Author Topic: Mortgage Payoff Club!!  (Read 740318 times)

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2100 on: September 30, 2020, 01:29:38 PM »
Before August Payment $19,958
Principle Paid this month: $5,252
New Balance: $14,706

Down to $9444.  Will call for payoff balance next week! Almost there.

Congrats!   

We should be down to < $4,000 next week when a house sells.   We'll be paying it off within a week afterwards, so I have a pretty good idea how good you're feeling about your situation!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2101 on: October 06, 2020, 12:02:40 PM »
Sold a house, picked up the check and deposited it today.   We'll be sending the final payment in tomorrow.     We'll be mortgage free again!

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2102 on: October 06, 2020, 04:13:06 PM »
Congrats!! Such a great feeling!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2103 on: October 07, 2020, 09:40:06 AM »
It is done.   We are free!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #2104 on: October 07, 2020, 10:21:18 AM »
Congrats @SwordGuy!

Zamboni

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Re: Mortgage Payoff Club!!
« Reply #2105 on: October 09, 2020, 10:06:22 PM »
Belated Congrats, @SwordGuy!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2106 on: October 09, 2020, 10:12:12 PM »
Thanks everyone!    It feels so good to be free of those payments!

Finntastic

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Re: Mortgage Payoff Club!!
« Reply #2107 on: October 10, 2020, 01:05:56 AM »
Mortgage finally paid off. First time since 1994 I'm debt free!

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2108 on: October 10, 2020, 12:37:05 PM »
Congrats @Finntastic ! Woohoo:)

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2109 on: October 10, 2020, 02:36:12 PM »
Mortgage finally paid off. First time since 1994 I'm debt free!

Congrats @Finntastic !

couponvan

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Re: Mortgage Payoff Club!!
« Reply #2110 on: October 12, 2020, 11:29:05 AM »
Mortgage finally paid off. First time since 1994 I'm debt free!

Congrats @Finntastic !

Congratulations!  It must feel amazing!

Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2111 on: October 17, 2020, 06:35:55 PM »
I can't believe it took me almost a week to post this news.....we are also done, done, done!  Paid in Full.  Mortgage free for the first time since 1995 (granted that was two houses ago).

Just waiting for our little paid off letter to arrive and return of our Escrow funds to seal the deal.

F E E L S   A M A Z I N G!

Congrats to @SwordGuy and @Finntastic

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2112 on: October 17, 2020, 07:47:47 PM »
I can't believe it took me almost a week to post this news.....we are also done, done, done!  Paid in Full.  Mortgage free for the first time since 1995 (granted that was two houses ago).

Just waiting for our little paid off letter to arrive and return of our Escrow funds to seal the deal.

F E E L S   A M A Z I N G!

Congrats to @SwordGuy and @Finntastic

@Congrats right back at you, @Need2Save !

I'm setting up my accounts in Quicken so (hopefully) I'll be more organized with my finances. 

Everytime I added an asset (our home, 4 rental properties, 2 cars, and parts of 2 farms), I got to answer "Nope!!!!" to the question, "Is there a loan associated with this asset?"

Damn, but that was a good feeling!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #2113 on: October 18, 2020, 02:22:27 AM »
I can't believe it took me almost a week to post this news.....we are also done, done, done!  Paid in Full.  Mortgage free for the first time since 1995 (granted that was two houses ago).

Just waiting for our little paid off letter to arrive and return of our Escrow funds to seal the deal.

F E E L S   A M A Z I N G!


Congratulations @Need2Save!   Well done!

jordanfromcanada

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Re: Mortgage Payoff Club!!
« Reply #2114 on: October 19, 2020, 02:33:58 PM »
Kicking off my first post here (long time lurker) with an official 'We've Officially Paid Off Our Mortgage!'.

Purchased our house in 2015 with my SO and set out on a mission to clear the mortgage. We consciously directed more % of our funds to the mortgage vs. investing. It was a choice we made and are happy with the result. We still have a good chunk in the market and will amp up the allocation going forward. We are both 30 years old, engineers, working in the Energy sector.

Coles Notes ($CAD)

Start
House Purchase Date: August 2015
House Purchase Amount: $650k
Downpayment: $225k
Mortgage Owing: $425k
Payments: $2,880 Bi-Weekly Accelerated (initially 5 Year Fixed @ 2.54%)

End Result
Mortgage Owing: $0
Time Elapsed: 5 Years 2 Months
Paid to Lender: $425k Principal + $40.2k Interest = 465.2k Total
Lender Annual Return: 1.79% (lower than original rate - we hit the mortgage with big lump sum payments)

It feels great to finally say we actually own our house. We made a rule that we'd do zero renos until the house was paid off - a little bit of delayed gratification. Time to paint!

-jordan
« Last Edit: November 17, 2020, 09:15:35 PM by jordanfromcanada »

Trifele

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Re: Mortgage Payoff Club!!
« Reply #2115 on: October 20, 2020, 03:09:31 AM »
Kicking off my first post here (long time lurker) with an official 'We've Officially Paid Off Our Mortgage!'.

Welcome to the forum @jordanfromcanada!  And huge congratulations on the milestone.  You two are killing it!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2116 on: October 22, 2020, 05:53:19 PM »
Wow, 4 paid off mortgages on one page!   Where have I been?

CONGRATS on killing those mortgages @SwordGuy, @Need2Save, @Finntastic, and @jordanfromcanada !!!!

Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2117 on: October 24, 2020, 10:52:47 AM »
Wow, 4 paid off mortgages on one page!   Where have I been?

CONGRATS on killing those mortgages @SwordGuy, @Need2Save, @Finntastic, and @jordanfromcanada !!!!

Thank you!  Yeah I like to see so many forum members joining in all at once.  It really has me considering knocking off about 10-12 months from my RE date.  I'm still cheering for the rest of you though!

Segare

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Re: Mortgage Payoff Club!!
« Reply #2118 on: October 28, 2020, 06:59:55 AM »
Hello all, we only owe on our house. We bought it in 2016. We are more than half way done, less than two years to go.  Recently we decided to put more into investments while still keeping the same extra principle payment. So here we are staying the course.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2119 on: November 03, 2020, 02:38:26 PM »
Refinanced last month. Just got a notice in the mail that the lien on my old loan had been removed.

No notice about my escrow balance, surely they're not going to think I've forgotten it?

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2120 on: November 03, 2020, 05:26:27 PM »
Refinanced last month. Just got a notice in the mail that the lien on my old loan had been removed.

No notice about my escrow balance, surely they're not going to think I've forgotten it?

My understanding is they wait about 20 days from the pay off of the loan before disbursing the escrow amount to the consumer.  That way, they account for payments received after closing, etc.

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2121 on: November 08, 2020, 03:18:52 PM »
Congrats, @Need2Save and @jordanfromcanada ! Enjoy being unburdened by a looming mortgage :) @Segare sounds like you'll be paid off soon enough, good on you for allocating your funds where they work best for you.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2122 on: November 10, 2020, 08:24:55 AM »
Got a nice, phat check in the mail that was our escrow account...will be satisfying to deposit that sucker!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2123 on: November 10, 2020, 08:29:17 AM »
Got a nice, phat check in the mail that was our escrow account...will be satisfying to deposit that sucker!

Yeah, just got one of those too!    But the property tax is due now and the home insurance is due in December, so it's easy come, easy go!

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2124 on: November 12, 2020, 09:19:54 AM »
Update: deposited it, had my mother call and tell me all sorts of bad things about the bank that took that check. I replied that they "cheat the other guy and pass the savings on to me!"

alcon835

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Re: Mortgage Payoff Club!!
« Reply #2125 on: November 14, 2020, 09:32:18 AM »
Joining the thread to keep me motivated! While I 100% understand the financial benefits of paying the minimum on the mortgage and investing everything else, there's something so emotionally satisfying about not having a house payment. The freedom that brings is...other worldly. Plus, I'd like to be debt free!

Right now I've got 32% equity in my home. There are a few potential windfalls in about 3 years  that I'm hoping to use to pay off my house, but if that doesn't work I should have it done in the next 7 years.

Here's to celebrating with you all as you pay off your mortgages and looking forward to that glorious day when mortgage payments will be part of my past!

couponvan

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Re: Mortgage Payoff Club!!
« Reply #2126 on: November 16, 2020, 07:40:58 AM »
Joining the thread to keep me motivated! While I 100% understand the financial benefits of paying the minimum on the mortgage and investing everything else, there's something so emotionally satisfying about not having a house payment. The freedom that brings is...other worldly. Plus, I'd like to be debt free!

Right now I've got 32% equity in my home. There are a few potential windfalls in about 3 years  that I'm hoping to use to pay off my house, but if that doesn't work I should have it done in the next 7 years.

Here's to celebrating with you all as you pay off your mortgages and looking forward to that glorious day when mortgage payments will be part of my past!

I recommend you pay the minimum, while adding the maximum to a separate investment account that is the "house account". Once it has at least enough to payoff the mortgage, you can decided whether you want to actually do that.  You have the "house payoff" on the side you can look at whenever you want.  Just don't spend it on cars and vacations! This is what we'll be doing once we refi our current house.

paulkots

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Re: Mortgage Payoff Club!!
« Reply #2127 on: November 16, 2020, 08:29:37 PM »
Coming close to celebrating  1 year of paid-off mortgage. It is still one of the best things I have done.

Took 1 month off this year since expenses are lower with no mortgage. Even with 2020 being the whirlwind that it is, I can sit back and relax.


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alcon835

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Re: Mortgage Payoff Club!!
« Reply #2128 on: November 17, 2020, 08:44:13 AM »
Joining the thread to keep me motivated! While I 100% understand the financial benefits of paying the minimum on the mortgage and investing everything else, there's something so emotionally satisfying about not having a house payment. The freedom that brings is...other worldly. Plus, I'd like to be debt free!

Right now I've got 32% equity in my home. There are a few potential windfalls in about 3 years  that I'm hoping to use to pay off my house, but if that doesn't work I should have it done in the next 7 years.

Here's to celebrating with you all as you pay off your mortgages and looking forward to that glorious day when mortgage payments will be part of my past!

I recommend you pay the minimum, while adding the maximum to a separate investment account that is the "house account". Once it has at least enough to payoff the mortgage, you can decided whether you want to actually do that.  You have the "house payoff" on the side you can look at whenever you want.  Just don't spend it on cars and vacations! This is what we'll be doing once we refi our current house.

Hrm, that's something I hadn't considered. I need to think through what would make me happier and what the meaningful financial benefits are of contributing my current extra payments into the market for the next few years.