Author Topic: Mortgage Payoff Club!!  (Read 268238 times)

FireLane

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Re: Mortgage Payoff Club!!
« Reply #1300 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!

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1301 on: June 26, 2017, 03:58:02 AM »
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.

Keeping on, keeping on...  Down to a bit over 101K after most recent payment.   The bad news is the 5 digit club is being delayed by college expenses and home maintenance costs... the good news is we will sell and downsize in the spring!   Gonna get this sucka paid-off one way or t'other!

wauske

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Re: Mortgage Payoff Club!!
« Reply #1302 on: June 27, 2017, 01:25:46 AM »
Alrighty, we're down to 12K. Had a few financial setbacks as well as some unmustachian purchases (new 2nd hand car, curtains fell apart etc.). Goal was to finish up the mortgage this year which won't be doable but we'll probably finish up around 8 or 9k at the end of the year :)
So, we're aiming for next year! Current montly mortgage was 85 before the last update so we'll end up paying around 55-60  per month :D
Everything I say is my personal opinion which is based on my subjective experience.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1303 on: June 27, 2017, 05:48:55 AM »
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!!!

I know!  So close.  When I sell my extra car I should be about 6K closer!

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1304 on: June 30, 2017, 08:31:59 AM »
is anyone on this thread taking the approach of stuffing all the money he/she can into an SP500 fund, and then--when the balance is equal to the mortgage--selling to pay off the mortgage?

Indio

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Re: Mortgage Payoff Club!!
« Reply #1305 on: June 30, 2017, 09:48:16 AM »
I have been an observer and cheerleader of this thread for a few years, but this week I officially ended my mortgage. I wish I could say it was exceptionally early, but it wasn't. It involved 3 refinances, 1 recast in Sept 2016, 1 consolidation of HELOC (needed for divorce) into 1 of those refinances in June 2013. I was throwing $500 here and and $1000 there monthly at the mortgage over time, but the big impact didn't happen until I switched jobs in June 2015. Took the big leap after 21 yrs at "ideal" job and it led to a 45% bump in salary. Every month I was now able to put more toward payoff and the balance declined quickly. When my options vested at new company, due to buyout, I put that money toward mortgage. When bond payout happened, I put that money toward mortgage. Had ESPP from previous company and that stock started to move upward with the recent market growth. Once that stock reached a point where I had enough to payoff mortgage and associated long term capital gains taxes, I decided to sell it and close out the mortgage. Fully recognize that was a conservative move, but still have plenty of investments in stock market.

In June 2015, when I started new job, the mortgage was $205,000. Today it is $0. I notified the town about property taxes and I notified by insurance company. Once I get the final title transfer and recorded by the county, the mortgage will be a piece of history. Logging into mint, I keep checking the debt trend report because it's such eye candy to see that the debt shackles are officially gone.

A little aside that I learned about property taxes when speaking to the town, is that the bank didn't pay the taxes until end of month it was due, even though they pulled the escrow funds out of my account on July 1st. They hung on to the funds without paying me interest and not paying the town right away.

While the mortgage was a priority, it was secondary to maxing out 401K, IRA, family HSA, and kids Roth IRAs (which are their college funds). It is a great feeling to know that no matter what happens now, I only need to worry about paying property taxes and insurance on our home. I'm suffering from "one more year" syndrome before I decide to fully FIRE.

I don't smell the jet fuel or the barn any more but I'm still going to cheer all of you on.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1306 on: June 30, 2017, 10:16:58 AM »
Congrats, Indio!!

iluvzbeach

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Re: Mortgage Payoff Club!!
« Reply #1307 on: June 30, 2017, 10:48:18 AM »
Congrats, Indio. Really enjoyed reading your story and the determination you had to make it happen.

It really is a great feeling, isn't it?
Planning to be FIREd in 2020!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #1308 on: June 30, 2017, 10:49:07 AM »
is anyone on this thread taking the approach of stuffing all the money he/she can into an SP500 fund, and then--when the balance is equal to the mortgage--selling to pay off the mortgage?

That's a great plan as long as you can wait a few years longer than you wanted, in case the market is down big time for a few years.  Go for it!

Or just use it to pay the  mortgage payments and continue to make more in earnings than you are paying in interest. :)

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1309 on: June 30, 2017, 12:09:44 PM »
is anyone on this thread taking the approach of stuffing all the money he/she can into an SP500 fund, and then--when the balance is equal to the mortgage--selling to pay off the mortgage?
Yes I did this (partial).  I was informed that this is called a "sinking fund".   I had one account earmarked just for this purpose and two years ago took out $100k and paid down my mortgage just prior to a re-cast (but didn't pay it all off).  Fast-forward a few years, and I have enough money in my accounts to pay off both of my properties.  I don't pay them off because I like watching the investment account grow more than I want to see the loan drop.  The investment account has been growing at a faster rate, which is expected over the long run, but not always in the short-term.   
Sometimes nothing can be a real cool hand

Indio

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Re: Mortgage Payoff Club!!
« Reply #1310 on: June 30, 2017, 12:26:02 PM »
Congrats, Indio. Really enjoyed reading your story and the determination you had to make it happen.

It really is a great feeling, isn't it?

Why, yes, it absolutely, fantastically does feel good. Your post a few weeks ago and the 4th of July were my inspiration. Was listening to Hamilton soundtrack and decided that I was going to break the tyranny of debt by this holiday. LOL.


Rowellen

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Re: Mortgage Payoff Club!!
« Reply #1311 on: June 30, 2017, 06:12:32 PM »
I have been an observer and cheerleader of this thread for a few years, but this week I officially ended my mortgage. I wish I could say it was exceptionally early, but it wasn't. It involved 3 refinances, 1 recast in Sept 2016, 1 consolidation of HELOC (needed for divorce) into 1 of those refinances in June 2013. I was throwing $500 here and and $1000 there monthly at the mortgage over time, but the big impact didn't happen until I switched jobs in June 2015. Took the big leap after 21 yrs at "ideal" job and it led to a 45% bump in salary. Every month I was now able to put more toward payoff and the balance declined quickly. When my options vested at new company, due to buyout, I put that money toward mortgage. When bond payout happened, I put that money toward mortgage. Had ESPP from previous company and that stock started to move upward with the recent market growth. Once that stock reached a point where I had enough to payoff mortgage and associated long term capital gains taxes, I decided to sell it and close out the mortgage. Fully recognize that was a conservative move, but still have plenty of investments in stock market.

In June 2015, when I started new job, the mortgage was $205,000. Today it is $0. I notified the town about property taxes and I notified by insurance company. Once I get the final title transfer and recorded by the county, the mortgage will be a piece of history. Logging into mint, I keep checking the debt trend report because it's such eye candy to see that the debt shackles are officially gone.

A little aside that I learned about property taxes when speaking to the town, is that the bank didn't pay the taxes until end of month it was due, even though they pulled the escrow funds out of my account on July 1st. They hung on to the funds without paying me interest and not paying the town right away.

While the mortgage was a priority, it was secondary to maxing out 401K, IRA, family HSA, and kids Roth IRAs (which are their college funds). It is a great feeling to know that no matter what happens now, I only need to worry about paying property taxes and insurance on our home. I'm suffering from "one more year" syndrome before I decide to fully FIRE.

I don't smell the jet fuel or the barn any more but I'm still going to cheer all of you on.

Congrats!

Bloody thieving banks. Unfortunately a necessary evil.

Rowellen

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Re: Mortgage Payoff Club!!
« Reply #1312 on: June 30, 2017, 11:30:55 PM »
June 16 $200,813

Apr 17 $151,412
May 17 $144,681
June 17 $139,075

Loving these numbers.  Rental is going on the market next week.

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #1313 on: July 10, 2017, 10:23:41 AM »
Congratulations Indio

Neustache

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Re: Mortgage Payoff Club!!
« Reply #1314 on: July 10, 2017, 11:18:09 AM »
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.


Been throwing cash from the sale of my rental at my mortgage so it's time for an update:

$33,021.54

Hope to have that sucker gone by the end of 2017.  I have about 20K in my checking/savings leftover from the sale of the rental and so I'll slowly whittle that down plus add in about 3K per month from our paychecks. 

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1315 on: July 16, 2017, 10:35:25 AM »
Second Quarter 2017 Update:

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

Progress:
- Mortgage amount as of December 25, 2014:  $380,819
- Mortgage amount as of April 2, 2015: $359,144
- Mortgage amount as of July 9, 2015: $324,055
- Mortgage amount as of December 31, 2015:  $285,708
- Mortgage amount - June 2, 2016 - $253,560
- Mortgage amount - September 8, 2016 - $232,502
- Mortgage amount - December 30, 2016 - $194,252
- Mortgage amount - March 30, 2017 - $161,932
- Mortgage amount - July 16, 2017 - $137,809

Getting closer :)