Author Topic: Mortgage Payoff Club!!  (Read 557307 times)

couponvan

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Re: Mortgage Payoff Club!!
« Reply #1850 on: May 06, 2019, 01:40:59 PM »
Jippie!!!

Just got word from the Notary office, the mortgage has been scrapped and I am officially, totally mortgage free!
Congratulations!!  You are done with payments, and now have some mental breathing room!!

Alfred J Quack

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Re: Mortgage Payoff Club!!
« Reply #1851 on: May 06, 2019, 02:08:22 PM »
Jippie!!!

Just got word from the Notary office, the mortgage has been scrapped and I am officially, totally mortgage free!
Congratulations!!  You are done with payments, and now have some mental breathing room!!
Thank you!!

We were already done for a bit but this is just the paperwork. It could have waited until we sell the house, but it's just a lot more fun to have it done and be able to brag about it ;)

It even took a bit more time than expected because the bank's automated system didn't process the paperwork correctly so the notary office didn't get informed (they also didn't actively monitor it). I gave them a ping, received profuse apologies and it was done 6 weeks later than planned. But, done is done :)

Buffalo Chip

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Re: Mortgage Payoff Club!!
« Reply #1852 on: May 08, 2019, 05:10:19 PM »
Jippie!!!

Just got word from the Notary office, the mortgage has been scrapped and I am officially, totally mortgage free!

Congrats! Youíve moved from mortgage slave to owner of a home. Awesome for your future.

2sk22

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Re: Mortgage Payoff Club!!
« Reply #1853 on: May 10, 2019, 01:24:12 PM »
We just paid off the last few thousand dollars on our mortgage. We bought the house in 1996 at the trough of the market and now 23 years and 2 refinancings later, it's fully paid off. Retirement funds are more than adequate so we decided to just get rid of this - mainly for symbolic value :-) )

RSG89

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Re: Mortgage Payoff Club!!
« Reply #1854 on: May 13, 2019, 10:50:25 AM »
@2sk22 Congrats! We hope to join the club later this month!

Alfred J Quack

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Re: Mortgage Payoff Club!!
« Reply #1855 on: May 13, 2019, 12:42:30 PM »
We just paid off the last few thousand dollars on our mortgage. We bought the house in 1996 at the trough of the market and now 23 years and 2 refinancings later, it's fully paid off. Retirement funds are more than adequate so we decided to just get rid of this - mainly for symbolic value :-) )
Well done, nothing feels better than sleeping in a house without a mortgage :)

TomSelleckJR

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Re: Mortgage Payoff Club!!
« Reply #1856 on: May 13, 2019, 03:45:41 PM »
@2sk22 Congrats! We hope to join the club later this month!

X2!
Nice job 2sk22!

And RSG89, I hope to be joining the club this month myself.  We're so close to freedom that I can taste it!

2sk22

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Re: Mortgage Payoff Club!!
« Reply #1857 on: May 14, 2019, 06:25:53 AM »
We just paid off the last few thousand dollars on our mortgage. We bought the house in 1996 at the trough of the market and now 23 years and 2 refinancings later, it's fully paid off. Retirement funds are more than adequate so we decided to just get rid of this - mainly for symbolic value :-) )
Well done, nothing feels better than sleeping in a house without a mortgage :)

Exactly - I know this may not make a lot of financial sense but it does give us peace of mind. I plan to RE next year so simply knowing the mortgage is paid off makes it a bit easier.

Alfred J Quack

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Re: Mortgage Payoff Club!!
« Reply #1858 on: May 14, 2019, 09:01:02 AM »
We just paid off the last few thousand dollars on our mortgage. We bought the house in 1996 at the trough of the market and now 23 years and 2 refinancings later, it's fully paid off. Retirement funds are more than adequate so we decided to just get rid of this - mainly for symbolic value :-) )
Well done, nothing feels better than sleeping in a house without a mortgage :)

Exactly - I know this may not make a lot of financial sense but it does give us peace of mind. I plan to RE next year so simply knowing the mortgage is paid off makes it a bit easier.

The financial sense is debatable on the amount of risk you want to take.

Paying of early is as much an emotional decision as a financial one. It is not bad as such, but it is always better than doing nothing at all and putting the cash in a regular savings account :)

arob54600

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Re: Mortgage Payoff Club!!
« Reply #1859 on: May 24, 2019, 08:55:16 AM »
Just checking in to keep my husband and me accountable!

Principal Balance
02/01/2019- $129900
05/24/2019- $127946 (-1954)

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1860 on: May 24, 2019, 06:15:49 PM »
@arob... Testify!   You are in the house of freedom here!

EngineerOurFI

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Re: Mortgage Payoff Club!!
« Reply #1861 on: May 26, 2019, 12:59:11 PM »
This is a resource Iíve found very useful when running through mortgage payoff options, timeframes, etc.:

Karlís Mortgage Calculator

https://m.drcalculator.com/mortgage/

Just wanted to share in case others in this chain found it useful.

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #1862 on: May 27, 2019, 10:44:10 AM »
This is a resource Iíve found very useful when running through mortgage payoff options, timeframes, etc.:

Karlís Mortgage Calculator

https://m.drcalculator.com/mortgage/

Just wanted to share in case others in this chain found it useful.

Great tool!   I've been using it for years!

TomSelleckJR

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Re: Mortgage Payoff Club!!
« Reply #1863 on: May 29, 2019, 07:54:01 AM »

We're down to 87k.

We are targeting payoff right around the end of 2019.


UPDATE - 02/28/19
We are down to 65k.  Barring anything unforeseen, I see no reason why we won't meet our 2019 mortgage payoff goal.  :-)

Update - 4/11/19
Big progress.  We are now down to just under 37k.  It won't be long now.  :-)


I'm (extremely) happy to report, that we received confirmation yesterday.  We have joined the no mortgage club!!!
Some of the sweetest words I've ever read came in the mail yesterday and simply read "The above referenced loan was paid in full".

It hasn't really hit me yet, but I'm sure as months come and go and we no longer have to send that payment... it'll sink in.
As of this morning though, I can confirm that I do feel a huge weight off of my shoulders.
There's also the satisfaction in knowing that I'll never pay another dime in interest.








PowerStache

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Re: Mortgage Payoff Club!!
« Reply #1864 on: May 29, 2019, 08:18:01 AM »
I just called the bank and transferred the money to pay off our mortgage!  I FIRE'd in April and without the mortgage, we will be almost completely living off DH's salary so the stash can continue to grow.  While I understand we could make more in the market, I feel so much better. 

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1865 on: May 29, 2019, 08:27:30 AM »
Congratulations @TomSelleckJR and @PowerStache!!!

RSG89

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Re: Mortgage Payoff Club!!
« Reply #1866 on: May 29, 2019, 10:55:14 AM »
@TomSelleckJR / @PowerStache - congrats! Friday for us! Nice way to end the month!

TomSelleckJR

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Re: Mortgage Payoff Club!!
« Reply #1867 on: May 30, 2019, 07:29:57 AM »

3 of us in a week!  Is this a new MMM-MPC record? 

Thanks for all of the kind words and encouragement,   and congrats @RSG89 and @PowerStache!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #1868 on: May 30, 2019, 07:39:25 AM »
Congrats to everyone who paid off their mortgage!

Hint: Wait a month and then verify with the county registrar of deeds that the lien has been removed from the property.

It's not fun to discover at the last minute while you're trying to sell the house that some goober didn't do their job.   I know this from personal experience.

Megs193

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Re: Mortgage Payoff Club!!
« Reply #1869 on: June 04, 2019, 06:19:31 AM »
We are still chugging away and trying to pay off the mortgage but today we hit an exciting milestone. We are under 6 figures!  We have $95,000 left to pay and we still have a goal of paying it off by the end of the year!

RSG89

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Re: Mortgage Payoff Club!!
« Reply #1870 on: June 04, 2019, 03:06:41 PM »
Woo hoo! We are officially mortgage free. Our payments from Friday finally posted online and we are zeroed out. Congrats to the others and best of luck to those currently on the journey. You can do it!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #1871 on: June 04, 2019, 04:15:20 PM »
Woo hoo! We are officially mortgage free. Our payments from Friday finally posted online and we are zeroed out. Congrats to the others and best of luck to those currently on the journey. You can do it!

Congratulations!!  That is fantastic.

And congrats @Megs193 on your progress!

TomSelleckJR

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Re: Mortgage Payoff Club!!
« Reply #1872 on: June 06, 2019, 04:09:42 PM »
We are still chugging away and trying to pay off the mortgage but today we hit an exciting milestone. We are under 6 figures!  We have $95,000 left to pay and we still have a goal of paying it off by the end of the year!

Nice!  Keep it up!!!!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #1873 on: June 06, 2019, 07:55:28 PM »
I'm sure that most of you know this, but I just learned it and it was really handy, so...

I just found out that the version of Excel I use has a template that can be picked when creating a new spreadsheet.  The template is for a Loan Amortization Schedule.   It works for fixed rate loans.   What makes it nicer than the mortgage calculators is that it will remember any extra payments I enter into it.  That way, I can know exactly when I'll pay off the mortgage based on exactly what I've already paid (which might be irregular) and what I expect to pay extra from now on.

« Last Edit: Today at 10:20:32 AM by SwordGuy »

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #1874 on: June 06, 2019, 07:58:27 PM »
Awesome @Megs193 , @TomSelleckJR, @RSG89!    Just walk around the house and the yard barefoot once it's paid off... everything you touch is yours and the world just seems a little nicer place to be ever-after!


Alfred J Quack

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Re: Mortgage Payoff Club!!
« Reply #1875 on: June 06, 2019, 10:35:04 PM »
I'm sure that most of you know this, but I just learned it and it was really handy, so...

I'm fairly adept at excel but I didn't know this template...


TomSelleckJR

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Re: Mortgage Payoff Club!!
« Reply #1876 on: June 07, 2019, 07:49:02 AM »
I'm sure that most of you know this, but I just learned it and it was really handy, so....

Microsoft has a bunch of free excel templates (including investment calculator, retirement calculator, budgeting, credit card tracker, etc).  Many of them are pretty good tools.  I chose to create my own spreadsheet to track my early mortgage payoff though, for the following reasons:
- it allowed me to truly understand the mechanics of mortgage amortization, and see how additional payments impacted the balance at different points throughout the loan. This might be an easy concept for others, but without going through the exercise of building the spreadsheet myself, I don't know how well I would have understood the "nuts and bolts" of it all.
- it allowed me to build in some features that I wanted, that weren't included in standard templates, like charting the payoff balance, charting the interest savings, comparing std payoff against early payoff, etc.
- it allowed me to see just how far ahead we were. For example, I could look at our current balance, and see that with a "normal" payoff routine, we wouldn't be at that point until say, 2035. This helped keep me motivated.

Having a spreadsheet for early mortgage payoff was an invaluable tool for me.

TarHeelinTX

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Re: Mortgage Payoff Club!!
« Reply #1877 on: Today at 08:49:08 AM »
So awesome to see so many people complete their mortgage payoff journey! We just started ours (current balance: 195k) but definitely encouraging to see folks at the finish line!