Author Topic: Mortgage Payoff Club!!  (Read 426880 times)

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1650 on: June 09, 2018, 09:00:16 AM »
Today we celebrate one year since we wired the proceeds to payoff our house. We have no regrets about our decision and love knowing that even a sudden long-term job loss would not put us at risk of losing our house. There’s something cool about knowing we fully own every little bit of flooring, sheetrock, granite, roofing, etc. in this structure we call home.

I love this!  This is exactly how I feel. I know we could make more money in the market but knowing we have zero debt and everything we own is 100% ours is worth it to me. Our mortgage makes up a large percentage of our expenses as well so a drastic decrease in our expenses prior to our children going to colllege is also appealing.

mrmoonymartian

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Re: Mortgage Payoff Club!!
« Reply #1651 on: June 10, 2018, 04:02:39 AM »
I'm in. $100k left and aiming to get it near zero by early 2020, while continuing to max out my tax-advantaged account.

Have had moments of temptation to divert more from the mortgage towards a full-tax account, but being in Australia means paying it down makes more sense for various reasons.

I'm not planning to make the final payment until I have to though. If the markets crash I can redraw and take advantage with some low cost, no doc, un-callable leverage.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1652 on: June 10, 2018, 06:33:55 AM »
@iluvsbeach,   Congrats on paying yours off!  And great point about the closing drama I might cause.   After 3+ yrs of testifying on this board, saving and encouraging to get to this point and the emotional desire to just be done, I’m going to be pragmatic and save the bonus and call the mortgage payoff goal met as soon as we sign at the closing table.

Still gonna be nice to get 90+% of the proceeds back in that check.  The last paid-off house we sold, 2  bankers came out of their offices when I deposited it to sell me financial products and so called “Premium Banking” (with “premium fees” that come with such financial garbage).   

wauske

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Re: Mortgage Payoff Club!!
« Reply #1653 on: June 10, 2018, 01:50:56 PM »
Yoo-hoo, one mortgage paid off. 120k in just over 6 years! Only downside is that we opened a second mortgage to fund some improvements (changing the boiler for an electronic geyser, replacing the central heating with a heatpump).
On the plus side the new mortgage is at 1.65 percent with only one year fixed. Target payoff date is end 2019, this way I don't have to withdraw from my investments.
Everything I say is my personal opinion which is based on my subjective experience.

Zola.

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Re: Mortgage Payoff Club!!
« Reply #1654 on: June 14, 2018, 05:29:55 AM »
We are 3 years into a 25 year term, started at £130,050 after a large deposit, and now down to £115,000. A long way to go, but once we get that number into the five figure club, oh baby...

I could go harder at the overpayments but I am putting in a fair amount into investments. We have our first child who will be born imminently, which will definitely pause the overpayments as my wife will be off work for a year!

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1655 on: June 14, 2018, 08:54:05 AM »
So far for the month of June we have managed to put an extra 7k towards the mortgage. My first post in this thread was April 3rd of this year and my mortgage balance was $497k.  Today it is $477k so we have paid of 20k in 3 months. My goal by the end of the 2018 is to be at 440k.  My oldest child will start college in 2027 so my original goal was to pay it off by then but I think we will beat that goal by a few years.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1656 on: June 14, 2018, 09:51:31 AM »
Interest rates ticked up another .25%. I am bummed because I may be in the getting a mortgage club again soon.  My current mortgage is at 2.625%.  I'm not looking forward to higher rates. I guess it would make the payoff decision easier.
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)




Livethedream

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Re: Mortgage Payoff Club!!
« Reply #1657 on: June 15, 2018, 07:56:35 AM »
Wanted to say keep up the good work everyone! Excited to announce our final payment cleared this morning!


Trifele

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Re: Mortgage Payoff Club!!
« Reply #1658 on: June 15, 2018, 08:00:21 AM »
Wooo Hooo!!!  Congrats @Livethedream !

iluvzbeach

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Re: Mortgage Payoff Club!!
« Reply #1659 on: June 15, 2018, 08:21:23 AM »
Congratulations, @Livethedream

What a great feeling!
Planning to be FIREd in 2020!

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #1660 on: June 16, 2018, 05:12:14 AM »
@Livethedream,   Awesomeness!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1661 on: June 16, 2018, 10:28:48 AM »
Congrats @Livethedream   That's Awesome!

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1662 on: June 17, 2018, 09:45:47 AM »
Congrats