Author Topic: Mortgage Payoff Club!!  (Read 247379 times)

Bytowner

  • 5 O'Clock Shadow
  • *
  • Posts: 25
Re: Mortgage Payoff Club!!
« Reply #250 on: October 03, 2014, 06:40:42 AM »
After long debates with my partner in life, we settled on doubling our current weekly mortgage payments. We agreed that we prefer having the peace of mind of owning our house outright. Payment is now 17% interest, 83% capital instead of 35% interests, 65% capital.

Done in 7.5, or 6 if we drop an additional 17k$ per year. But I figure this will only happens if both our RRSP and TFSA are fully invested in.

When I bought the house a year ago, I figured I would have to pay mortgage payments for the next 25 years. No way I decided, I want to be done by 35.

Similar boat to you. We have a 30 year mortgage that I hope to pay off in under 8 years (I'm 30 now). I'm waffling back and forth between paying it off and chucking everything into our TFSAs and RRSPs. I know what the math says, and I doubt mortgage rates will be that much higher in 5 years when we need to refinance, but I'm having a really hard time putting money into this market with the S&P500 looking like it does. A big(ger) correction in October would make the decision a lot easier!

allsummerlong

  • Pencil Stache
  • ****
  • Posts: 573
  • Age: 38
  • Location: British Columbia, Canada
Re: Mortgage Payoff Club!!
« Reply #251 on: November 03, 2014, 11:22:31 AM »
Down to just under $165 K (cdn) now! So exciting! Goal of $150 K in December is a little closer.

In January of this year it was $186 K. I am really pleased with our progress. We are also saving in a variety of retirement accounts through work and on our own, so I feel it is a good balance.

Since we bought our condo in 2008, we have paid off almost 60% of our mortgage in 6.5 years :)

Jan 2008 - $281,000
Jan 2014 - $186,000
July 2014 - $164,700

Just a quick little update - Had a bit of a setback over the summer (temporarily reduced income), but we're back on track.

Nov 2014 - $156,000
:)


Stoked that we are going to meet out Dec 31 goal of $150,000 and have the whole thing gone in 4.5 years.

FunkyStickman

  • Bristles
  • ***
  • Posts: 492
  • Age: 43
  • Location: Louisiana
    • I Follow The Architect
Re: Mortgage Payoff Club!!
« Reply #252 on: November 04, 2014, 08:25:29 AM »
We still owe $64K, but back on track for paying it off in less than 7 years.

It makes me sick that we've actually only paid $24K on principal over the last 7 years.

Cannot wait to get this albatross off my neck.
"There is no dignity quite so impressive, and no one independence quite so important, as living within your means." -Calvin Coolidge

"Civilization is the limitless multiplication of unnecessary necessities." - Mark Twain

medinaj2160

  • Stubble
  • **
  • Posts: 131
Re: Mortgage Payoff Club!!
« Reply #253 on: November 08, 2014, 09:24:41 AM »
We are in as well :)

Me 28 and my wife 29 purchased our first and last home June 2012.

Value of our home according to Zillow 180K. We only paid 126K since it was a foreclosure and have a 30 year mortgage at 3.75%.
 
As of today we own $64,385.

Payoff goal: March 2015

My reason for paying the house fast is peace of mind because you never know what the future will hold.

New balance: $59,980

I miss judged my tax withholdings so I am not going to be able to pay as much on my mortgage next month :/

New balance: $55,556

little by little

New Balance: $51,171

New balance: $47270

New balance: $43,868

Me and my wife changed our 401k contributions to max them out; there for principal payments for the rest of the year will be way smaller.

New balance: $42750.

Sold one of my cars and decided to send some money to the house.

New balance: $32750.

The goal is to pay the mortgage completely before I turn 30 in January... It is going to be difficult.

New balance: $28,050

Omg so close, I probably own less money on my house than my coworkers paid for their cars lol.

Update time :)

New balance: $23,100

New balance: $15,560

:) so close... I can't wait.

New balance: $10,550

New balance: $9,035

Finally in the 4 digits :) ... I think that I should be able to pay the house completely in January before turning 30 if everything goes well.

Will see what happens....

eyePod

  • Pencil Stache
  • ****
  • Posts: 963
    • Flipping A Dollar
Re: Mortgage Payoff Club!!
« Reply #254 on: November 12, 2014, 08:39:28 AM »
OK, I'll bite. I'm not sure how quickly we'd like to pay of our mortgage, but here's our stats.

Mortgage started at 223,200 in June 2014. We are paying PMI to the tune of $80 a month. We plan on keeping this in our monthly mortgage payment since we're used to it.

It's now November, and to date, we are at $217,524.10. So that's $5,675.90 off of principal in the first 5 months. I wish we could keep that pace.

We've been able to do this in sort of a two-pronged approach.

1 is our dependent care from work, I get 5k that's removed throughout the year and when it comes back, it automatically goes to principal - wife and I agreed about this.

Other miscellaneous non-allocated money at the end of the month is also going to principal.

Things that we've saved up for since we got in our home include: new carpet upstairs, new carpet in the basement (only one rooms worth), and new furniture for my daughter.

For general house repairs and the like, including major appliances, we're trying to only use money from my eBay side business. Currently, we've put away ~1500, and that will keep going up. This is for replacement of the hot water heater, furnace, and hvac system since they're all pretty old. We do have a home warranty through June, but we feel pretty good about all of this.

Sorry for the novel, but I really love the idea of not having to make these types of payments in the future. Probably would like to hit FI around/before 40 (11 years from now), and we would love to pay off the house before then too. Currently have cut off (with the $80 continuing) ~25k on the total amount paid and 43 months. This is 15 years further out from my 40th, so we have some work to do.
I blog on items flipped for a profit on eBay:
Flipping A Dollar

I made 6.5k in profits in 2015!

frugalJD

  • 5 O'Clock Shadow
  • *
  • Posts: 28
  • Location: California
Re: Mortgage Payoff Club!!
« Reply #255 on: November 12, 2014, 12:03:34 PM »
I'm in on this.  Joined MMM forum because of it.  Great discussion, guys.

It's nice to share the motivation and hear from other's on the same mission.

My background:

- August 2012 (Age 28): purchased home for $321,400
- Original Mortgage balance: $250,400 (3.75%, 30 year fixed)
- Monthly mortgage payment: $1,160

- Current balance: $200,663

GOAL: Payoff by Fall 2019 (Age 35)

PLAN: Additional $2,200 to principal each month

My wife and I each contribute to 401k to the extent we max out our employer match.  We each have ROTH IRA which we contribute very little to so far, just opened them in December 2013. 

Emergency fund ~ 3 months livings expenses.  We would set aside more for an emergency fund but I work a Saturday job in addition to my full time.  If I were to lose my FT job, I am fortunate that I could pick up close to (if not) 40 hours /week at the Saturday job (never burn bridges!).

Like many others here, I highly value the peace of mind of being mortgage free and the zero risk involved in throwing extra money at a mortgage.

Keep up the good work!

-JD

Update: down to $195.5k!

A few changes I've made in the past month or two in order to increase my badassity/effort to payoff the mortgage:

1. FINALLY signed up for a cash back credit card, and use it for every expense/purchase possible.  I 'm kicking myself for not doing this sooner!  Every little bit helps!

2. Learned about the commuter benefits available through my employer.  I get $100/month tax free to use towards public transportation.  This saves gas $ as well as serious wear and tear on my car (50 mile round trip commute).

Just when I think I'm doing everything I can to payoff the mortgage ASAP, I find new ways to work even harder at it. 

Love the forum, thanks to all.  I don't post much but I read often and appreciate the helpful insight and tips from the board.

-JD

Update: down to $176.2k come this Friday.  Aiming for a payoff date of Sept 2018.  Keep going strong, fellow M's.

YeahNo

  • 5 O'Clock Shadow
  • *
  • Posts: 43
Re: Mortgage Payoff Club!!
« Reply #256 on: November 13, 2014, 02:17:45 PM »
Glad to find you guys. I'm of the same exact mindset...the freedom of being completely debt free completely outweighs "the math" of not paying off and investing the money. Gaining an extra point or two changes my life very minimally, paying off my mortgage transforms my life.

Thanks frugalJD for the template ;)

My background:

September 2011 (Age 29): purchased home for $325,000
Original Mortgage balance: $260,000 (4.25%, 30 year fixed)
Original Monthly mortgage payment: $1,726.87
Original Extra Principal Paydown: $500/month
Original Payment frequency: Monthly

Current balance: $211,197.92
Current Payment frequency: Bi-Weekly
Current Monthly Mortgage Payment: $1,868.30
Current Extra Principal Paydown: $1,631.70/month + 2 months a year where an extra $1,750 each month goes in

GOAL: I am a business owner so there are periods where my income is stable and periods where it fluctuates. If we have a good 6 month run I could take a distribution that would pay off 1/2 the remaining balance in one shot. At the same time, if the money isn't there I will continue getting my monthly paychecks and making the "current" numbers from above work. I'd really like to have this beast paid of within 2 years, age 35.

PLAN: Keep routine "current" plans, use extra business income to pay down big chunks of principal.

Side note: We own 50% of a rental townhouse. We saved up to finally pay off the remaining ~$40k on that mortgage. We did get a little taste of the "no mortgage" freedom with that. It gave us a $600 swing in cash flow each month.

My wife and I each max out 401(k).  We are above income thresholds for IRAs. Max out HSA for family of $6500.

Emergency fund - None. We will use funds in checking account and/or credit cards for immediate needs(<72 hours). After that would sell some stock and transfer funds to checking account.

Very curious to know what it feels like to have literally 0 debt.







Threshkin

  • Pencil Stache
  • ****
  • Posts: 745
  • Location: Colorado
    • My Journal
Re: Mortgage Payoff Club!!
« Reply #257 on: November 14, 2014, 08:08:31 AM »
Glad to find you guys. I'm of the same exact mindset...the freedom of being completely debt free completely outweighs "the math" of not paying off and investing the money. Gaining an extra point or two changes my life very minimally, paying off my mortgage transforms my life.

...clip...

Very curious to know what it feels like to have literally 0 debt.

It feels GREAT!  Congratulations on your excellent progress!

jrhampt

  • Pencil Stache
  • ****
  • Posts: 973
  • Age: 39
  • Location: Connecticut
Re: Mortgage Payoff Club!!
« Reply #258 on: November 18, 2014, 04:42:04 AM »
Mortgage mutilated.  Struck the final death blow last week - totally debt free.

Primm

  • Handlebar Stache
  • *****
  • Posts: 1231
  • Age: 48
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #259 on: November 18, 2014, 04:54:13 AM »
Mortgage mutilated.  Struck the final death blow last week - totally debt free.

Awesome work!

FunkyStickman

  • Bristles
  • ***
  • Posts: 492
  • Age: 43
  • Location: Louisiana
    • I Follow The Architect
Re: Mortgage Payoff Club!!
« Reply #260 on: November 18, 2014, 08:01:53 AM »
My hours got cut back at work, it will end up costing me about $600 a month, which is what we were using to pay off the mortgage. Will probably put my Christmas bonus on it, and most if not all of my tax return. So still not doing badly, but kind of irritated I have to push it back a few months.

Current balance is $64K.
"There is no dignity quite so impressive, and no one independence quite so important, as living within your means." -Calvin Coolidge

"Civilization is the limitless multiplication of unnecessary necessities." - Mark Twain

allsummerlong

  • Pencil Stache
  • ****
  • Posts: 573
  • Age: 38
  • Location: British Columbia, Canada
Re: Mortgage Payoff Club!!
« Reply #261 on: November 18, 2014, 10:36:56 AM »
Mortgage mutilated.  Struck the final death blow last week - totally debt free.

Amazing! Congrats!

I hope to be in your shoes in 4.5 years :)

jrhampt

  • Pencil Stache
  • ****
  • Posts: 973
  • Age: 39
  • Location: Connecticut
Re: Mortgage Payoff Club!!
« Reply #262 on: November 18, 2014, 11:16:40 AM »
Mortgage mutilated.  Struck the final death blow last week - totally debt free.

Amazing! Congrats!

I hope to be in your shoes in 4.5 years :)

Thanks!  Took us just over 6 years; still can't believe it's all gone.

serious_pete

  • Stubble
  • **
  • Posts: 138
  • Age: 40
  • Location: Manchester, UK
Re: Mortgage Payoff Club!!
« Reply #263 on: November 20, 2014, 12:56:10 PM »
I'm in! 122,000 left to go on a 128,000 mortgage. Interest rate set at 4.99% So far made a grand total of 1000 overpayments so got quite a way to go. The plan is to overpay by 500 per month to start with and change mortgage deal in December.

Now down to 116,500 and interest rate is now down to 3.09% as of January. Still working on 500 overpay per month. Slow but steady!
Red from Shawshank Redemption:

"He had a quiet way about him, a walk and a talk that just wasn't normal around here. He strolled, like a man in a park without a care or a worry in the world, like he had on an invisible coat that would shield him from this place."

My attempt at a journal : http://forum.mrmoneymustache.com/journals/finance-etc-pete's-journal/

frizzywhiskers

  • 5 O'Clock Shadow
  • *
  • Posts: 49
  • Age: 45
  • Location: Canada
Re: Mortgage Payoff Club!!
« Reply #264 on: November 20, 2014, 07:44:04 PM »
I'm in on this mission, super excited and focused on getting this done as soon as possible.  Both my husband and I are feeling done with the 9 to 5 world.  Been at it for over 20 years and are ready for a new focus.  Being mortgage free will give us the freedom to choose what we want to do with our time.  Going to hang on in the corporate world until this baby is gone!

Purchased a new home in September 2013 for $655,000 (no judging - it's expensive where I live!)

- Starting mortgage = $435,000, 5 year term @ 3.26% (starting Sept. 30, 2013)
- Making weekly payments of $800
- Goal:  Make additional payments averaging $2700 a month = $32,400/yr.
- Realistic Mortgage Free Date:  March 2020
- Long Shot Mortgage Free Date:  September 2018 - the end of our current 5 year term.  Depending on bonuses received over the next few years and staying focused on the budget we actually have a shot at making this happen.

- Current Mortgage:  $407,500

And go.........!

Update on this mortgage payoff madness!

- 3 years 10 months left on term @ 3.26%
- Increased weekly payments to $900
- Revised monthly payment increase goal to $2333 a month = $28,000/yr (reduced due to increase monthly payment)
- Still shooting for Long Shot Mortgage Free Date:  September 2018 - the end of our current 5 year term.  Depending on bonuses received over the next few years and staying focused on the budget we actually have a shot at making this happen.

- Current Mortgage:  $394,537.49
« Last Edit: November 20, 2014, 07:46:04 PM by frizzywhiskers »

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1061
Re: Mortgage Payoff Club!!
« Reply #265 on: November 21, 2014, 06:20:25 AM »
I'm so happy for you all!  I've had to take a break due to some major house repairs (foundation !!! and new roof on the rental) so I probably won't be able to do much for the next 8 months or so.  Just wanted to say "Congrats!" to those making progress and a "WOOOOOT" to those paying off their mortgages.  So cool!

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1061
Re: Mortgage Payoff Club!!
« Reply #266 on: November 21, 2014, 07:28:58 AM »
Nice!  Our kids will know about our payoff, too, and we plan to cement it in their minds with a WDW trip.  I want them to forever remember going to WDW as a result of "Mom and Dad paid off their mortgage" which will make the trip very special for us and hopefully they'll assume that paying off a mortgage with young kids is just what people do.  :D

 (no face punches, please, I intend on making this celebration trip as mustachian as possible by utilizing points/card churning when it happens!)

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1061
Re: Mortgage Payoff Club!!
« Reply #267 on: November 21, 2014, 08:14:55 AM »
LOL!  Are you millionaires?  If not, I think you will be in short order!

mnsaver

  • 5 O'Clock Shadow
  • *
  • Posts: 38
Re: Mortgage Payoff Club!!
« Reply #268 on: November 23, 2014, 08:07:39 PM »
Hello,

   I'm a new member and have been mostly frugal my entire life. I'd working on stepping up my game. I bought a condo in July and want it paid off in now less than 20 years (can probably do 15)

Starting date Sept 2014 Age 34 108750 (I put 25% down)
payment is 534 per month, paying an extra 66 + toward principle each month
due to my parents giving me money has a housewarming present + OT mortgage is currently 107,000
payoff date has gone from 8/1/44 to 12/1/43. Will pay an extra 250 next month.

At my job I regularly have OT and I save 40% of that in a separate fund to eventually pay off my condo. Due to health issues and the fact that I'm single I feel better with a larger emergency fund. I would like it to be about 2 years worth. Currently it is about 13 months worth. My goal for next year is to get it to 18 months + get balance of mortgage to less then 102,000.

Currently contribute 7% for 401K (and my employer gives a 6% match!) I have about 80,000 in retirement funds.

shusherstache

  • 5 O'Clock Shadow
  • *
  • Posts: 94
Re: Mortgage Payoff Club!!
« Reply #269 on: December 01, 2014, 06:33:04 PM »
We're down to 16 and some change.

I was sitting there tonight writing the check to physically take to my mortgage provider (they have mucked up every payment I have ever mailed in) and I finally decided I'm tired of it.  We get no deduction next year on our mortgage interest and so we have decided to bite the bullet and knock the last barnacle off.  Waiting on the payoff amount to show up tomorrow and then the check's on the way.  (Or, delivered in person, more likely.)

jordanread

  • Walrus Stache
  • *******
  • Posts: 5429
  • Age: 32
  • Location: Colorado Springs
  • Live Long, Live Free, Drop Dead
    • Frugal FIRE Show
Re: Mortgage Payoff Club!!
« Reply #270 on: December 03, 2014, 06:40:09 AM »
We're down to 16 and some change.

I was sitting there tonight writing the check to physically take to my mortgage provider (they have mucked up every payment I have ever mailed in) and I finally decided I'm tired of it.  We get no deduction next year on our mortgage interest and so we have decided to bite the bullet and knock the last barnacle off.  Waiting on the payoff amount to show up tomorrow and then the check's on the way.  (Or, delivered in person, more likely.)

When you do deliver it in person, I must insist that you do something like this:

Join the cycling challenge!
Get in shape in 2017!
Frugal FIRE - Episode 2

"Mustachians rarely sit back and let things happen to them. Mustachians go out and happen to things."

Camp Mustache Canada - Sold Out Already!!

medinaj2160

  • Stubble
  • **
  • Posts: 131
Re: Mortgage Payoff Club!!
« Reply #271 on: December 03, 2014, 05:33:55 PM »
We are in as well :)

Me 28 and my wife 29 purchased our first and last home June 2012.

Value of our home according to Zillow 180K. We only paid 126K since it was a foreclosure and have a 30 year mortgage at 3.75%.
 
As of today we own $64,385.

Payoff goal: March 2015

My reason for paying the house fast is peace of mind because you never know what the future will hold.

New balance: $59,980

I miss judged my tax withholdings so I am not going to be able to pay as much on my mortgage next month :/

New balance: $55,556

little by little

New Balance: $51,171

New balance: $47270

New balance: $43,868

Me and my wife changed our 401k contributions to max them out; there for principal payments for the rest of the year will be way smaller.

New balance: $42750.

Sold one of my cars and decided to send some money to the house.

New balance: $32750.

The goal is to pay the mortgage completely before I turn 30 in January... It is going to be difficult.

New balance: $28,050

Omg so close, I probably own less money on my house than my coworkers paid for their cars lol.

Update time :)

New balance: $23,100

New balance: $15,560

:) so close... I can't wait.

New balance: $10,550

New balance: $9,035

Finally in the 4 digits :) ... I think that I should be able to pay the house completely in January before turning 30 if everything goes well.

Will see what happens....

New balance: $6,011

So close....

Primm

  • Handlebar Stache
  • *****
  • Posts: 1231
  • Age: 48
  • Location: Australia
Re: Mortgage Payoff Club!!
« Reply #272 on: December 04, 2014, 03:20:51 AM »
Oooh, so so SO close!

wauske

  • 5 O'Clock Shadow
  • *
  • Posts: 97
  • Location: Netherlands
Re: Mortgage Payoff Club!!
« Reply #273 on: December 04, 2014, 12:50:15 PM »
Mortgage mutilated.  Struck the final death blow last week - totally debt free.

Awesome!! Congrats!~!

It's almost January which means I can pick up again. Saved up a bunch too so I'll probably schedule a payment to clear on the 2nd of jan! Current balance is just under 53k, on the 2nd of january it'll be 49k hopefully, jay \o/
Everything I say is my personal opinion which is based on my subjective experience.

allsummerlong

  • Pencil Stache
  • ****
  • Posts: 573
  • Age: 38
  • Location: British Columbia, Canada
Re: Mortgage Payoff Club!!
« Reply #274 on: December 04, 2014, 02:17:46 PM »
Our goal was $150k by Dec 2014. In Nov we were at $156k.

Yesterday we brought it down to $149k! We met our goal, and are actually going to bring it down to hopefully $145 (or even less!) in the next month.

I am so pleased that our determined efforts are making such a difference. Our ~4 year goal is within reach, for sure!

Congrats to medinaj2160 and shusherstache! great job!
« Last Edit: December 04, 2014, 02:21:01 PM by allsummerlong »

allsummerlong

  • Pencil Stache
  • ****
  • Posts: 573
  • Age: 38
  • Location: British Columbia, Canada
Re: Mortgage Payoff Club!!
« Reply #275 on: December 04, 2014, 02:20:17 PM »
Update: down to $176.2k come this Friday.  Aiming for a payoff date of Sept 2018.  Keep going strong, fellow M's.

We're in really similar positions! Our estimated payoff date is Dec 2018 with a current balance of $149k

:)

BBub

  • Pencil Stache
  • ****
  • Posts: 865
  • Age: 32
  • Location: Deep South
Re: Mortgage Payoff Club!!
« Reply #276 on: December 05, 2014, 02:11:01 PM »
Joining to follow.  Current mortgage 15yr $112k @ 3.625%.  Not paying real aggressively as it's our only remaining debt, and our main focus is building the stash for the time being.  But I'm all about some debt payoff - spreadsheets be damned.  Once I hit a certain number in assets I will put every next cent into annihilating the mortgage.  My current projections place me on schedule to simultaneously hit my FI number and achieve pay off in 8 yrs. But I may pivot mid-course and decide to curb stomp the mortgage.  Who knows.  For now I'm just coming out of lurker status on this thread & will periodically post numbers and congrats going forward.

jordanread

  • Walrus Stache
  • *******
  • Posts: 5429
  • Age: 32
  • Location: Colorado Springs
  • Live Long, Live Free, Drop Dead
    • Frugal FIRE Show
Re: Mortgage Payoff Club!!
« Reply #277 on: December 05, 2014, 05:13:05 PM »
Our goal was $150k by Dec 2014. In Nov we were at $156k.

Yesterday we brought it down to $149k! We met our goal, and are actually going to bring it down to hopefully $145 (or even less!) in the next month.

I am so pleased that our determined efforts are making such a difference. Our ~4 year goal is within reach, for sure!

Congrats to medinaj2160 and shusherstache! great job!

Damn!!! A $148,855 payment in the next month? I hope you have a really high interest rate, otherwise it doesn't seem worth it. :P
Join the cycling challenge!
Get in shape in 2017!
Frugal FIRE - Episode 2

"Mustachians rarely sit back and let things happen to them. Mustachians go out and happen to things."

Camp Mustache Canada - Sold Out Already!!

allsummerlong

  • Pencil Stache
  • ****
  • Posts: 573
  • Age: 38
  • Location: British Columbia, Canada
Re: Mortgage Payoff Club!!
« Reply #278 on: December 06, 2014, 03:44:29 PM »
Our goal was $150k by Dec 2014. In Nov we were at $156k.

Yesterday we brought it down to $149k! We met our goal, and are actually going to bring it down to hopefully $145 (or even less!) in the next month.

I am so pleased that our determined efforts are making such a difference. Our ~4 year goal is within reach, for sure!

Congrats to medinaj2160 and shusherstache! great job!

Damn!!! A $148,855 payment in the next month? I hope you have a really high interest rate, otherwise it doesn't seem worth it. :P

Haha... It took me a minute to figure out what you meant :) that would indeed be a crazy high payment.

We're hoping to have it down to 145k by Jan. Still ~4 yrs to go.

shusherstache

  • 5 O'Clock Shadow
  • *
  • Posts: 94
Re: Mortgage Payoff Club!!
« Reply #279 on: December 08, 2014, 07:03:04 PM »
So we walked in to our CU on Saturday and sent off the death blow via wire transfer.  I still don't trust the mortgage company to acknowledge receipt of the transfer nor apply it correctly to our account as they have yet to do anything correctly in the two years since they bought our mortgage, so I'm waiting until Wednesday and then giving them a call. 

On the other hand, it feels awesomely freeing to have no debt to anyone in the world.

hdatontodo

  • Stubble
  • **
  • Posts: 230
  • Location: Balto Co, MD
Re: Mortgage Payoff Club!!
« Reply #280 on: December 08, 2014, 07:27:11 PM »
So we walked in to our CU on Saturday and sent off the death blow via wire transfer.  I still don't trust the mortgage company to acknowledge receipt of the transfer nor apply it correctly to our account as they have yet to do anything correctly in the two years since they bought our mortgage, so I'm waiting until Wednesday and then giving them a call. 

On the other hand, it feels awesomely freeing to have no debt to anyone in the world.

That must feel great. Congratulations.

We've gone from $166K to $99K in 2014. For my plan to work, for a payoff at the end of 2016, the Mrs and I have to manage to pay off $50K/year, via a monthly extra principal payment plus a $10K single payment each year. My job is on very shakey ground, and if it goes away when I'm in my mid-50's, we'll have to switch back to normal payments for more years than that.

indentured4now

  • Stubble
  • **
  • Posts: 222
Re: Mortgage Payoff Club!!
« Reply #281 on: December 09, 2014, 08:13:12 PM »
Hi all!   Loving the thread and what it means to be able to stop being "owned" by the bank!    Mrs. Indentured and I have the goal of payoff in 5 years on a $249k mortgage without gutting our current stash.    Big challenge for sure but have the kids college accounts already funded and just made the Baddass moves to eliminate the easy list of stupid expenses other debt and free up cash flow.    The goal is to apply chunks from annual bonuses these years totalling of $75k PLUS $40k a year in principal from investments and salary.   Right now, I only know how to make half of that amount happen...   Dont care though because this community can make it happen!

birdman2003

  • Stubble
  • **
  • Posts: 202
  • Location: Iowa
Re: Mortgage Payoff Club!!
« Reply #282 on: December 13, 2014, 03:17:46 AM »
My original mortgage was for $70k in 2012 (15 years @ fixed 3%) and now I think the principal balance is somewhere around $65k.  Obviously I have never made extra payments.  I think I will do that next year as I have extra monies not spoken for!

Thanks for the jumpstart to do this!

Davids

  • Pencil Stache
  • ****
  • Posts: 839
  • Location: Somewhere in the USA.
Re: Mortgage Payoff Club!!
« Reply #283 on: December 13, 2014, 07:39:04 AM »
Update from me is I am at $119,900. My goal was to be at $120K by year end and I threw in an extra $100 just to purposely beat it.

WynnDuffy73

  • 5 O'Clock Shadow
  • *
  • Posts: 25
Re: Mortgage Payoff Club!!
« Reply #284 on: December 13, 2014, 10:28:47 AM »
I'm going to implement a slightly different mortgage payoff strategy.

My goal is to have liquid assets greater than my mortgage balance within the next 16 months.

Our mortgage balance is currently $171k and our liquid(non retirement) assets are currently $112k.

Once I hit that tipping point in 16 months i will make the final decision whether to retire the mortgage and become completely debt free.  Just the thought of being completely debt free within 16 months is already providing incredible peace of mind. 

We have a double income family and once the mortgage is gone in 16 months only one income will be needed essentially forever.  Next up after that will be complete financial independence.

brooklynmoney

  • Bristles
  • ***
  • Posts: 275
Re: Mortgage Payoff Club!!
« Reply #285 on: December 14, 2014, 02:49:24 PM »
WynnDuffy73 -- I did that last year. It felt good to get to the point that if I need to I can pay off the mortgage. I would have almost nothing left in my taxable accounts, but still a decent sized stache in retirement accounts.

frugalJD

  • 5 O'Clock Shadow
  • *
  • Posts: 28
  • Location: California
Re: Mortgage Payoff Club!!
« Reply #286 on: December 17, 2014, 12:06:56 PM »
Update: Just made our final additional payment for 2014 of $3k.  Balance is now $172.6 ($250k starting).  Shooting for $130k by end of 2015!

-JD

McGeens

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: Mortgage Payoff Club!!
« Reply #287 on: December 18, 2014, 05:11:29 AM »
We're in this club and incredibly excited that 2015 should be our last year with a mortgage- yippee! We started owing $230k in 2008 and currently owe $57k. With a big effort this will be cleared by dec '15. We're a 1.5 income family with two young kids, so really happy to be on the path to FI once it's cleared. Incidentally, we're in Australia and the house value is now $450k+, which still feels like Monopoly money to me!

indentured4now

  • Stubble
  • **
  • Posts: 222
Re: Mortgage Payoff Club!!
« Reply #288 on: December 18, 2014, 06:44:55 PM »
Mrs. Indentured and I have the goal of payoff in 5 years on a $249k mortgage without gutting our current stash. 
Baby step here so humor me and treat me like I just walked for the first time...

Balance was actually just under $250K.   Now under $248,500 with this payment.   Mulling a chunk payment depending on annual bonus (maybe?)

mnsaver

  • 5 O'Clock Shadow
  • *
  • Posts: 38
Re: Mortgage Payoff Club!!
« Reply #289 on: December 19, 2014, 07:54:59 PM »
Hello,

   I'm a new member and have been mostly frugal my entire life. I'd working on stepping up my game. I bought a condo in July and want it paid off in now less than 20 years (can probably do 15)

Starting date Sept 2014 Age 34 108750 (I put 25% down)
payment is 534 per month, paying an extra 66 + toward principle each month
due to my parents giving me money has a housewarming present + OT mortgage is currently 107,000
payoff date has gone from 8/1/44 to 12/1/43. Will pay an extra 250 next month.

At my job I regularly have OT and I save 40% of that in a separate fund to eventually pay off my condo. Due to health issues and the fact that I'm single I feel better with a larger emergency fund. I would like it to be about 2 years worth. Currently it is about 13 months worth. My goal for next year is to get it to 18 months + get balance of mortgage to less then 102,000.

Currently contribute 7% for 401K (and my employer gives a 6% match!) I have about 80,000 in retirement funds.

Mortgage balance is currently 10653.98 and payoff date (assuming no extra payments) is 10/1/43. I was offered and accepted a promotion to another department. It comes with a 10% raise! It is close enough that I will walk and can drop my bus pass (currently 76 a month. I will have 20 put on a stored value card. This will be 80% of my transportation costs)

This department doesn't have much OT but the raise is more then I've ever made in OT. I can spend some of my free time working on some of the computer skills to improve my prospects for future promotions :)

I'll be able up my 401k to 10%. For the first year at least my plan is to put all of my raise in saving so give myself an extra cushion.

frizzywhiskers

  • 5 O'Clock Shadow
  • *
  • Posts: 49
  • Age: 45
  • Location: Canada
Re: Mortgage Payoff Club!!
« Reply #290 on: December 20, 2014, 09:00:42 AM »
I'm in on this mission, super excited and focused on getting this done as soon as possible.  Both my husband and I are feeling done with the 9 to 5 world.  Been at it for over 20 years and are ready for a new focus.  Being mortgage free will give us the freedom to choose what we want to do with our time.  Going to hang on in the corporate world until this baby is gone!

Purchased a new home in September 2013 for $655,000 (no judging - it's expensive where I live!)

- Starting mortgage = $435,000, 5 year term @ 3.26% (starting Sept. 30, 2013)
- Making weekly payments of $800
- Goal:  Make additional payments averaging $2700 a month = $32,400/yr.
- Realistic Mortgage Free Date:  March 2020
- Long Shot Mortgage Free Date:  September 2018 - the end of our current 5 year term.  Depending on bonuses received over the next few years and staying focused on the budget we actually have a shot at making this happen.

- Current Mortgage:  $407,500

And go.........!

Update on this mortgage payoff madness!

- 3 years 10 months left on term @ 3.26%
- Increased weekly payments to $900
- Revised monthly payment increase goal to $2333 a month = $28,000/yr (reduced due to increase monthly payment)
- Still shooting for Long Shot Mortgage Free Date:  September 2018 - the end of our current 5 year term.  Depending on bonuses received over the next few years and staying focused on the budget we actually have a shot at making this happen.

- Current Mortgage:  $394,537.49

End of the year update:

Mortgage amount as of December 25, 2014:  $380,819.42  Making some great progress!

Goal for 2015 - to break the $300's and get into the 200's!

FunkyStickman

  • Bristles
  • ***
  • Posts: 492
  • Age: 43
  • Location: Louisiana
    • I Follow The Architect
Re: Mortgage Payoff Club!!
« Reply #291 on: December 23, 2014, 06:57:24 AM »
End of year report:
Started the year with a principal balance of $72,206 (started with $81,900 seven years ago and have gotten it down to $62,973.

I have knocked my principal down about as much in one year as I did the previous six.

Here's to early retirement, folks. Happy new year!
"There is no dignity quite so impressive, and no one independence quite so important, as living within your means." -Calvin Coolidge

"Civilization is the limitless multiplication of unnecessary necessities." - Mark Twain

APowers

  • Bristles
  • ***
  • Posts: 338
Re: Mortgage Payoff Club!!
« Reply #292 on: December 25, 2014, 11:38:46 AM »
Started 4.5 years ago:

$68,800
3%

Minimum payment = 290.06

We started out paying the exact amount, and after a while we decided to just pay an even 300. After a while we decided we didn't want to be paying this for 30 years, so we dumped about $16k from savings into it (leaving us with about $8-10k in the bank). After that, we upped our payment to $750, and a couple months later we bumped it to an even $800-- which has been our payment for the last 3 years.

There's $22,512 remaining at this point (we already paid for December). We've got $18k saved up and should be able to squirrel away enough to match the balance remaining by February or March of 2015. I will be extremely happy once that payment is gone. Without having to pay the mortgage, our monthly expenses will be $1,100 or less, and I will be able to quit my soul-sucking job, and will be able to handily pay the bills, save a good bit, and have a bunch of free time to be productive in other income-producing areas that aren't (bad)stressful. Also to not be working 7 days/week will be very restful.

NEMPLS

  • 5 O'Clock Shadow
  • *
  • Posts: 6
Re: Mortgage Payoff Club!!
« Reply #293 on: December 27, 2014, 03:52:00 PM »
11 months left! Last payment December 2014. No plans to pay it off any earlier now that we are paying about 95% principal on our monthly payments.

As a back story; 14 years ago we sold our previous 3,000 SF home to purchase a 1,500 SF home in order to lower our payments, Because of downsizing we halved the total amount we owed just by selling and moving. Our payment went down by a third, our utilities went down by half, our taxes went down by 60% per year (old house $7,600 year current house 3,100 per year), our yearly up keep went down by a third. The math on how much we saved in housing related costs is staggering.

We were going to take most of the cash that we made from the sale and bank it but the closing paperwork got messed up and we ended up paying our current house down to a 18 year mortgage just so we could close that day (it was the single best thing that could have happened). We have refinanced twice over the past 14 years using no cost refinancing to lower our payments and then payed a little extra each year to bring our time down from 18 years to 14 years while saving a bit in interest.

The best news is that we invested ALL of the money saved by downsizing into mutual funds and are now thinking of retiring soon or at least working part time.

ontario74

  • 5 O'Clock Shadow
  • *
  • Posts: 43
  • Location: Canada
Re: Mortgage Payoff Club!!
« Reply #294 on: December 27, 2014, 06:13:56 PM »
Project pay off year: 2020, right before my child goes to university

135K to go, with 7K in extra payments yearly

medinaj2160

  • Stubble
  • **
  • Posts: 131
Re: Mortgage Payoff Club!!
« Reply #295 on: January 03, 2015, 07:26:22 AM »
We are in as well :)

Me 28 and my wife 29 purchased our first and last home June 2012.

Value of our home according to Zillow 180K. We only paid 126K since it was a foreclosure and have a 30 year mortgage at 3.75%.
 
As of today we own $64,385.

Payoff goal: March 2015

My reason for paying the house fast is peace of mind because you never know what the future will hold.

New balance: $59,980

I miss judged my tax withholdings so I am not going to be able to pay as much on my mortgage next month :/

New balance: $55,556

little by little

New Balance: $51,171

New balance: $47270

New balance: $43,868

Me and my wife changed our 401k contributions to max them out; there for principal payments for the rest of the year will be way smaller.

New balance: $42750.

Sold one of my cars and decided to send some money to the house.

New balance: $32750.

The goal is to pay the mortgage completely before I turn 30 in January... It is going to be difficult.

New balance: $28,050

Omg so close, I probably own less money on my house than my coworkers paid for their cars lol.

Update time :)

New balance: $23,100

New balance: $15,560

:) so close... I can't wait.

New balance: $10,550

New balance: $9,035

Finally in the 4 digits :) ... I think that I should be able to pay the house completely in January before turning 30 if everything goes well.

Will see what happens....

New balance: $6,011

So close....

New balance: PAID IN FULL

Sorry guys we are out of the club lol...

Thanks for all the encouragement; it feels great to be done.

Good luck to everyone in the club, every little counts

Groovin Old Hippie

  • 5 O'Clock Shadow
  • *
  • Posts: 41
  • Location: SoCal Inland Empire
Re: Mortgage Payoff Club!!
« Reply #296 on: January 03, 2015, 05:38:10 PM »
Medinaj2160 - Whoo hoo!!!  Congratulations on "graduating" from the club!  Such an incredible job.  You are so inspiring to us.  We are just joining today.

Our starting balance January 1, 2015: $26,881
Payoff goal date:  December 2015

It will be super tight for us to reach our goal but we are going to throw every extra penny at this thing.  My husband is 61 and he wants to retire!  We're looking forward to all of the support this group offers  :)

Love to Live - Live to Love!!

indentured4now

  • Stubble
  • **
  • Posts: 222
Re: Mortgage Payoff Club!!
« Reply #297 on: January 04, 2015, 08:08:24 AM »
@medinaj...,   Congratulations!!!!  You now get to start the "Paid off the mortgage, now what?!" thread where you brag about increasing passive income with your freed-up active income!   :)

Peacefulwarrior

  • Stubble
  • **
  • Posts: 132
  • Location: Europe
Re: Mortgage Payoff Club!!
« Reply #298 on: January 06, 2015, 01:17:31 PM »
Sorry, but unless you have a monstrously large stash, I think this is a poor investment decision. Borrow at 3.5% fixed for 30years. Put the overpayments into the sp500, et al.

If this was such a great idea, don't you think the banks would put all their money into S&P500 instead of lending it to you?

allsummerlong

  • Pencil Stache
  • ****
  • Posts: 573
  • Age: 38
  • Location: British Columbia, Canada
Re: Mortgage Payoff Club!!
« Reply #299 on: January 06, 2015, 03:59:49 PM »
Congratulations, medinaj!

Making another lump sum pmt this week..... The whittling continues :)