank uses $2000 toward PITI as usual, and uses the extra $1-$1999 toward Principal.
ex2:  Pay $4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment.  No decrease in interest owed, you've just paid one month in advance.  You either have to NOT pay the next month, or call the bank to get them to correct it.
ex3:  Pay >$4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment, and uses any amount over $4000 to go to principal.

For whatever reason, there is no way for me to tell my bank that I want ALL extra payments, EVERY time, to go straight to principal.  I have to call to tell them every month.  So I've given up on that.  Now I just pay $3999 automatically and if I want to make an extra payment, I save it up and walk into the bank when it's worth my while to do it.

It sounds like those payments are all going to principal, what you have to do is keep making payments every month rather than relying on the bank to do it for you?

Not sure I understand your last part.   As for the first part,  in examples #2 & #3, the bank essentially holds $2000 of the money until the following month, and then they apply the second $2000 as $700 to principal, and the rest to interest and escrow.  So I've loaned them $2000 for a month, and there is no interest reduction to me for paying early, because in the bank's eyes, I didn't pay early.
Yes, I make payments every month as is required. 
Sometimes nothing can be a real cool hand

Indio

  • Stubble
  • **
  • Posts: 236
  • Location: high cost of living area in east coast
Re: Mortgage Payoff Club!!
« Reply #1272 on: May 17, 2017, 02:58:55 PM »
My mortgage is held by wf too and they don't process it that way for me. When I make an additional principal payment it goes directly toward reducing principal that month. As a result, the following month shows a drop in interest and increase toward paying down the balance.

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1273 on: May 17, 2017, 04:11:51 PM »
What does it go to if it doesn't go to principal? That seems really odd to me as any extra payment I make comes straight off the balance owing. I am in Australia if that makes a difference.
My bank (WF) applies 100% of extra payment to principal -- unless the "extra" exceeds the entire amount of the monthly payment.  Here are examples:

Assume monthly mortgage payment = $2000

ex1:  Pay $2001-$3999.  Bank uses $2000 toward PITI as usual, and uses the extra $1-$1999 toward Principal.
ex2:  Pay $4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment.  No decrease in interest owed, you've just paid one month in advance.  You either have to NOT pay the next month, or call the bank to get them to correct it.
ex3:  Pay >$4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment, and uses any amount over $4000 to go to principal.

For whatever reason, there is no way for me to tell my bank that I want ALL extra payments, EVERY time, to go straight to principal.  I have to call to tell them every month.  So I've given up on that.  Now I just pay $3999 automatically and if I want to make an extra payment, I save it up and walk into the bank when it's worth my while to do it.

That sounds like pure thievery to me.

Kind of confirms my opinion of banks as evil thieving criminal institutions that are unfortunately necessary.

BlueHouse

  • Handlebar Stache
  • *****
  • Posts: 2496
  • Location: WDC
Re: Mortgage Payoff Club!!
« Reply #1274 on: May 17, 2017, 04:33:10 PM »
What does it go to if it doesn't go to principal? That seems really odd to me as any extra payment I make comes straight off the balance owing. I am in Australia if that makes a difference.
My bank (WF) applies 100% of extra payment to principal -- unless the "extra" exceeds the entire amount of the monthly payment.  Here are examples:

Assume monthly mortgage payment = $2000

ex1:  Pay $2001-$3999.  Bank uses $2000 toward PITI as usual, and uses the extra $1-$1999 toward Principal.
ex2:  Pay $4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment.  No decrease in interest owed, you've just paid one month in advance.  You either have to NOT pay the next month, or call the bank to get them to correct it.
ex3:  Pay >$4000.  Bank uses $2000 toward PITI as usual, and uses the extra $2000 toward the following month's payment, and uses any amount over $4000 to go to principal.

For whatever reason, there is no way for me to tell my bank that I want ALL extra payments, EVERY time, to go straight to principal.  I have to call to tell them every month.  So I've given up on that.  Now I just pay $3999 automatically and if I want to make an extra payment, I save it up and walk into the bank when it's worth my while to do it.

That sounds like pure thievery to me.

Kind of confirms my opinion of banks as evil thieving criminal institutions that are unfortunately necessary.
Well, to be fair, they will adjust it if I call and ask them to.  And now that I understand how WF does it, I can follow the rules.  It's a pain, but think of it like any financial tool -- learn the rules and then learn how to navigate the system.  It does suck that the default stance of banks is to make things more difficult for their customers.  It seems as if most of the financial world is set up stop that there are only winners and losers and there are rarely win-win situations.  :(
Sometimes nothing can be a real cool hand

KBecks

  • Pencil Stache
  • ****
  • Posts: 864
Re: Mortgage Payoff Club!!
« Reply #1275 on: May 18, 2017, 07:47:50 AM »
Our mortgage holder is the same as example #2, but, if I pay by check on the monthly statement, I can designate additional principal, just then -- once a month.  So I've gone to paper payments.  I haven't figured out how to make a larger payment automatically.

But this works, and since we're hacking away at the principal at a pretty steady pace,  it will only be another year or so of goofing around with it!

cheddarpie

  • Stubble
  • **
  • Posts: 211
  • Age: 38
  • Location: Seattle, WA
Re: Mortgage Payoff Club!!
« Reply #1276 on: May 18, 2017, 08:00:33 AM »
My bank also defaults extra payments to be "early payments" (of P&I) instead of just additional principal -- you have to be careful to specify any extra payments are principal only.

In the meantime, I'm down to $5k ...! If I just do the regular automatic payments it will be done by the 5-year anniversary of the loan (my original goal) in the fall. But there's a good chance I'll just knock it out for my birthday in June. Woohoo!

And congrats to everyone else who's making such great progress!

runewell

  • Bristles
  • ***
  • Posts: 420
  • Age: 45
  • actuary
Re: Mortgage Payoff Club!!
« Reply #1277 on: May 18, 2017, 10:42:41 AM »
My bank also defaults extra payments to be "early payments" (of P&I) instead of just additional principal -- you have to be careful to specify any extra payments are principal only.

In the meantime, I'm down to $5k ...! If I just do the regular automatic payments it will be done by the 5-year anniversary of the loan (my original goal) in the fall. But there's a good chance I'll just knock it out for my birthday in June. Woohoo!

And congrats to everyone else who's making such great progress!

What is your interest rate?  And what do you plan to do once the mortgage is paid off?
Please leave Dicey out of this! Have you not been paying any attention? Trolls are not welcome here!

KBecks

  • Pencil Stache
  • ****
  • Posts: 864
Re: Mortgage Payoff Club!!
« Reply #1278 on: May 20, 2017, 12:36:21 PM »
Principal $65,500
Principal Payments $5,800
New Balance (June 2017)  $59,700

I really waffled on whether to keep whacking at it, but we will stick with the original idea and target the final payoff a little less than a year.



SAfAmBrit

  • Stubble
  • **
  • Posts: 131
  • Age: 46
Re: Mortgage Payoff Club!!
« Reply #1279 on: May 26, 2017, 09:28:42 AM »
Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $67650
2017 - $29974

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

03/29 Remaining Balance $17963

04/27 Remaining balance $12903
 
05/26 Remaining balance $5700

Well I log on - look at it - laugh - log off - then look again. The worst part - I think I am short to pay it off in June - so expected date is 07/01. I really could smell the jet fuel a few days ago - my husband works for the air force and he was playing in the jet fuel tanks. It made me laugh! Thank-you for all the positive comments - I really appreciate them.

iluvzbeach

  • Stubble
  • **
  • Posts: 166
Re: Mortgage Payoff Club!!
« Reply #1280 on: June 09, 2017, 09:24:45 PM »
I can barely contain my excitement and since I can't broadcast this on a billboard, FB or outloud with friends, I thought I'd let you MMMers know we paid off our mortgage today. We had a ridiculous amount in a cash account, so I convinced DH we should just bite the bullet and wire proceeds to pay it off. It's a bit surreal, but feels really good.

I feel like the doors are now wide open for me to post an Epic FU Money story, but I'll wait until I'm totally FIRE.

Hip Hip Hooray <hops off into sunset with glass o'wine>
Planning to be FIREd in 2020!

Indio

  • Stubble
  • **
  • Posts: 236
  • Location: high cost of living area in east coast
Re: Mortgage Payoff Club!!
« Reply #1281 on: June 10, 2017, 04:42:18 AM »
Way to go luvzbeach. I hope to join you in that feeling soon. The unbearable lightness of being mortgage free.

allsummerlong

  • Bristles
  • ***
  • Posts: 347
  • Location: BC, Canada
Re: Mortgage Payoff Club!!
« Reply #1282 on: June 10, 2017, 11:19:36 AM »
Yay! Congrats iluvzbeach!!


dreaming

  • 5 O'Clock Shadow
  • *
  • Posts: 38
  • Age: 44
Re: Mortgage Payoff Club!!
« Reply #1283 on: June 11, 2017, 11:31:20 AM »
Congrats iluvzbeach!  Looking forward to hearing your epic FU story one day.

SAfAmBrit

  • Stubble
  • **
  • Posts: 131
  • Age: 46
Re: Mortgage Payoff Club!!
« Reply #1284 on: June 12, 2017, 04:24:16 PM »
Congrats Iluvzbeach - hope to be drinking in the sunset with you very shortly.

iluvzbeach

  • Stubble
  • **
  • Posts: 166
Re: Mortgage Payoff Club!!
« Reply #1285 on: June 12, 2017, 09:27:06 PM »
Thanks so much for the kind words, they are much appreciated. I checked the mortgage site over the weekend and loved seeing "Paid In Full."

I said to my DH this morning "Hey, we're the people with the paid off house!"

Planning to be FIREd in 2020!

YoungGranny

  • Stubble
  • **
  • Posts: 238
  • Age: 27
    • Money In The Bank
Re: Mortgage Payoff Club!!
« Reply #1286 on: June 13, 2017, 06:02:58 AM »
Congratulations iluvzbeach!! That is awesome!

BlueHouse

  • Handlebar Stache
  • *****
  • Posts: 2496
  • Location: WDC
Re: Mortgage Payoff Club!!
« Reply #1287 on: June 13, 2017, 10:24:02 AM »
Thanks so much for the kind words, they are much appreciated. I checked the mortgage site over the weekend and loved seeing "Paid In Full."

I said to my DH this morning "Hey, we're the people with the paid off house!"
I luv reading these stories because they inspire me!  Congratulations!
Sometimes nothing can be a real cool hand

AnswerIs42

  • 5 O'Clock Shadow
  • *
  • Posts: 62
Re: Mortgage Payoff Club!!
« Reply #1288 on: June 13, 2017, 10:44:29 AM »
Thanks so much for the kind words, they are much appreciated. I checked the mortgage site over the weekend and loved seeing "Paid In Full."

Alright!

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1289 on: June 13, 2017, 03:17:43 PM »
Thanks so much for the kind words, they are much appreciated. I checked the mortgage site over the weekend and loved seeing "Paid In Full."

I said to my DH this morning "Hey, we're the people with the paid off house!"

Love it. You rock! Very inspiring.

theadvicist

  • Handlebar Stache
  • *****
  • Posts: 1328
Re: Mortgage Payoff Club!!
« Reply #1290 on: June 19, 2017, 07:08:12 AM »
Made our last payment in the 80Ks, balance now 80,256. Next payment will take us into the 70s, yay!

pdxmonkey

  • Stubble
  • **
  • Posts: 246
Re: Mortgage Payoff Club!!
« Reply #1291 on: June 20, 2017, 12:10:46 PM »
Down to one million two hundred thirty thousand cents.

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1079
Re: Mortgage Payoff Club!!
« Reply #1292 on: June 20, 2017, 02:00:31 PM »
Our rental house sold and the check has been deposited.  Not actually putting it all down at once, but the amount in our bank vs. our mortgage balance is now at 58K vs. 83K.  25K to go!

allsummerlong

  • Bristles
  • ***
  • Posts: 347
  • Location: BC, Canada
Re: Mortgage Payoff Club!!
« Reply #1293 on: June 20, 2017, 02:45:21 PM »
Jan'15 - $139k
Apr'15 - $131k
Jun'15 - $126k
Oct '15 - $119k
Feb'16 - $108k
Jul'16  - $99k
Oct'16 - $90k
Apr'17 - $79k

< $75,000 !

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: Mortgage Payoff Club!!
« Reply #1294 on: June 20, 2017, 08:11:19 PM »
Our rental house sold and the check has been deposited.  Not actually putting it all down at once, but the amount in our bank vs. our mortgage balance is now at 58K vs. 83K.  25K to go!

Woohoo!!!! Congratulations- you are almost free!!!
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

  • Stubble
  • **
  • Posts: 131
  • Age: 46
Re: Mortgage Payoff Club!!
« Reply #1295 on: June 22, 2017, 08:08:14 AM »
Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $67650
2017 - $36000

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

03/29 Remaining Balance $17963

04/27 Remaining balance $12903
 
05/26 Remaining balance $5700

06/22/2017 Remaining balance $0

Oh my goodness - it is done = it is paid off. Thank-you to everyone - especially assauer - who has encouraged me over the last few years. Waiting to see the $0 paid off in full to show.

iluvzbeach

  • Stubble
  • **
  • Posts: 166
Re: Mortgage Payoff Club!!
« Reply #1296 on: June 22, 2017, 08:18:41 AM »
Huge congrats, SAfAmBrit. We did the same earlier this month so I'm pretty certain we understand your joy at having paid it off. PIF is my new favorite acronym. It will feel a bit surreal for a while, I'm sure. Congrats again.
Planning to be FIREd in 2020!

Rowellen

  • Bristles
  • ***
  • Posts: 283
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #1297 on: June 22, 2017, 03:52:25 PM »
Congrats  SAfAmBrit. Looks like you beat your target date by several months. Well done.

justaguy

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: Mortgage Payoff Club!!
« Reply #1298 on: June 22, 2017, 04:11:02 PM »
Congratulations SAfAmBrit - very inspiring! 

FireLane

  • Stubble
  • **
  • Posts: 200
  • Location: NYC
Re: Mortgage Payoff Club!!
« Reply #1299 on: June 22, 2017, 05:51:12 PM »
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. :)

$28K remaining. At the rate I'm paying it down, I have less than a year left. The light at the end of the tunnel!