Quote from: frost7777 on March 15, 2016, 12:09:24 PMHello, 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 < 80k03/2013 < 70k04/2014 < 60k12/2014 < 50k09/2015 < 40k03/2016 < 30k03/2017 = 0 ?? Just to follow up:12/2016 < 20k03/2017 < 10k05/2017 = 0Missed 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.
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 < 80k03/2013 < 70k04/2014 < 60k12/2014 < 50k09/2015 < 40k03/2016 < 30k03/2017 = 0 ??
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!
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.
Quote from: Trifele on March 03, 2018, 02:12:03 AMCongrats 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 ;-)
Quote from: FireLane on December 03, 2017, 11:49:06 AMQuote from: FireLane on June 22, 2017, 05:51:12 PMQuote from: FireLane on February 03, 2017, 04:58:17 AMQuote from: FireLane on September 14, 2016, 08:24:41 AMQuote from: FireLane on May 29, 2016, 08:26:00 AMAs 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.
Quote from: FireLane on June 22, 2017, 05:51:12 PMQuote from: FireLane on February 03, 2017, 04:58:17 AMQuote from: FireLane on September 14, 2016, 08:24:41 AMQuote from: FireLane on May 29, 2016, 08:26:00 AMAs 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.
Quote from: FireLane on February 03, 2017, 04:58:17 AMQuote from: FireLane on September 14, 2016, 08:24:41 AMQuote from: FireLane on May 29, 2016, 08:26:00 AMAs 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!
Quote from: FireLane on September 14, 2016, 08:24:41 AMQuote from: FireLane on May 29, 2016, 08:26:00 AMAs 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. :)
Quote from: FireLane on May 29, 2016, 08:26:00 AMAs 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!
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!
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!!
Quote from: Trifele on March 09, 2018, 09:41:11 AMAnd . . . it's gone! Just got back from the bank -- paid it off. Woo hooooooo!!Woo hooooooo!!
Quote from: markbike528CBX on March 09, 2018, 10:36:02 AMQuote from: Trifele on March 09, 2018, 09:41:11 AMAnd . . . it's gone! Just got back from the bank -- paid it off. Woo hooooooo!!Woo hooooooo!! Congratulations!!!
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.
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
Mortgage payoff update after receiving yearly bonus!Mortgage amount - February 28, 2018 - $75,072If my husbands bonus comes in where it should be, we are looking at payoff in July 2018 instead of September.Ya Baby :-)
Having the mortgage gone will help me reduce my retirement cash flow needs
Hi All - We have $16,285.13 left on our mortgage! Planning to be free by August 1!
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 - $254KJuly 2017 - $251KAugust 2017 - $248KSept 2017 - $245KOct 2017 - $244KNov 2017 - $241KDec - 2017 - $237K
Quote from: Goldy on March 29, 2018, 04:10:28 PM Having the mortgage gone will help me reduce my retirement cash flow needsThis is my main reason for wanting to pay off the mortgage early. (And of course, because it will feel so good)
Five years ago we refinanced to a 5/1 adjustable at 2.25% Next month it goes to 4.25%. We have paid 3x the required payment for that time and are used to the extra cost.Today my lovely wife went to the credit union and paid the final payment. It has not sunk in yet. Next month when our bank account is $3500 richer, the impact will be real.
Just so no one ever thinks it's all rainbows and unicorns... Just took 2 major hits with a tax bill and some expenses to fix up our house. It's a minor set back of a month, maybe two. We could have easily covered the latter expenses if there wasn't a mortgage payment... Grrrr. Just goes to show how expectations towards the end can get ahead of cash flow though. Staying the course despite the headwinds...
Quote from: indentured4now on April 03, 2018, 07:39:15 PMJust so no one ever thinks it's all rainbows and unicorns... Just took 2 major hits with a tax bill and some expenses to fix up our house. It's a minor set back of a month, maybe two. We could have easily covered the latter expenses if there wasn't a mortgage payment... Grrrr. Just goes to show how expectations towards the end can get ahead of cash flow though. Staying the course despite the headwinds...Do you mean you don't have enough savings or a healthy enough emergency fund to cover homeownership's inevitabilities? Taxes and repair bills never go away, mortgage or no mortgage.
Quote from: Dicey on April 11, 2018, 01:15:02 AMQuote from: indentured4now on April 03, 2018, 07:39:15 PMJust so no one ever thinks it's all rainbows and unicorns... Just took 2 major hits with a tax bill and some expenses to fix up our house. It's a minor set back of a month, maybe two. We could have easily covered the latter expenses if there wasn't a mortgage payment... Grrrr. Just goes to show how expectations towards the end can get ahead of cash flow though. Staying the course despite the headwinds...Do you mean you don't have enough savings or a healthy enough emergency fund to cover homeownership's inevitabilities? Taxes and repair bills never go away, mortgage or no mortgage.sounds like the latter expense could have easily been covered with capital invested in equities as well. one of the many issues over looked by the pay down your mortgage crowd. having to keep an overly large E - Fund - in this case it appears that wasnt enough. and then having non tax advantaged capital to fund un expected costs be them home related or not. you should throw down the full story to educate your bretheren on this thread of the short comings of pumping money into an illiquid asset and the risks that entails.
Quote from: boarder42 on April 12, 2018, 09:32:11 AMQuote from: Dicey on April 11, 2018, 01:15:02 AMQuote from: indentured4now on April 03, 2018, 07:39:15 PMJust so no one ever thinks it's all rainbows and unicorns... Just took 2 major hits with a tax bill and some expenses to fix up our house. It's a minor set back of a month, maybe two. We could have easily covered the latter expenses if there wasn't a mortgage payment... Grrrr. Just goes to show how expectations towards the end can get ahead of cash flow though. Staying the course despite the headwinds...Do you mean you don't have enough savings or a healthy enough emergency fund to cover homeownership's inevitabilities? Taxes and repair bills never go away, mortgage or no mortgage.sounds like the latter expense could have easily been covered with capital invested in equities as well. one of the many issues over looked by the pay down your mortgage crowd. having to keep an overly large E - Fund - in this case it appears that wasnt enough. and then having non tax advantaged capital to fund un expected costs be them home related or not. you should throw down the full story to educate your bretheren on this thread of the short comings of pumping money into an illiquid asset and the risks that entails. Thank you Boarder. Your comments have been noted and this page of the thread now has a person or two saying that it is not a good idea. Now we can wait until there are enough other posters in the thread to have a page where your concerns aren't showing, and you can post this point again.FWIW, I don't think the OP meant that they didn't have a big enough E fund. I think they meant that the things meant that they weren't able to throw more money at their mortgage this month because of those things. Perhaps it was too optimistic a reading, but it certainly was how I would have described that sort of thing when I was in the later stages. (Note, I am a person who prepaid their mortgage because I am in Canada where things generally reset every 5 years, and I made many mistakes with that mortgage, but on the plus side now I have lots of money to throw into my retirement investments and hindsight is 20/20)
dicey and boarder42, thank you for the (bit presumptive) comments, but all's well and the plan to kill the mortgage is firmly intact. Your counter-arguments to remain indebted add to my inspiration to kill the mortgage this year. It has had almost zero tax benefit the past 2 years and will have zero tax benefit with the new tax law and standard deductions in 2018 tax year as well. And thanks to plainjane for the comments that were indeed correct. The house expenses didn't touch emergency funds and the tax bill payment was planned/saved in advance. Just a large chunk to drop in a particular month out of normal cash flow (and the small side account for taxes) leaving little to pay down the mortgage is all. Still on track to be free in July (and looking forward to figuring out how to change my username to something like... "free4ever"! ;-)
I wrote a check for the final balance on our mortgage last week. It is a very, very good feeling to have that expense gone. Will not carry that monthly expense in retirement.
