Author Topic: Mortgage Payoff Club!!  (Read 488300 times)

markbike528CBX

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Re: Mortgage Payoff Club!!
« Reply #1700 on: July 19, 2018, 02:37:47 PM »
Hi All -
 Just checking in to announce we paid off our mortgage July 1st!!!  We won't really notice a difference until the next paycheck though!  So glad to have the freedom to spend/save that money elsewhere!
It will be a surreal moment when you check your accounts and you don't have that expense.
Congrats!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1701 on: July 19, 2018, 06:42:03 PM »
Hi All -
 Just checking in to announce we paid off our mortgage July 1st!!!  We won't really notice a difference until the next paycheck though!  So glad to have the freedom to spend/save that money elsewhere!

Congratulations!  That will be an amazing feeling!

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1702 on: July 19, 2018, 06:52:40 PM »
Hi All -
 Just checking in to announce we paid off our mortgage July 1st!!!  We won't really notice a difference until the next paycheck though!  So glad to have the freedom to spend/save that money elsewhere!

Congrats!

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1703 on: July 19, 2018, 08:13:49 PM »
Congratulations.

MaybeBabyMustache

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Re: Mortgage Payoff Club!!
« Reply #1704 on: July 20, 2018, 08:49:12 AM »
We have a vacation house & I'm actively trying to pay off the mortgage. Starting balance was $330K, and we're down to $217K. I'm super excited to get below $200K, and am trying to hit that in 2018. I only use extra funding (e.g. money that was unexpected, side hustle, random rebates/checks, etc) for this, so it will be tricky. But, I'm doing it! It would be great to free up the $1K or month a so of mortgage payments as we get closer to FIRE

AccidentalMiser

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Re: Mortgage Payoff Club!!
« Reply #1705 on: July 24, 2018, 04:11:06 PM »
So, Iím going to start posting here since paying off the mortgages is the next thing in line for us.  We have three mortgages:

53k at 4% which I am currently sitting on the cash for the payoff and will be completed by the end of the month.
246k at 4% on the house that we are renting to our son with a purchase agreement to be completed by November.
107k at 3.5% on our home property of 17 acres which has two houses, one with a finished apartment in the basement.

I should note that we collect about 4000 per month in rent from these properties and live in one of them so theyíre all producing for us.  I have mixed feelings about paying them off but I donít want to carry debt into early retirement.

Mortgage total on 7/1/18 = 406k

53k mortgage paid off today.  353k left to go! 

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1706 on: July 24, 2018, 07:24:22 PM »
So, Iím going to start posting here since paying off the mortgages is the next thing in line for us.  We have three mortgages:

53k at 4% which I am currently sitting on the cash for the payoff and will be completed by the end of the month.
246k at 4% on the house that we are renting to our son with a purchase agreement to be completed by November.
107k at 3.5% on our home property of 17 acres which has two houses, one with a finished apartment in the basement.

I should note that we collect about 4000 per month in rent from these properties and live in one of them so theyíre all producing for us.  I have mixed feelings about paying them off but I donít want to carry debt into early retirement.

Mortgage total on 7/1/18 = 406k

53k mortgage paid off today.  353k left to go! 

Wahoo!  Nice work! :-)

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1707 on: July 24, 2018, 07:45:29 PM »
Way to go MangoAtPlay...  Big step on the way to FI!

red_pill

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Re: Mortgage Payoff Club!!
« Reply #1708 on: July 28, 2018, 02:35:07 PM »
I think I just joined the mortgage free club!!!!  Well, the last lump sum payment won't clear until Thursday, but I just made the call and it's locked in.  I'll believe it when I see the zero, and for now it seems too good to be true.

I wish I had better records, and I wasn't always paying attention to it, but I have several data points over the past five years.  Starting balance was $250K, so average pay down was about $50K per year, but really accelerated over the past year when we had a few little windfalls and we actually started focusing on it.

Nov 2013 - $250,000
Dec, 2014 - $188,000
April 2015 - $148,000
Aug 2016 - $115,000  (2015 and 2016 my wife was ill, and life took us for a roller coaster ride from hell, hence the slowedown)
April, 2018 - $48,000
July, 2018 - $20,000
Aug 2, 2018 - ZERO!

Now, next challenge is to immediately reallocate the mortgage payment amounts into investments.

This is such a strange feeling....


Trifele

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Re: Mortgage Payoff Club!!
« Reply #1709 on: July 28, 2018, 03:36:56 PM »
I think I just joined the mortgage free club!!!! 
...
This is such a strange feeling....

Congrats @red_pill!  Good for you!! 

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1710 on: July 29, 2018, 08:58:21 AM »
I think I just joined the mortgage free club!!!!  Well, the last lump sum payment won't clear until Thursday, but I just made the call and it's locked in.  I'll believe it when I see the zero, and for now it seems too good to be true.

I wish I had better records, and I wasn't always paying attention to it, but I have several data points over the past five years.  Starting balance was $250K, so average pay down was about $50K per year, but really accelerated over the past year when we had a few little windfalls and we actually started focusing on it.

Nov 2013 - $250,000
Dec, 2014 - $188,000
April 2015 - $148,000
Aug 2016 - $115,000  (2015 and 2016 my wife was ill, and life took us for a roller coaster ride from hell, hence the slowedown)
April, 2018 - $48,000
July, 2018 - $20,000
Aug 2, 2018 - ZERO!

Now, next challenge is to immediately reallocate the mortgage payment amounts into investments.

This is such a strange feeling....

Congratulations!  That's awesome!

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #1711 on: July 30, 2018, 07:10:13 AM »
$10k to the principal, balance now under $80k!

ender

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Re: Mortgage Payoff Club!!
« Reply #1712 on: July 30, 2018, 07:59:04 AM »
$10k to the principal, balance now under $80k!

Niiiiiice. :D

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1713 on: August 02, 2018, 02:57:00 PM »
5 years and $435,000 later . . . the mortgage is finally gone.
It's done ... it's overÖ.terminated, mutiliated, mission accomplished!
It feels amazing and unreal all at the same time.
Our savings rate is about to tripleÖ..we are 2 years from FIÖ..
shit is about to get real...

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #1714 on: August 02, 2018, 03:38:10 PM »
5 years and $435,000 later . . . the mortgage is finally gone.
It's done ... it's overÖ.terminated, mutiliated, mission accomplished!
It feels amazing and unreal all at the same time.
Our savings rate is about to tripleÖ..we are 2 years from FIÖ..
shit is about to get real...

Wow.  An average of $87k/yr toward your mortgage -- that is a seriously impressive payoff rate.  Congrats on your accomplishment, and may you attack the rest of your financial goals with equal verve!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1715 on: August 02, 2018, 07:23:54 PM »
5 years and $435,000 later . . . the mortgage is finally gone.
It's done ... it's overÖ.terminated, mutiliated, mission accomplished!
It feels amazing and unreal all at the same time.
Our savings rate is about to tripleÖ..we are 2 years from FIÖ..
shit is about to get real...

Wow!  Congrats @frizzywhiskers !

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1716 on: August 03, 2018, 08:44:12 AM »
Frizzywhiskers-
congratulations on knocking on a gigantic mortgage. I would argue that principal paid to the mortgage would already count as savings. But this difference of opinion is so minor that it should not take away from me acknowledging you as a Bad-ass!

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #1717 on: August 03, 2018, 09:44:31 AM »
I would argue that principal paid to the mortgage would already count as savings.

Indeed!  I often include principal payments (whether part of P&I or additional) when assessing our yearly savings.  We are relatively late in our mortgage schedule, so the principal payments are rather large and make our savings rate look a lot more impressive.  :D

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1718 on: August 08, 2018, 06:01:13 PM »
5 years and $435,000 later . . . the mortgage is finally gone.
It's done ... it's overÖ.terminated, mutiliated, mission accomplished!
It feels amazing and unreal all at the same time.
Our savings rate is about to tripleÖ..we are 2 years from FIÖ..
shit is about to get real...

Oh, just Hell yeah to this!!    Frizzy-on-FI-yah!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1719 on: August 08, 2018, 06:47:45 PM »
Thanks everyone - it is pretty exciting to have it done!  I'll be here to cheer on the next group of graduates!

JustInStarting

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Re: Mortgage Payoff Club!!
« Reply #1720 on: August 08, 2018, 08:32:54 PM »
5 years and $435,000 later . . . the mortgage is finally gone.
It's done ... it's overÖ.terminated, mutiliated, mission accomplished!
It feels amazing and unreal all at the same time.
Our savings rate is about to tripleÖ..we are 2 years from FIÖ..
shit is about to get real...

Congratulations frizzywhiskers! That's a huge accomplishment.

K-ice

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Re: Mortgage Payoff Club!!
« Reply #1721 on: August 09, 2018, 01:32:02 PM »
My SO just put a large enough payment to cut our mortgage (HELOC) in HALF. I'm supposed to match them.

But ... I'm not completely convinced in a super fast payoff as it is on a rental property and we can deduct the interest. 

Also, our tax advantaged investments are not maxed. (TFSA & RRSP)

My SO agreed I can invest the money in our joint account, then we will split it into our tax advantaged accounts. So the pressure is on. (pressure in a fun rivalry sense)   I don't have all the cash on hand, but I have about 60% and should be caught up by Christmas.






 




ender

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Re: Mortgage Payoff Club!!
« Reply #1722 on: August 10, 2018, 07:26:11 AM »
We started our mortgage payoff savings account recently. :)

MaybeBabyMustache

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Re: Mortgage Payoff Club!!
« Reply #1723 on: August 16, 2018, 10:23:40 AM »
We have a vacation house & I'm actively trying to pay off the mortgage. Starting balance was $330K, and we're down to $217K. I'm super excited to get below $200K, and am trying to hit that in 2018. I only use extra funding (e.g. money that was unexpected, side hustle, random rebates/checks, etc) for this, so it will be tricky. But, I'm doing it! It would be great to free up the $1K or month a so of mortgage payments as we get closer to FIRE

I decided to put a month of stock vests into the mortgage, and now have it down below $200K. We are at $199K! Woohoo. I'm excited to think about how quickly we can pay this down, now that we crossed below the $200K mark.

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1724 on: August 27, 2018, 08:10:36 PM »
End of June update...   Just around $43K.   And pitching in another ~$1K this next pay period just to hopefully be "sub-40K" at the closing table (which is likely to be higher than the car loan balance of whomever buys our place)...  Strange how the mental game works at this stage... Crossing each $10K interval is such a win!

End of August update... $41K and some change as we stay the course...   House still on the market so we'll break the $40K level by the time we move.   I hate houses and especially mortgages with a zeal not seen since... well... the Spanish Inquisition...   Wait for it...   

"And nobody expects the Spanish Inquisition!"

Comar

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Re: Mortgage Payoff Club!!
« Reply #1725 on: September 04, 2018, 02:52:30 AM »
56k left!

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1726 on: September 04, 2018, 10:40:31 AM »
Iím so jealous of these low balances!  Our payment for September just hit and we are down to $419,000.  My husband is expecting a bonus on a Friday so I am planning on putting that towards the mortgage and getting it below 400k. I set a new goal to pay off the mortgage in 5 years which is definitely possible as long as we stay focused.

Greyweld

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Re: Mortgage Payoff Club!!
« Reply #1727 on: September 04, 2018, 11:18:23 AM »
Was waiting to have a good checkpoint before joining this thread -- but we are now just over 50% paid off of a 250k mortage! 120k to go, estimated completion November 2019... 14 more months!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1728 on: September 04, 2018, 09:32:43 PM »
@Megs193,   Keep the faith and actively keep on the same page with your S.O. on the interim goals you guys agree to, the required lifestyle trade-offs and how to handle windfalls (and setbacks) along the way...  $400K in 5 years is totally doable with teamwork!   Celebrating annual milestones along the way helps as well.   And depending on cost of living in the area and stage of life, a "rightsize" in house at some point might make you feel like you won the lottery...   It's an interesting emotional/near-spiritual journey through the stages towards FI for sure!
« Last Edit: September 04, 2018, 09:37:50 PM by indentured4now »

dacalo

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Re: Mortgage Payoff Club!!
« Reply #1729 on: September 05, 2018, 12:18:48 PM »
Iím so jealous of these low balances!  Our payment for September just hit and we are down to $419,000.  My husband is expecting a bonus on a Friday so I am planning on putting that towards the mortgage and getting it below 400k. I set a new goal to pay off the mortgage in 5 years which is definitely possible as long as we stay focused.

Keep going! We have $619k at the moment and it looks insurmountable.

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1730 on: September 10, 2018, 09:32:08 AM »
My husband got his bonus this month and we decided to put most of it towards the mortgage. We put $50,000 toward the mortgage and our new balance is $369,000. I would love to get the balance below $350,000 by the end of the year but that is definitely going to be a major stretch. My spending has been at an al time low though. Even my husband has commented on how few amazon packages have come and my target bill has been below $50 for 3 months in a row.  I got one pedicure all summer and then just repainted my toe nails, Iíve stopped going to Starbucks unless Iím meeting a friend to sit and chat and Iím actually cooking the food I buy. These all sound so basic but for years I didnít really think about the money I spent because our HHI is high and I didnít think I needed to. Iím starting to see how much changing my habits is making a difference.  My original plan was to pay off our mortgage in 5 years and I think we will likely get it paid off in 4!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1731 on: September 10, 2018, 10:40:20 AM »
My husband got his bonus this month and we decided to put most of it towards the mortgage. We put $50,000 toward the mortgage and our new balance is $369,000. I would love to get the balance below $350,000 by the end of the year but that is definitely going to be a major stretch. My spending has been at an al time low though. Even my husband has commented on how few amazon packages have come and my target bill has been below $50 for 3 months in a row.  I got one pedicure all summer and then just repainted my toe nails, Iíve stopped going to Starbucks unless Iím meeting a friend to sit and chat and Iím actually cooking the food I buy. These all sound so basic but for years I didnít really think about the money I spent because our HHI is high and I didnít think I needed to. Iím starting to see how much changing my habits is making a difference.  My original plan was to pay off our mortgage in 5 years and I think we will likely get it paid off in 4!

You're doing great!  Making loads of positive changes.  Keep up the good work!

twistedfirestarter

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Re: Mortgage Payoff Club!!
« Reply #1732 on: September 11, 2018, 05:48:33 AM »
We only have a small mortgage as we moved from a HCOL area to a much lower one 20 miles down the road. I wasn’t too fussed about rushing to pay off the remaining mortgage but it turns out this is what it took to get Mrs Twisted 100% behind living frugally and squirrelling our money away for the future.

Although she understood the FIRE methodology it was an abstract concept which only lead to numbers changing on the computer, paying off the mortgage is much more tangible. It’s also ingrained into the British psyche that “bricks and mortar is the best investment”.

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1733 on: September 28, 2018, 08:45:28 PM »
End of September update, sold more stuff and saved more shekels and added more equity...   Balance under $40K.    House hasn't sold so looks like we're camping for awhile.   Money badger don't care.   Marching onward till the mortgage is DONE!

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #1734 on: September 29, 2018, 08:17:57 AM »
We only have a small mortgage as we moved from a HCOL area to a much lower one 20 miles down the road. I wasnít too fussed about rushing to pay off the remaining mortgage but it turns out this is what it took to get Mrs Twisted 100% behind living frugally and squirrelling our money away for the future.

Although she understood the FIRE methodology it was an abstract concept which only lead to numbers changing on the computer, paying off the mortgage is much more tangible. Itís also ingrained into the British psyche that ďbricks and mortar is the best investmentĒ.

I can certainly relate to this.  My wife is far less interested in the ins-and-outs of savings/investment/FIRE than I am.  She's on board with FI and maybe RE, but the savings/spending discipline required to get there was left mostly to me.

It was always a tough sell to build up after-tax investments, since she would view that as a potential kitchen renovation, landscaping fund, fancy vacation, etc.  She's also a bit more risk-averse than I am.  The FI strategy that we are both comfortable with was a combination pre-tax contributions and paying down the mortgage.  We've done a ton of the former and a bit of the latter.

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #1735 on: September 29, 2018, 08:21:50 AM »
End of September update, sold more stuff and saved more shekels and added more equity...   Balance under $40K.    House hasn't sold so looks like we're camping for awhile.   Money badger don't care.   Marching onward till the mortgage is DONE!

lol @ Money badger.

Sounds like you're going to camp/rent until your house is sold?  Are you downsizing to FIRE, already FIREd, starting a nomadic expedition, or other?

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1736 on: September 30, 2018, 07:46:53 PM »
@bird...   Yep, camping in the current "big house" till it's sold which will eliminate debt.  Then will  put the net equity after closing to work for us at last to generate further passive income.  Thinking I'll change my handle from "Indentured..." to "Money Badger" at that point?    The goal is FIRE in 2021 linked to when youngest kid finishes her bachelors.   At that point, shift to the "in it for the benefits" job till age 65 along with some sustainable athletic/cardo regimen...   Already developing an MMM "biking habit" as a start... Easy access to greenways with biking and walking trails is an objective to stay fit and happy in FIRE.

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1737 on: October 01, 2018, 03:53:26 AM »
@bird...   Thinking I'll change my handle from "Indentured..." to "Money Badger" at that point?   

@indentured4now, I think you should change your name now -- that's the best handle on the forum.   :)

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1738 on: October 01, 2018, 06:51:14 AM »
I like the title money badger.

MB don't care; money badger just takes what it wants!

ChesterT

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Re: Mortgage Payoff Club!!
« Reply #1739 on: October 01, 2018, 08:52:30 PM »
This is my first post in here, but it won't be my last! :)

I recently purchased a home and then sold one, so today I was able to put an extra $83,017 on to my principal. They will do a recast on my new mortgage for me for a $300 charge, and then my payment goes to less than half. I'll keep paying a bit extra each month, but also build up a bit of cash, add an IRA, and start taxable accounts because of the low payment. I already max out 401k.

I really wanted to buy a house debt free, but a guy high on meth broke through my dining room window one beautiful Saturday morning while I was asleep and I decided to head for the low crime rate area instead. I'm so happy I did, and my payment will be low enough to give me much more freedom. Woot!

Also, I know I'm new, but - Money Badger is definitely a title I hope to hold someday. Badassity at it's finest!

(I've been reading this thread for months, so happy I get to post today!)

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1740 on: October 02, 2018, 03:11:55 AM »
This is my first post in here, but it won't be my last! :)

I recently purchased a home and then sold one, so today I was able to put an extra $83,017 on to my principal. They will do a recast on my new mortgage for me for a $300 charge, and then my payment goes to less than half. I'll keep paying a bit extra each month, but also build up a bit of cash, add an IRA, and start taxable accounts because of the low payment. I already max out 401k.

I really wanted to buy a house debt free, but a guy high on meth broke through my dining room window one beautiful Saturday morning while I was asleep and I decided to head for the low crime rate area instead. I'm so happy I did, and my payment will be low enough to give me much more freedom. Woot!

Also, I know I'm new, but - Money Badger is definitely a title I hope to hold someday. Badassity at it's finest!

(I've been reading this thread for months, so happy I get to post today!)

Welcome @ChesterT !  Sounds like you're doing great.

ScottsdaleSaver

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Re: Mortgage Payoff Club!!
« Reply #1741 on: October 02, 2018, 09:10:45 AM »
September 2018 - $196K! We met our goal of breaking $200K by the end of summer. Fighting lifestyle inflation and kicking my husband's raise into savings and/or mortgage payoff, so hopefully we start really picking up speed now...

June 2018 - $217K and I'm writing another check to principal for $5K tonight. The pay for grant work isn't in yet and the promotion happened and the higher pay rate kicks in this week (yay!). We're hoping to break the $200K mark by the end of the summer.

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

ChesterT

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Re: Mortgage Payoff Club!!
« Reply #1742 on: October 02, 2018, 02:20:32 PM »
Thank you, @Trifele!

Nice work, @ScottsdaleSaver! The lifestyle creep is so sneaky sometimes.

paulkots

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Re: Mortgage Payoff Club!!
« Reply #1743 on: October 04, 2018, 09:59:27 AM »
Finally made a decision to really start trying to pay off the house. With my calculations, I am going from a 15 year mortgage to a 6 year, I will try do it in 5.

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1744 on: October 04, 2018, 07:34:52 PM »
@Trifele and TallTexan,   Thanks for the encouragement.   And y'all talked me into it...   As of this Friday, after 3 or so years of blood, sweat, recasting and principal payments, I'm sitting on liquid assets that we could use to pay off the last bit of our mortgage (ie, the last debt) if or when we want.   So goodbye Indentured4Now...   

Money Badger lives!  And you guessed it... He don't care!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1745 on: October 05, 2018, 01:26:04 AM »
@Trifele and TallTexan,   Thanks for the encouragement.   And y'all talked me into it...   As of this Friday, after 3 or so years of blood, sweat, recasting and principal payments, I'm sitting on liquid assets that we could use to pay off the last bit of our mortgage (ie, the last debt) if or when we want.   So goodbye Indentured4Now...   

Money Badger lives!  And you guessed it... He don't care!

Hahaha -- Awesome!!!!

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1746 on: October 05, 2018, 04:31:01 PM »
We put $10,000 extra towards the mortgage in September so we are down to $358,000.  My goal was to be under $400,000 by the end of 2018 so we are way ahead of our goal. My original goal was to pay off the mortgage before our oldest went to college. He turned 9 this week so we should have it paid off before he is in high school!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1747 on: October 05, 2018, 08:20:51 PM »
@Megs193,  You guys are killing it!  Down from high 400ís earlier this year in May or so?   Now high 300s...    9 years is totally doable assuming a 6-figure family income and some grace (or windfall help) always along the way...    Just hang in there as the easy wins are used up... and keep the faith till itís done.  Itís amazing (and yet just normal) to live FI afterwards.   Go!

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1748 on: October 06, 2018, 08:56:44 AM »
@Megs193,  You guys are killing it!  Down from high 400ís earlier this year in May or so?   Now high 300s...    9 years is totally doable assuming a 6-figure family income and some grace (or windfall help) always along the way...    Just hang in there as the easy wins are used up... and keep the faith till itís done.  Itís amazing (and yet just normal) to live FI afterwards.   Go!

Thanks!  It is amazing how much having a goal of being mortgage free has changed the way I spend money. I have no interest in accumulating stuff anymore. I am proud of my 10 year old car and canít wait to see how long I can drive it!

Threshkin

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Re: Mortgage Payoff Club!!
« Reply #1749 on: October 11, 2018, 12:54:00 PM »
@Megs193,  You guys are killing it!  Down from high 400ís earlier this year in May or so?   Now high 300s...    9 years is totally doable assuming a 6-figure family income and some grace (or windfall help) always along the way...    Just hang in there as the easy wins are used up... and keep the faith till itís done.  Itís amazing (and yet just normal) to live FI afterwards.   Go!

Thanks!  It is amazing how much having a goal of being mortgage free has changed the way I spend money. I have no interest in accumulating stuff anymore. I am proud of my 10 year old car and canít wait to see how long I can drive it!

Being mortgage free was the single most mentally liberating financial move I made.  All the maths said don't do it.  Keep the low interest rate loan and invest the money instead.......NOPE.

By paying off the house I was able to instantly become stress free about income.  Without that large monthly obligation I no longer needed to worry about keeping my job which removed massive amounts of stress which wound up making me better at my job.  Reduced fixed expenses also moved my FI date up significantly and lowered my sequence of returns risk.

One cautionary note:  Don't rob from your retirement to pay off your house!  I only used after tax money for the payoff.  All tax exempt/deferred retirement accounts were fully funded first and not touched to make the payoff.