Author Topic: Mortgage Payoff Club!!  (Read 426968 times)

never give up

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Re: Mortgage Payoff Club!!
« Reply #1500 on: February 02, 2018, 10:24:06 AM »
Ah yes I remember the point when I knew my mortgage rate could never ever again rise. I'll never forget that moment of relief and I'm sure my quality of sleep permanently raised a notch from that point forward. I'm based in the UK and from what I can make out on these boards the mortgage situation is fairly similar to Canada. 2, 3 and 5 year fixes are the norm. There are a few 10 year fixes but they are expensive. I was always so worried I'd come out of a 5 year fix to find mortgage rates were 12% or something. It terrified me if I'm being honest.

That really is a great milestone allsummerlong. Congrats and enjoy.

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1501 on: February 02, 2018, 10:28:48 AM »
Our balance is now at $29,999. Very exciting to know it will be gone soon!

wannabe-stache

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Re: Mortgage Payoff Club!!
« Reply #1502 on: February 02, 2018, 12:20:13 PM »
just wired in the final $48K today to reduce the mortgage balance to...$0.

12 months ago the balance was $376K i believe.

and for the "don't pay off your mortgage" crowd, don't fret.  we plowed more into the stock markets the last 12 months than we did to our mortgage.

it was a good year.

markbike528CBX

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Re: Mortgage Payoff Club!!
« Reply #1503 on: February 02, 2018, 06:58:57 PM »
We're in:

Start:2012. 171k
paying 6K extra/year
Dec 2013: got impatient and sold some VTSAX to drop a 56k hammer on it.
2016, this year, put all of "retention bonus" in ,6k, so I don't need to be retained as long :-)
Just put regular 6k extra in
Sept 2014 {edit 2016} 61k left. 

Getting impatient again, as the mortgage is one of the few things between me and FIRE.

The downside is that the house price is up which means nothing to me but higher taxes.

Put 12K of 13k bonus in for 2017

Killed it at 27k.   1/4/18  Used stock gains above our "enough" number(20% over a comfortable FIRE #)

Dicey

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Re: Mortgage Payoff Club!!
« Reply #1504 on: February 02, 2018, 10:58:01 PM »
just wired in the final $48K today to reduce the mortgage balance to...$0.

12 months ago the balance was $376K i believe.

and for the "don't pay off your mortgage" crowd, don't fret.  we plowed more into the stock markets the last 12 months than we did to our mortgage.

it was a good year.
Holy cow,that's a lot of money! Good for you! FIRE must not be far away.
I did it! I have a journal!
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And hell yes, I am still moving confidently in the direction of my dreams...

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #1505 on: February 05, 2018, 11:21:32 AM »
Huge congrats to wannabe-stache and markbike528CBX for finishing those mortgages off!

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1506 on: February 06, 2018, 07:06:38 PM »
Way to go wannabe-stache and markbike528CBX.    And to Trifele preparing to take a bow soon!

robtown

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Re: Mortgage Payoff Club!!
« Reply #1507 on: February 07, 2018, 09:56:40 PM »
We refinanced almost 5 years ago with a 5/1 adjustable at 2.25%.  We've been paying 3x the nominal payment.   The rate is going to 4% in April but that is our last payment!   We have  $10,500 to go,  $7,000 by Monday.

Since we trained ourselves to  pay such a large mortgage,  when our costs drop to tax and house insurance we'll have a large windfall each month.  It is a big part of our FI plans.

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #1508 on: February 08, 2018, 11:30:11 AM »
Congrats, everybody! Great work!

Since we trained ourselves to  pay such a large mortgage,  when our costs drop to tax and house insurance we'll have a large windfall each month.  It is a big part of our FI plans.

Robtown, this was a big part of my strategy too. I'm six months in to the mortgage-free life and still very happy with my decision, haters be damned. :) I enjoy my job so not looking to retire anytime soon, but it's great to know that I could -- with no mortgage payment, my rental cash flow is enough for FI if I go back to my uber-frugal ways (which I will confess I have relaxed quite a bit in recent months ... trying to re-engage a bit here to jump start my frugality again!). I am plowing all my mortgage payment money into investments and am targeting an 80% savings rate this year, which seems completely nuts to me but also totally awesome.

The actual pay-off experience was a bit anti-climactic, but I'm feeling the benefits pretty dramatically now and it is GREAT to be FREE!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1509 on: February 21, 2018, 09:51:11 AM »
Balance is $9,999 as of today.  Not long now!

Livethedream

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Re: Mortgage Payoff Club!!
« Reply #1510 on: February 21, 2018, 03:17:10 PM »
Cool to read all the positive progress people have made.

Purchased house 10/2016. $357,000

Mortgage of $187,500 after down payment. 30 year 3.5%

Down to $139,900.

Will be putting a big chunk, $40k+ once taxes are done for the year sometime this next month.

Our goal is July 2020 and we are looking right on track. If our payout at tax time is drastically more we might consider pushing the envelope and aim for next year.

We are still able to max out our Backdoor Roth’s along the way.

Looking forward to seeing our balance drop below $100k soon!


Dicey

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Re: Mortgage Payoff Club!!
« Reply #1511 on: February 21, 2018, 11:50:40 PM »
Since we trained ourselves to  pay such a large mortgage,  when our costs drop to tax and house insurance we'll have a large windfall each month.  It is a big part of our FI plans.

Robtown, this was a big part of my strategy too. I'm six months in to the mortgage-free life and still very happy with my decision, haters be damned...

You might be surprised to learn that those you call "haters" actually care enough about others, total strangers no less, to spend time sharing the math to any and all who wish to learn. That is something other than "hate". For those who understand Invesment Order and the Rule of 72, there is exactly nothing to gain, except the satisfaction of helping others reach their goals faster, with fewer earned dollars, in a way that is sustainable for life.
I did it! I have a journal!
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And hell yes, I am still moving confidently in the direction of my dreams...

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1512 on: February 27, 2018, 07:58:01 PM »
End of the year 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
- Mortgage amount - November 30, 2017 - $107,678
- Mortgage amount - December 30, 2017 - $99,838

Hello 5 digit club :-)

Mortgage payoff update after receiving yearly bonus!
Mortgage amount - February 28, 2018 - $75,072

If my husbands bonus comes in where it should be, we are looking at payoff in July 2018 instead of September.
Ya Baby :-)

cribby1531

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Re: Mortgage Payoff Club!!
« Reply #1513 on: February 28, 2018, 08:25:03 AM »
New to the club...

Bought in 12/2016 - mortgage $563,999 at 4.5% fixed; SoCal house value conservatively $800k (purchased at $704k)

Balance as of today - $394,000

Set to payoff June 2019. Still investing, but focused on mortgage payoff for the next year. Ages 38 & 29.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1514 on: February 28, 2018, 12:25:27 PM »
putting more than $30,000/month toward the mortgage is pretty badass. Best of luck!

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1515 on: February 28, 2018, 05:04:27 PM »
Showing progress in terms of % paid off against initial home value (equity against initial sale price) so I don't get facepunched for too big of a house.
% Equity (against initial sale price)
  • 06/2012 - 25%  (downpayment & first monthly payment)
  • 06/2013 - 27%  (now paying a few hundred extra monthly)
  • 06/2014 - 30%  (now paying 1000 extra each month)
  • 06/2015 - 33%  (still paying 1000 extra each month)
  • 08/2015 - 46%  (big fat payment in preparation for a requested recast next quarter)
  • 03/2016 - 48%  (now paying 1400 extra each month)
  • 08/2016 - 53%  (now paying 6400 extra each month (only did that for 4 months))
  • 12/2016 - Long-awaited recast finally settled.  New payment is $1k less than previously.  Term resets to original 30 years, but I still want to pay this off before the 15-year mark, so I'm paying an extra 1945 each month going forward. 
  • 04/2017 - 55%  (now paying 1945 extra each month)
  • 02/2018 - 58%  (still paying 1945 extra each month)

Current payments (payment + 1945 extra each month) [STILL] feels like the right amount for my goals and circumstances. 


I'm updating my progress (it's been consistent, but slow) so that if I make another big lump payment, I'll see the progress jump.  Yay!

Sometimes nothing can be a real cool hand

frost7777

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Re: Mortgage Payoff Club!!
« Reply #1516 on: March 01, 2018, 09:21:16 AM »
Hello, first post after following MMM for several years.  Started getting serious about paying the mortgage off in 2014.  Hopping to join the club by next March!

Single income.
My wife stays at home with our three children.

12/2010 < 80k
03/2013 < 70k
04/2014 < 60k
12/2014 < 50k
09/2015 < 40k
03/2016 < 30k
03/2017 = 0 ??

Just to follow up:
12/2016 < 20k
03/2017 < 10k
05/2017 = 0

Missed my goal by a couple months, but I wasn't too worried about it since the balance was so low.  Now that I have been living without a mortgage for nearly a year, I can report that I have no regrets about paying it off.  Being free of that debt has freed up additional mental energy to think about other possibilities regarding investments and life goals in general.

Thank you everyone for your inspiration and support.
« Last Edit: March 01, 2018, 09:23:34 AM by frost7777 »

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1517 on: March 01, 2018, 08:34:31 PM »
Update as of end of Feb, down to around $45K.   Focusing on pay-downs the next few months, plus hoping for a June bonus that will finally kill it mid-year.   [fingers and toes crossed]

@frizzy...   Race ya to July!  ;-)
@frost...  Great job killing that mortgage as sole bread winner especially.   Focus on being the best Dad and investor you can now be... happily debt free!

Rowellen

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Re: Mortgage Payoff Club!!
« Reply #1518 on: March 02, 2018, 05:30:49 AM »
Hello, first post after following MMM for several years.  Started getting serious about paying the mortgage off in 2014.  Hopping to join the club by next March!

Single income.
My wife stays at home with our three children.

12/2010 < 80k
03/2013 < 70k
04/2014 < 60k
12/2014 < 50k
09/2015 < 40k
03/2016 < 30k
03/2017 = 0 ??

Just to follow up:
12/2016 < 20k
03/2017 < 10k
05/2017 = 0

Missed my goal by a couple months, but I wasn't too worried about it since the balance was so low.  Now that I have been living without a mortgage for nearly a year, I can report that I have no regrets about paying it off.  Being free of that debt has freed up additional mental energy to think about other possibilities regarding investments and life goals in general.

Thank you everyone for your inspiration and support.

Meh close enough. Congrats :)

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1519 on: March 02, 2018, 09:14:31 PM »
Update as of end of Feb, down to around $45K.   Focusing on pay-downs the next few months, plus hoping for a June bonus that will finally kill it mid-year.   [fingers and toes crossed]

@frizzy...   Race ya to July!  ;-)
@frost...  Great job killing that mortgage as sole bread winner especially.   Focus on being the best Dad and investor you can now be... happily debt free!

@indentured4now - Race on! :-)  Nice work!  Cheers to Mortgage Free in 2018!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1520 on: March 03, 2018, 02:12:03 AM »
Congrats everyone on your progress! Looks like we will have a bunch of graduates this year.

I am almost there!  Paying it off next Friday.   It'll give me something to look forward to all week. 

markbike528CBX

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Re: Mortgage Payoff Club!!
« Reply #1521 on: March 03, 2018, 03:47:14 AM »
Congrats everyone on your progress! Looks like we will have a bunch of graduates this year.

I am almost there!  Paying it off next Friday.   It'll give me something to look forward to all week.

@Trifele I see by the time stamp on your last post that you are "burning the midnight oil" to pay off your mortgage ;-)

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1522 on: March 03, 2018, 04:14:49 AM »
Congrats everyone on your progress! Looks like we will have a bunch of graduates this year.

I am almost there!  Paying it off next Friday.   It'll give me something to look forward to all week.

@Trifele I see by the time stamp on your last post that you are "burning the midnight oil" to pay off your mortgage ;-)

Haha Mark!!  Actually, it's the other way round -- I'm up for the day, just an early bird .  :)

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #1523 on: March 03, 2018, 10:49:54 AM »
Great work, everybody, and congratulations @Rowellen and @Trifele!!


FireLane

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Re: Mortgage Payoff Club!!
« Reply #1524 on: March 06, 2018, 06:22:47 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!

$13K left, now that my last payment of 2017 has gone through. I'll be mortgage-free by spring 2018!

My original plan was to make the final payment in May, but I'm impatient with the finish line so close. I'm thinking of withdrawing a few thousand from my emergency fund to expedite the end. It's earning less in interest than my mortgage rate anyway.

I did this, and now my balance is (drumroll, please)... $5,851.94.

Officially in to four-digit territory! This should be done and dusted by March.

And I'm free! I wired in my last mortgage payment yesterday, and when I logged on to check the balance this morning, it said something beautiful: "PAID IN FULL".

For those who are still slogging away, keep at it! I'm glad I went this route. I might've had a slightly bigger net-worth number in my spreadsheet if I'd put those extra payments into investments, but you can't put a value on the peace of mind that comes with freedom.

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #1525 on: March 06, 2018, 07:19:54 PM »

And I'm free! I wired in my last mortgage payment yesterday, and when I logged on to check the balance this morning, it said something beautiful: "PAID IN FULL".

For those who are still slogging away, keep at it! I'm glad I went this route. I might've had a slightly bigger net-worth number in my spreadsheet if I'd put those extra payments into investments, but you can't put a value on the peace of mind that comes with freedom.

Congratulations, Firelane! Enjoy the feeling of accomplishment and freedom!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1526 on: March 06, 2018, 07:30:54 PM »
Congrats @FireLane! Oh what a feeling :-)

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1527 on: March 07, 2018, 06:35:11 AM »
Great job Firelane!  Enjoy putting all that free cash flow to work for you now!

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #1528 on: March 07, 2018, 08:58:06 AM »
Just dropped another $5k on the mortgage!  I tried to pay it through their website but I had to call them for a principal only payment.  They don't make it easy, but at least it worked.  Balance is now $101k!

Zola.

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Re: Mortgage Payoff Club!!
« Reply #1529 on: March 09, 2018, 08:45:16 AM »
Happy to say I made an overpayment on the mortgage today, another £1500 shipped off. Balance is now down to £116,000.  I have saved a year off the standard mortgage time now too, since I began overpaying last October.

I am itching to get into the 5 figure club, but its a while away yet...

£1500 also sent to car debt - grand total now down to £4000, I am targeting for under a 1 year payoff (was originally a 3 year loan)

£800 topped up to S&S ISA this month also (usually £300), its been a good month!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1530 on: March 09, 2018, 09:41:11 AM »
And . . . it's gone!  Just got back from the bank -- paid it off.  Woo hooooooo!!

markbike528CBX

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Re: Mortgage Payoff Club!!
« Reply #1531 on: March 09, 2018, 10:36:02 AM »
And . . . it's gone!  Just got back from the bank -- paid it off.  Woo hooooooo!!


Woo hooooooo!!     

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1532 on: March 09, 2018, 12:25:00 PM »
And . . . it's gone!  Just got back from the bank -- paid it off.  Woo hooooooo!!


Woo hooooooo!!     

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)




Trifele

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Re: Mortgage Payoff Club!!
« Reply #1533 on: March 09, 2018, 12:40:59 PM »
And . . . it's gone!  Just got back from the bank -- paid it off.  Woo hooooooo!!


Woo hooooooo!!     

Congratulations!!!

Thanks CouponVan and MarkBike!  Very happy.  It's one more milestone passed on the FIRE journey.  Not long now!

Scubanewbie

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Re: Mortgage Payoff Club!!
« Reply #1534 on: March 10, 2018, 04:43:54 PM »
Not a very frequent poster but so excited I just have to share!  Bonus posted yesterday and so excited to put all $8K straight to the mortgage (same as last year).  Only $32K to go and even with regular payments we're at the 2.5 year mark. I'm not as extreme as others on here but aim to shorten that to 1 year so my entire 30 year is paid off in 15.

Now that we're getting close though I'm wondering what to do with the extra $1K per month.  Obviously need to start looking into taxable investing as right now we've maxxed our 2 401ks, IRAs, and HSA.  Time to find someplace for another $13K/year.  Our main motivation is the flexibility to be a one income family if needbe so hadn't really wrapped my head around what to do with the extra if we are still dual income.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1535 on: March 10, 2018, 04:48:57 PM »
Not a very frequent poster but so excited I just have to share!  Bonus posted yesterday and so excited to put all $8K straight to the mortgage (same as last year).  Only $32K to go and even with regular payments we're at the 2.5 year mark. I'm not as extreme as others on here but aim to shorten that to 1 year so my entire 30 year is paid off in 15.

Now that we're getting close though I'm wondering what to do with the extra $1K per month.  Obviously need to start looking into taxable investing as right now we've maxxed our 2 401ks, IRAs, and HSA.  Time to find someplace for another $13K/year.  Our main motivation is the flexibility to be a one income family if needbe so hadn't really wrapped my head around what to do with the extra if we are still dual income.
Ahhhh!  close enough that you can start picturing what to do with the remainder.  Love it!  Only thing left is really taxable account - do you already have one with Vanguard? 

Congratulations, your story is motivating.  I'm also only on track to reduce a 30 year to a 15 year.  But that's huge to me.  It makes it so I'll have a paid off house before I retire. 
Sometimes nothing can be a real cool hand

Philodendron

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Re: Mortgage Payoff Club!!
« Reply #1536 on: March 10, 2018, 10:35:43 PM »
And I'm free! I wired in my last mortgage payment yesterday, and when I logged on to check the balance this morning, it said something beautiful: "PAID IN FULL".

For those who are still slogging away, keep at it! I'm glad I went this route. I might've had a slightly bigger net-worth number in my spreadsheet if I'd put those extra payments into investments, but you can't put a value on the peace of mind that comes with freedom.

And . . . it's gone!  Just got back from the bank -- paid it off.  Woo hooooooo!!


Congrats Trifele & FireLane!! Excited for you :)

frugalJD

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Re: Mortgage Payoff Club!!
« Reply #1537 on: March 15, 2018, 12:00:10 PM »
FINALLY DID IT!

Sent the final payment in via wire transfer yesterday.  Took us 5 years and 6 months to kill it. 

This forum has been very helpful and encouraging.  Thank you all!

-Joe
« Last Edit: March 15, 2018, 12:02:34 PM by frugalJD »

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1538 on: March 15, 2018, 12:02:10 PM »
FINALLY DID IT!

Sent the final payment in via wire transfer yesterday.  Took us 5 year and 6 months to kill it. 

This forum has been very helpful and encouraging.  Thank you all!

-Joe

Congrats!!!!!! 

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #1539 on: March 16, 2018, 10:16:10 AM »
Congrats to all of you who have recently paid off your mortgages!

Ditto to those of you making good progress!


frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1540 on: March 17, 2018, 10:51:38 AM »

Mortgage payoff update after receiving yearly bonus!
Mortgage amount - February 28, 2018 - $75,072

If my husbands bonus comes in where it should be, we are looking at payoff in July 2018 instead of September.
Ya Baby :-)

March update after applying tax return - $66,342.  Things are moving fast!  Congrats to all making such great progress to date.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1541 on: March 27, 2018, 10:54:47 AM »
Showing progress in terms of % paid off against initial home value (equity against initial sale price) so I don't get facepunched for too big of a house.
% Equity (against initial sale price)
  • 06/2012 - 25%  (downpayment & first monthly payment)
  • 06/2013 - 27%  (now paying a few hundred extra monthly)
  • 06/2014 - 30%  (now paying 1000 extra each month)
  • 06/2015 - 33%  (still paying 1000 extra each month)
  • 08/2015 - 46%  (big fat payment in preparation for a requested recast next quarter)
  • 03/2016 - 48%  (now paying 1400 extra each month)
  • 08/2016 - 53%  (now paying 6400 extra each month (only did that for 4 months))
  • 12/2016 - Long-awaited recast finally settled.  New payment is $1k less than previously.  Term resets to original 30 years, but I still want to pay this off before the 15-year mark, so I'm paying an extra 1945 each month going forward. 
  • 04/2017 - 55%  (now paying 1945 extra each month)
  • 02/2018 - 58%  (still paying 1945 extra each month)
  • 03/2018 - 71%  (big fat extra payment and still paying 1945 extra each month)

With this latest payment and if I continue to pay 1945 extra each month, I'll be paid off at 15 year mark and I'll be 57.  It still seems too long and I'd like to have this paid off when I'm 53/54 to coincide with when I plan to reduce my income/FIRE. 

Typing those words just made me extremely excited and makes me realize that this is actually possible!  I may increase my extra principal, or I may keep stashing a little each month and then make another big dent in a year or two if all else continues to grow. 

Sometimes nothing can be a real cool hand

MangoAtPlay

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Re: Mortgage Payoff Club!!
« Reply #1542 on: March 28, 2018, 01:03:58 PM »
Hi All -
 We have $16,285.13 left on our mortgage!
 Planning to be free by August 1!

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1543 on: March 28, 2018, 07:40:24 PM »
Go @Frizzy @blue @mango!    Sounds like a good (debt free) cocktail in the making actually!

Goldy

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Re: Mortgage Payoff Club!!
« Reply #1544 on: March 29, 2018, 04:10:28 PM »
I used to be firmly in the pay off the mortgage camp and then did a 180 and found myself in the invest camp.  Now I find myself in the middle where I contribute an extra 350/mo and just plunked a third of my bonus on the mortgage and two thirds into investments.  Having the mortgage gone will help me reduce my retirement cash flow needs and I have 3 years left on my 2.5% arm before it starts slowly increasing.  181k left

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #1545 on: March 30, 2018, 11:34:22 AM »
Having the mortgage gone will help me reduce my retirement cash flow needs

This is my main reason for wanting to pay off the mortgage early.  (And of course, because it will feel so good)
Sometimes nothing can be a real cool hand

Nederstash

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Re: Mortgage Payoff Club!!
« Reply #1546 on: March 30, 2018, 01:08:36 PM »
Hi All -
 We have $16,285.13 left on our mortgage!
 Planning to be free by August 1!

That's so cool, congratulations! How much was the original mortgage and how long ago was that? What was your strategy?

birdman2003

  • Bristles
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  • Location: Iowa
Re: Mortgage Payoff Club!!
« Reply #1547 on: April 02, 2018, 07:18:56 AM »
Got the mortgage balance to under $100k! 

ScottsdaleSaver

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  • Location: Scottsdale, AZ
Re: Mortgage Payoff Club!!
« Reply #1548 on: April 02, 2018, 10:03:17 AM »
March 2018 - $227K  We made some good headway over the last quarter thanks to my bonus. We anticipate a couple more windfalls in the next quarter - grant work for my husband - & perhaps even a large promotion which would really speed things up. Send some good juju our way!

Jumping over here from a different mortgage payoff thread that never took off. We started the path to early payoff in earnest this June with a (free) refinance. We're on a 15-year mortgage at 3.25%, but I want to knock this thing out in 5.

Big picture - I want to time the mortgage payoff with my escape from corporate life. Our investments are where I'd like it to be at this point. We'll continue to max out our tax advantaged accounts, but everything after that is going towards this.

June 2017 - $254K
July 2017 - $251K
August 2017 - $248K
Sept 2017 - $245K
Oct 2017 - $244K
Nov 2017 - $241K
Dec - 2017 - $237K

ScottsdaleSaver

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  • Age: 38
  • Location: Scottsdale, AZ
Re: Mortgage Payoff Club!!
« Reply #1549 on: April 02, 2018, 10:05:16 AM »
Having the mortgage gone will help me reduce my retirement cash flow needs

This is my main reason for wanting to pay off the mortgage early.  (And of course, because it will feel so good)

Same here. I tend conservative, so I wouldn't be comfortable ditching work until the mortgage is gone.