Author Topic: Mortgage Payoff Club!!  (Read 480755 times)

TomSelleckJR

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Re: Mortgage Payoff Club!!
« Reply #1750 on: October 11, 2018, 02:25:52 PM »

We're down to 87k.
It was a MAJOR mental boost to see the balance drop below 6 figures.

We are targeting payoff right around the end of 2019.


Best of luck to everyone pursuing this goal.  :-)



Megs193

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Re: Mortgage Payoff Club!!
« Reply #1751 on: October 12, 2018, 07:06:13 PM »

We're down to 87k.
It was a MAJOR mental boost to see the balance drop below 6 figures.

We are targeting payoff right around the end of 2019.


Best of luck to everyone pursuing this goal.  :-)

That must feel amazing. Congrats on getting it to 5 figures!

Askel

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Re: Mortgage Payoff Club!!
« Reply #1752 on: October 13, 2018, 02:24:53 AM »
$2700 left this morning.  I'm planning my mortgage bonfire party already. 

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1753 on: October 13, 2018, 11:24:13 AM »
By paying off the house I was able to instantly become stress free about income.  ....  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!  ...

Totally agree, Threshkin. Needing less income in the future is a big motivator for us as well.

We have slowed down our mortgage payoff slightly to replenish our EF and other savings. We had some very unexpected expenses related to an emergency earlier this year and I was very glad to have our EF to carry us through that time.

EF is now almost fully funded again, and we continue to fully fund all our tax-advantaged accounts. Next up is getting back into extra mortgage payments.

Mortgage is currently at $36k. Estimated payoff by late 2019.

$2700 left this morning.  I'm planning my mortgage bonfire party already. 
congrats!!

We're down to 87k.
It was a MAJOR mental boost to see the balance drop below 6 figures.

We are targeting payoff right around the end of 2019.

Best of luck to everyone pursuing this goal.  :-)

I know that boost - it feels great! Looks like we are looking at a similar time line - best of luck to you!


ozmickey

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Re: Mortgage Payoff Club!!
« Reply #1754 on: October 24, 2018, 07:34:08 PM »
I have been following on this thread for a while but not posting.

I have just returned from the bank and made the final payment on my mortgage!

Back story - bought the house in June 2014 and within a few years both my DH and I had been retrenched (with payouts).

Thank you former corporate overlords for paying off our house.
« Last Edit: October 24, 2018, 07:41:57 PM by ozmickey »

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1755 on: October 24, 2018, 08:13:21 PM »
Congratulations @ozmickey !  Nice work!

ender

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Re: Mortgage Payoff Club!!
« Reply #1756 on: October 26, 2018, 07:09:08 AM »
I realized the other day that between our current balance and mortgage payoff-fund, we're about 13% of the way to paying off our mortgage :-)

Askel

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Re: Mortgage Payoff Club!!
« Reply #1757 on: October 26, 2018, 07:14:59 AM »
Just made the second to last payment. Barring any surprises over the next two weeks, I'll be done on 11/9 (which is- oddly enough, my birthday).

Askel

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Re: Mortgage Payoff Club!!
« Reply #1758 on: November 10, 2018, 06:29:36 AM »
And done (I think), although not really feeling the high. My mortgage was pretty small, so it was more an annoyance just having that around every month more than a significant impact on the finances. 

Anyway, mortgage payoff scenarios are clearly not test cases for my mortgage company's web developers.  I was in no rush to get this done, so rather than incur any fees in getting a payoff quote, I just went to pay whatever was left on the principal and let everything sort itself out in the next billing cycle. 

Except apparently you can't pay more than 95% of your remaining principal through the web.  OK, I'll just do that. I'll owe them $40 instead of $4 next month.   (I did consider being a jerk and paying 95% over and over until I got it down to 1 cent though.)

Log in later that afternoon to see it applied as a "partial payment" and a balance due next month of -$510. Uh... OK. Call customer service, they say they'll re-apply as a principal payment and it'll need supervisor approval which takes 24-48 hours. 

Supervisor must've figured it out. Logged in this morning to a "Congratulations, your loan is fully paid off." So I guess I'm done, although my payment history is now a warzone of small, inexplicable "partial payments" and "escrow payments".  Somebody probably gets to sort that mess out on Monday. 

Happy birthday to me. 

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1759 on: November 10, 2018, 06:47:14 AM »
Happy birthday!! Our mortgage will be paid off on Monday because we moved states and DH got a promotion. But donít go congratulating me just yet because I have my eye on a shiny new one that would have a mortgage payment.

MaybeBabyMustache

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Re: Mortgage Payoff Club!!
« Reply #1760 on: November 13, 2018, 07:01:11 AM »
Congrats @couponvan & @Askel ! (And, happy birthday :-))

We paid off our vacation house last Friday. (Double facepunches!) It was quite a surreal feeling to walk into the bank & make that happen. The wire happened quickly & by the time I got home, logging into our mortgage website showed a "balance paid in full" screen, which was pretty great.

We considered paying down our primary mortgage (very small rate advantage), but paying off our other loan freed up cash flow that we can now apply to our primary mortgage. Additionally, it was really motivating to seeing a balance of zero,and knowing we own the asset free & clear. Versus our primary residence, where adding the same amount would have barely moved the needle. (We're in the bay area, and real estate is outrageous).

We celebrated with a bottle of champagne & leftovers. As you do! :-)

Angelhair

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Re: Mortgage Payoff Club!!
« Reply #1761 on: November 13, 2018, 09:13:45 AM »
Just requested a payoff letter yesterday.  Our last payment will be $421.18.  Should have the letter in the next few days and I can go to the bank and transfer the money.  Then the house will be all ours!!!!!!

K-ice

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Re: Mortgage Payoff Club!!
« Reply #1762 on: November 13, 2018, 01:08:47 PM »
Someone I don't know well but who rents made a comment to me the other day.
"You probably own your own house."

Shrugged and lied, "Well the bank does."  I wouldn't comment to most people that our place is paid off.

We technically still have a HELOC with balance approaching zero but that is all for a rental property. I am also playing in the Don't pay off your mortgage club with that loan. 

We were able to pay off our primary residence in about 6y. You Mustacian's are really the only people we can talk to about this.  ;) 

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1763 on: November 13, 2018, 06:16:56 PM »
Metgaypaid off. $250k is now in investments....because we sold our house. Rent is high though...$2,500+ For a fancy corporate apartment.