Author Topic: Mortgage Payoff Club!!  (Read 510383 times)

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1800 on: January 14, 2019, 08:35:39 PM »
@Megs193 , From $497K to $290 in less than a year is crushing it!   Now time to get
tough and grind out the rest of it!   All the little decisions add up and it just gets faster as the principal ratio goes in your favor about 2/3rds through the loan amortization schedule.   A smaller six months expense emergency cash fund would add a lot more equity in your pockets every month as well FWIW.   Think if it this way... Would you both agree to borrow a bankís cash against your house and just let it sit?   You guys have got this!



Trifele

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Re: Mortgage Payoff Club!!
« Reply #1801 on: January 15, 2019, 03:13:10 AM »
Hey all, I'm new here!

DW and I closed on our house in Sep '18 and borrowed $85K for it on a 15-year note. Our first mortgage payment was Nov '18 and in 3 months we have already shaved an entire year off of amortization and are under $80K in principal balance. Hoping to crush the rest of the principal in the next few years while we save for some massive projects and contribute to our retirement accts.

Can't really talk about this to anyone in person, but excited to share here and get the excitement off my chest!

Welcome @jps  !   Great job -- sounds like you are on a mission.  Go get 'em!

AlexMar

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Re: Mortgage Payoff Club!!
« Reply #1802 on: January 15, 2019, 06:00:26 AM »
I just paid an extra $7,000 towards the mortgage for December so our balance is just under $290,000. I have already taken some money from our savings to pay a large chunk of it off but I I considering doing it again. Our original emergency fund was based on how much we spent monthly before we discovered MMM. Now we have cut our expenses drastically and Iím tempted to take it down to a years worth of our current spending but Iím not sure I can get my DH on board.

What worked for me was to invest the mortgage payoff money.  Build up a sizable amount, then whack a HUGE portion of the mortgage or the whole thing at once.  Unless you plan on paying off super quickly and don't want a down market to ruin your plans, of course.  Making a $7k payment on a $290k mortgage would be depressing for me, lol.  But when the market was up and I had some solid gains on my investments, I had a bunch of extra money to throw at the mortgage and whacked the whole thing.

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1803 on: January 15, 2019, 01:23:19 PM »
I just paid an extra $7,000 towards the mortgage for December so our balance is just under $290,000. I have already taken some money from our savings to pay a large chunk of it off but I I considering doing it again. Our original emergency fund was based on how much we spent monthly before we discovered MMM. Now we have cut our expenses drastically and Iím tempted to take it down to a years worth of our current spending but Iím not sure I can get my DH on board.

What worked for me was to invest the mortgage payoff money.  Build up a sizable amount, then whack a HUGE portion of the mortgage or the whole thing at once.  Unless you plan on paying off super quickly and don't want a down market to ruin your plans, of course.  Making a $7k payment on a $290k mortgage would be depressing for me, lol.  But when the market was up and I had some solid gains on my investments, I had a bunch of extra money to throw at the mortgage and whacked the whole thing.

Our plan is to pay it off by the end of 2020 so Iím nervous about putting it in the market. I apply whatever money we didnít spend or automatically save that month so it becomes a game to see how little I can spend in a month so my payment is as high as possible.

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1804 on: January 15, 2019, 01:30:16 PM »
@Megs193 , From $497K to $290 in less than a year is crushing it!   Now time to get
tough and grind out the rest of it!   All the little decisions add up and it just gets faster as the principal ratio goes in your favor about 2/3rds through the loan amortization schedule.   A smaller six months expense emergency cash fund would add a lot more equity in your pockets every month as well FWIW.   Think if it this way... Would you both agree to borrow a bankís cash against your house and just let it sit?   You guys have got this!

Wow!  I didnít realize how much we had paid off. The crazier thing is that at least $100,000 of that was from cutting our expenses. Before I discovered MMM we were wasting so much money without even realizing it!  And I never thought of it that way but we would never borrow money from the mortgage to sit in a savings account. I would have to keep it at a year because that is what my husband needs to feel comfortable due to some rough times in his childhood but now that our expenses are lower we have more than that.

Car Jack

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Re: Mortgage Payoff Club!!
« Reply #1805 on: January 15, 2019, 01:59:24 PM »
I just paid an extra $7,000 towards the mortgage for December so our balance is just under $290,000. I have already taken some money from our savings to pay a large chunk of it off but I I considering doing it again. Our original emergency fund was based on how much we spent monthly before we discovered MMM. Now we have cut our expenses drastically and Iím tempted to take it down to a years worth of our current spending but Iím not sure I can get my DH on board.

What worked for me was to invest the mortgage payoff money.  Build up a sizable amount, then whack a HUGE portion of the mortgage or the whole thing at once.  Unless you plan on paying off super quickly and don't want a down market to ruin your plans, of course.  Making a $7k payment on a $290k mortgage would be depressing for me, lol.  But when the market was up and I had some solid gains on my investments, I had a bunch of extra money to throw at the mortgage and whacked the whole thing.

It's all what you're comfortable with.  I can still remember in our first house, sending in the extra $10.23 we had to spare at the end of the month.  No, it didn't do much, but it did chip away.  I'd be depressed if I put $7k into the market in July, and today it was worth $6k.  I did do one big chunk, but it was at the end, when I got a windfall from the sale of stock options and could pay off the rest of the mortgage ($70k-ish, if I remember right).  I did it in 2 steps without calling to get a payoff number.  I paid $70k, which was almost all of it.  Then the next bill came with a balance of like $5.  I wanted to be sure, so I immediately sent them $10.  They sent me a check for the overpayment and the payoff notice.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #1806 on: January 15, 2019, 02:54:59 PM »
No joke, one of the best parts of paying down debt aggressively is doing it in a down market and being smug that you threw that $$ at the debt instead of into over-priced investments :-)

TexasRunner

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Re: Mortgage Payoff Club!!
« Reply #1807 on: January 15, 2019, 03:53:11 PM »
Hey all, I'm new here!

DW and I closed on our house in Sep '18 and borrowed $85K for it on a 15-year note. Our first mortgage payment was Nov '18 and in 3 months we have already shaved an entire year off of amortization and are under $80K in principal balance. Hoping to crush the rest of the principal in the next few years while we save for some massive projects and contribute to our retirement accts.

Can't really talk about this to anyone in person, but excited to share here and get the excitement off my chest!

Welcome @jps  !   Great job -- sounds like you are on a mission.  Go get 'em!

Glad you're asking them about the basics and making sure this is a wise financial decision!  Oh... wait...

@jps What's your interest rate and are you maxing out your tax-deferred accounts?

jps

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Re: Mortgage Payoff Club!!
« Reply #1808 on: January 15, 2019, 05:21:24 PM »
Hey all, I'm new here!

DW and I closed on our house in Sep '18 and borrowed $85K for it on a 15-year note. Our first mortgage payment was Nov '18 and in 3 months we have already shaved an entire year off of amortization and are under $80K in principal balance. Hoping to crush the rest of the principal in the next few years while we save for some massive projects and contribute to our retirement accts.

Can't really talk about this to anyone in person, but excited to share here and get the excitement off my chest!


Welcome @jps  !   Great job -- sounds like you are on a mission.  Go get 'em!

Glad you're asking them about the basics and making sure this is a wise financial decision!  Oh... wait...

@jps What's your interest rate and are you maxing out your tax-deferred accounts?

@TexasRunner 4.5%, halfway to maxing out both tax-deferred accounts. Planning on a permanent ~50% cut to income in two years, and would like to have the mortgage out of the way to improve cash flow. On only one income, would be able to max out tax-deferred accounts if we didn't have a mortgage.

Obviously, I am still new to this so I welcome input, but my thinking is this if we leverage a big income right now, we'd have significantly more ability to max our tax-deferred accounts for 10+ years, rather than just for 2 years before income is cut.

TexasRunner

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Re: Mortgage Payoff Club!!
« Reply #1809 on: January 16, 2019, 08:14:51 AM »
Hey all, I'm new here!

DW and I closed on our house in Sep '18 and borrowed $85K for it on a 15-year note. Our first mortgage payment was Nov '18 and in 3 months we have already shaved an entire year off of amortization and are under $80K in principal balance. Hoping to crush the rest of the principal in the next few years while we save for some massive projects and contribute to our retirement accts.

Can't really talk about this to anyone in person, but excited to share here and get the excitement off my chest!


Welcome @jps  !   Great job -- sounds like you are on a mission.  Go get 'em!

Glad you're asking them about the basics and making sure this is a wise financial decision!  Oh... wait...

@jps What's your interest rate and are you maxing out your tax-deferred accounts?

@TexasRunner 4.5%, halfway to maxing out both tax-deferred accounts. Planning on a permanent ~50% cut to income in two years, and would like to have the mortgage out of the way to improve cash flow. On only one income, would be able to max out tax-deferred accounts if we didn't have a mortgage.

Obviously, I am still new to this so I welcome input, but my thinking is this if we leverage a big income right now, we'd have significantly more ability to max our tax-deferred accounts for 10+ years, rather than just for 2 years before income is cut.

In your case this makes sense (mostly) as you have a known reduction in income coming up.  In that case its similar to someone about to FIRE, and you want to reduce sequence of return risk, or in this case maximize savings at a future point to continue to fill tax buckets.

The math says that if you are filling 50% of your tax buckets now (1/2 of $50,000 in 2 401ks and 2 IRAs), and are essentially forgoing 25k in tax savings now and next year, you have to max out the tax accounts for at least 3 years before you break even BUT that is only if you could not deposit anything towards your 401k while still paying the mortgage.  What is the maximum you could pay to your 401k in two years if you still had the mortgage, and how quickly to you both plan to FIRE after that?

By skipping out on 25k each year this year and next, you are losing out on $97,000 of tax free deposits and growth by the end of 10 years- and that's without even calculating the tax savings.  It is very likely that 97k is more that the entire interest on your loan.

Boofinator

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Re: Mortgage Payoff Club!!
« Reply #1810 on: January 16, 2019, 08:35:06 AM »
Hey all, I'm new here!

DW and I closed on our house in Sep '18 and borrowed $85K for it on a 15-year note. Our first mortgage payment was Nov '18 and in 3 months we have already shaved an entire year off of amortization and are under $80K in principal balance. Hoping to crush the rest of the principal in the next few years while we save for some massive projects and contribute to our retirement accts.

Can't really talk about this to anyone in person, but excited to share here and get the excitement off my chest!


Welcome @jps  !   Great job -- sounds like you are on a mission.  Go get 'em!

Glad you're asking them about the basics and making sure this is a wise financial decision!  Oh... wait...

@jps What's your interest rate and are you maxing out your tax-deferred accounts?

@TexasRunner 4.5%, halfway to maxing out both tax-deferred accounts. Planning on a permanent ~50% cut to income in two years, and would like to have the mortgage out of the way to improve cash flow. On only one income, would be able to max out tax-deferred accounts if we didn't have a mortgage.

Obviously, I am still new to this so I welcome input, but my thinking is this if we leverage a big income right now, we'd have significantly more ability to max our tax-deferred accounts for 10+ years, rather than just for 2 years before income is cut.

In your case this makes sense (mostly) as you have a known reduction in income coming up.  In that case its similar to someone about to FIRE, and you want to reduce sequence of return risk, or in this case maximize savings at a future point to continue to fill tax buckets.

The math says that if you are filling 50% of your tax buckets now (1/2 of $50,000 in 2 401ks and 2 IRAs), and are essentially forgoing 25k in tax savings now and next year, you have to max out the tax accounts for at least 3 years before you break even BUT that is only if you could not deposit anything towards your 401k while still paying the mortgage.  What is the maximum you could pay to your 401k in two years if you still had the mortgage, and how quickly to you both plan to FIRE after that?

By skipping out on 25k each year this year and next, you are losing out on $97,000 of tax free deposits and growth by the end of 10 years- and that's without even calculating the tax savings.  It is very likely that 97k is more that the entire interest on your loan.

I agree with TexasRunner: Do not pay off that mortgage, but rather invest in the 401k. As TexasRunner elegantly pointed out, the tax savings alone more than cover your interest (not even getting into return on investment). After you max tax-deferred accounts, you may want to consider paying off the mortgage, but even then you might want to consider investing in taxable (or Roth IRA) if you are a long way from full retirement.

FIreDrill

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Re: Mortgage Payoff Club!!
« Reply #1811 on: January 19, 2019, 10:43:31 PM »


No joke, one of the best parts of paying down debt aggressively is doing it in a down market and being smug that you threw that $$ at the debt instead of into over-priced investments :-)

Investing through a bear/down market is the exact time you should be thrilled about throwing extra money into stocks. Purchasing stocks while they are on "sale" will just increase your holdings quicker and prep your portfolio for a massive rise come the next bull run.

Sent from my moto g(6) using Tapatalk


Trifele

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Re: Mortgage Payoff Club!!
« Reply #1812 on: January 20, 2019, 03:55:12 AM »
Hey all, I'm new here!

DW and I closed on our house in Sep '18 and borrowed $85K for it on a 15-year note. Our first mortgage payment was Nov '18 and in 3 months we have already shaved an entire year off of amortization and are under $80K in principal balance. Hoping to crush the rest of the principal in the next few years while we save for some massive projects and contribute to our retirement accts.

Can't really talk about this to anyone in person, but excited to share here and get the excitement off my chest!


Welcome @jps  !   Great job -- sounds like you are on a mission.  Go get 'em!

Glad you're asking them about the basics and making sure this is a wise financial decision!  Oh... wait...

@jps What's your interest rate and are you maxing out your tax-deferred accounts?

@TexasRunner 4.5%, halfway to maxing out both tax-deferred accounts. Planning on a permanent ~50% cut to income in two years, and would like to have the mortgage out of the way to improve cash flow. On only one income, would be able to max out tax-deferred accounts if we didn't have a mortgage.

Obviously, I am still new to this so I welcome input, but my thinking is this if we leverage a big income right now, we'd have significantly more ability to max our tax-deferred accounts for 10+ years, rather than just for 2 years before income is cut.

In your case this makes sense (mostly) as you have a known reduction in income coming up.  In that case its similar to someone about to FIRE, and you want to reduce sequence of return risk, or in this case maximize savings at a future point to continue to fill tax buckets.

The math says that if you are filling 50% of your tax buckets now (1/2 of $50,000 in 2 401ks and 2 IRAs), and are essentially forgoing 25k in tax savings now and next year, you have to max out the tax accounts for at least 3 years before you break even BUT that is only if you could not deposit anything towards your 401k while still paying the mortgage.  What is the maximum you could pay to your 401k in two years if you still had the mortgage, and how quickly to you both plan to FIRE after that?

By skipping out on 25k each year this year and next, you are losing out on $97,000 of tax free deposits and growth by the end of 10 years- and that's without even calculating the tax savings.  It is very likely that 97k is more that the entire interest on your loan.

I agree with TexasRunner: Do not pay off that mortgage, but rather invest in the 401k. As TexasRunner elegantly pointed out, the tax savings alone more than cover your interest (not even getting into return on investment). After you max tax-deferred accounts, you may want to consider paying off the mortgage, but even then you might want to consider investing in taxable (or Roth IRA) if you are a long way from full retirement.

Careful folks . . . This is a celebration and support thread, not a thread where we try to persuade people to not pay off their mortgage.  (Those threads are elsewhere on the forum -- we can direct people to them).  Definitely appreciate the intent of the last couple comments and applaud your desire to educate, but the mods have stepped in on this thread several times in the past to draw that line.   

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1813 on: January 20, 2019, 08:15:45 PM »
And right on cue, here's one to celebrate...   After ~4 years on this thread, as of last week, it's DONE!   ;-)

The mortgage is paid in full, we unlocked a nice bit of equity already put it to work in our stash and our "right size" move to our smaller digs is done.  This accelerates free cash flow for us every month by reduced expenses every month to focus on FIRE.   The incidental savings of downsizing (reduced property taxes, no HOA dues, less utilities, etc.) were greater than our previous mortgage payment in our case for example.

And for even better timing, just received an "Important Notice" from our former lender that the variable rate on our previous ARM was going to reset soon to just over double the initial term's interest rate.   HA!   So sweet to tear that letter up and just laugh out loud about it.    For folks who may be worried or distracted, focus on freedom from debt and you'll get there!

iluvzbeach

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Re: Mortgage Payoff Club!!
« Reply #1814 on: January 20, 2019, 08:26:47 PM »
And right on cue, here's one to celebrate...   After ~4 years on this thread, as of last week, it's DONE!   ;-)

The mortgage is paid in full, we unlocked a nice bit of equity already put it to work in our stash and our "right size" move to our smaller digs is done.  This accelerates free cash flow for us every month by reduced expenses every month to focus on FIRE.   The incidental savings of downsizing (reduced property taxes, no HOA dues, less utilities, etc.) were greater than our previous mortgage payment in our case for example.

And for even better timing, just received an "Important Notice" from our former lender that the variable rate on our previous ARM was going to reset soon to just over double the initial term's interest rate.   HA!   So sweet to tear that letter up and just laugh out loud about it.    For folks who may be worried or distracted, focus on freedom from debt and you'll get there!

Huge congrats! Itís such a great feeling on so many levels.

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1815 on: January 21, 2019, 03:09:35 AM »
And right on cue, here's one to celebrate...   After ~4 years on this thread, as of last week, it's DONE!   ;-)

The mortgage is paid in full, we unlocked a nice bit of equity already put it to work in our stash and our "right size" move to our smaller digs is done.  This accelerates free cash flow for us every month by reduced expenses every month to focus on FIRE.   The incidental savings of downsizing (reduced property taxes, no HOA dues, less utilities, etc.) were greater than our previous mortgage payment in our case for example.

And for even better timing, just received an "Important Notice" from our former lender that the variable rate on our previous ARM was going to reset soon to just over double the initial term's interest rate.   HA!   So sweet to tear that letter up and just laugh out loud about it.    For folks who may be worried or distracted, focus on freedom from debt and you'll get there!

Congratulations @Money Badger !!!   Your "right size" move sounds perfect on multiple levels -- you've unlocked some tremendous power.  That feeling of freedom is pretty damn sweet.  Enjoy!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #1816 on: January 21, 2019, 07:33:20 PM »
And right on cue, here's one to celebrate...   After ~4 years on this thread, as of last week, it's DONE!   ;-)

The mortgage is paid in full, we unlocked a nice bit of equity already put it to work in our stash and our "right size" move to our smaller digs is done.  This accelerates free cash flow for us every month by reduced expenses every month to focus on FIRE.   The incidental savings of downsizing (reduced property taxes, no HOA dues, less utilities, etc.) were greater than our previous mortgage payment in our case for example.

And for even better timing, just received an "Important Notice" from our former lender that the variable rate on our previous ARM was going to reset soon to just over double the initial term's interest rate.   HA!   So sweet to tear that letter up and just laugh out loud about it.    For folks who may be worried or distracted, focus on freedom from debt and you'll get there!

A big huge congratulations to you!  Thatís simply fantastic!

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1817 on: January 21, 2019, 10:01:26 PM »
Congrats @Money Badger !

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1818 on: January 22, 2019, 08:47:50 PM »
Thanks y'all!   After 7 years of mortgage, still feels surreal like we were just released from the gates of debtors prison... but it's a really GOOD surreal feeling!

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1819 on: January 23, 2019, 06:59:09 AM »
Thanks y'all!   After 7 years of mortgage, still feels surreal like we were just released from the gates of debtors prison... but it's a really GOOD surreal feeling!

Congrats!  I canít even imagine what an amazing feeling that is!  Reading posts like this keep the rest of us motivated to get there!

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #1820 on: January 23, 2019, 07:32:57 AM »
Congrats Money Badger!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1821 on: January 27, 2019, 05:01:38 AM »
Thanks @megs and birdman!   You've got this and look forward to your victory laps here soon!

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #1822 on: January 27, 2019, 10:29:26 AM »
Congratulations. Welcome to the club.

arob54600

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Re: Mortgage Payoff Club!!
« Reply #1823 on: February 01, 2019, 03:24:31 PM »
Hey y'all!
I'm new to the thread.
We have had our mortgage for a year and a half and it currently has a balance of 129900.
Looking forward to being aggressive!

TexasRunner

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Re: Mortgage Payoff Club!!
« Reply #1824 on: February 01, 2019, 03:51:58 PM »
Hey y'all!
I'm new to the thread.
We have had our mortgage for a year and a half and it currently has a balance of 129900.
Looking forward to being aggressive!

Whats the current interest rate?

arob54600

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Re: Mortgage Payoff Club!!
« Reply #1825 on: February 06, 2019, 12:27:59 PM »
Hey y'all!
I'm new to the thread.
We have had our mortgage for a year and a half and it currently has a balance of 129900.
Looking forward to being aggressive!

Whats the current interest rate?

Hey Texas,
Our interest rate is 4.5%. This is a purely emotional decision. I am well aware of the math behind keeping a mortgage for as long as possible and investing as much as possible instead of making extra payments. A year ago Boarder42 really convinced me that it's the way to go. But at the end of the day, we will have soo much more peace of mind, paying off our home. Even if we pay hard and get aggressive until PMI is gone and switch right back over to building our investments. Right now, we are focused on building net worth and there is more than one way to get it done :)

TexasRunner

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Re: Mortgage Payoff Club!!
« Reply #1826 on: February 06, 2019, 12:32:59 PM »
Hey y'all!
I'm new to the thread.
We have had our mortgage for a year and a half and it currently has a balance of 129900.
Looking forward to being aggressive!

Whats the current interest rate?

Hey Texas,
Our interest rate is 4.5%. This is a purely emotional decision. I am well aware of the math behind keeping a mortgage for as long as possible and investing as much as possible instead of making extra payments. A year ago Boarder42 really convinced me that it's the way to go. But at the end of the day, we will have soo much more peace of mind, paying off our home. Even if we pay hard and get aggressive until PMI is gone and switch right back over to building our investments. Right now, we are focused on building net worth and there is more than one way to get it done :)

As long as you understand the choice and *potential* consequences, you'll get no problems out of me.  ;)

Congrats on getting rich slightly differently, lol.

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1827 on: February 09, 2019, 04:44:36 AM »
Welcome @arob...   And "aggressive" debt reduction is good...   But laser-focused, make your friends question your sanity at dinner parties, "I dug out my change including the nasty bits in the sofa and sent it all in a box to the mortgage company towards principal" focus is even better!   :)

Seriously, it helps to lay out your goals and planned number of months to kill $129K here.   There's no shame if life intervenes, but holding yourself interim goals that your significant other is on board with and that you put in writing will get ya there.   And some support from this forum will help through the rough spots along the way.

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #1828 on: February 09, 2019, 10:16:51 AM »
Just updating for the end of 2018.. Down to $32,000!

We had originally hoped to pay off by Summer 2019, but that will be a stretch. Had some unexpected financial strains this year [snip]... I had also scaled back work to p/t for much of this year to deal with some family and health issues. Will be working more as of January + hoping to resume our mortgage prepayments!

New goal is to pay off by end of 2019, if not a little sooner. So overall, we've only been thrown off course by a few months.


Now at $29,600. Have resumed extra payments now that I am working a little more again after a difficult last half of 2018. Little by little :)

I have found that trying to pay off the mortgage motivates me to scrimp and save far more than just "adding to the stash." We have a high NW and no debt aside from this mortgage.

We don't plan to fully RE as we both like our jobs, but would like to reduce our monthly cash requirements. Getting rid of our mortgage payments would help a lot with that. Also the security of knowing that it is 100% ours.

Goal is still end of 2019. Will have to push, but I am motivated!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1829 on: February 10, 2019, 03:13:10 AM »
Now at $29,600. Have resumed extra payments now that I am working a little more again after a difficult last half of 2018. Little by little :)

I have found that trying to pay off the mortgage motivates me to scrimp and save far more than just "adding to the stash." We have a high NW and no debt aside from this mortgage.

We don't plan to fully RE as we both like our jobs, but would like to reduce our monthly cash requirements. Getting rid of our mortgage payments would help a lot with that. Also the security of knowing that it is 100% ours.

Goal is still end of 2019. Will have to push, but I am motivated!


Welcome back @allsummerlong !  2019 is going to be one fine year for you. 

Alfred J Quack

  • Stubble
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  • Posts: 186
  • Location: Netherlands
Re: Mortgage Payoff Club!!
« Reply #1830 on: February 13, 2019, 02:04:06 AM »
Just to toot my own horn because nobody in my friends and family circle is even remotely interested: Just paid down the mortgage to the last Ä0,01. Took us 7 years and 1 month, with 2 kids born and a 17k increase last year to replace our heating with an environmentally friendly heatpump :)
The 17k increase was effectively a new (HOLE type) mortgage but because of the lower interest (1.65%) we chose that route with the agreement between ourselves to have both mortgages payed off within the year, which we did with 2 months to spare!

Now, I can sleep easy and rebuild my stache to an acceptable level :)

allsummerlong

  • 5 O'Clock Shadow
  • *
  • Posts: 55
  • Location: BC, Canada
Re: Mortgage Payoff Club!!
« Reply #1831 on: February 13, 2019, 10:06:58 AM »
Now at $29,600. Have resumed extra payments now that I am working a little more again after a difficult last half of 2018. Little by little :)

I have found that trying to pay off the mortgage motivates me to scrimp and save far more than just "adding to the stash." We have a high NW and no debt aside from this mortgage.

We don't plan to fully RE as we both like our jobs, but would like to reduce our monthly cash requirements. Getting rid of our mortgage payments would help a lot with that. Also the security of knowing that it is 100% ours.

Goal is still end of 2019. Will have to push, but I am motivated!


Welcome back @allsummerlong !  2019 is going to be one fine year for you.

Thank you @Trifele :) I think so, too.

Nederstash

  • Bristles
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  • Posts: 321
Re: Mortgage Payoff Club!!
« Reply #1832 on: February 13, 2019, 11:38:59 AM »
Just to toot my own horn because nobody in my friends and family circle is even remotely interested: Just paid down the mortgage to the last Ä0,01. Took us 7 years and 1 month, with 2 kids born and a 17k increase last year to replace our heating with an environmentally friendly heatpump :)
The 17k increase was effectively a new (HOLE type) mortgage but because of the lower interest (1.65%) we chose that route with the agreement between ourselves to have both mortgages payed off within the year, which we did with 2 months to spare!

Now, I can sleep easy and rebuild my stache to an acceptable level :)

That's super cool!!! Well done! Are there certain advantages to keeping the mortgage at 1 cent? As a fellow Dutchie with similar aspirations I'm wondering about that.

Alfred J Quack

  • Stubble
  • **
  • Posts: 186
  • Location: Netherlands
Re: Mortgage Payoff Club!!
« Reply #1833 on: February 13, 2019, 12:08:11 PM »
Just to toot my own horn because nobody in my friends and family circle is even remotely interested: Just paid down the mortgage to the last Ä0,01. Took us 7 years and 1 month, with 2 kids born and a 17k increase last year to replace our heating with an environmentally friendly heatpump :)
The 17k increase was effectively a new (HOLE type) mortgage but because of the lower interest (1.65%) we chose that route with the agreement between ourselves to have both mortgages payed off within the year, which we did with 2 months to spare!

Now, I can sleep easy and rebuild my stache to an acceptable level :)

That's super cool!!! Well done! Are there certain advantages to keeping the mortgage at 1 cent? As a fellow Dutchie with similar aspirations I'm wondering about that.
No, Just that I could pay via Ideal rather than wait for a letter. The next  monthly patent will finish off the rest and they will return the excess.