Mortgage Payoff Club!!

[lcmac32]

Paid off my mortgage today!!!

I've never been more happy. (regarding a financial milestone)

5 / 2017:
     Purchased modest home for $167,000 with 10% down.
2017-2022:
     Non-aggressively paid down about $10k/yr as I built up my 100% equities portfolio.
1 / 2023: 
     Reached a portfolio level that would give a modest FI life.

2023-Today:
     Aggressively paid the mortgage down from $104,000 to $0, while still maxing all retirement contributions.

Great work.  I still have a little further to go on getting the retirement and non-retirement investment accounts where I want them to be.  Then it full scale war on the mortgage.  Thanks for the $104k inspirational 1.667 year payoff.  Impressive indeed!

[AFrugalGuy]

December 31, 2023: $497,758.27
January 31, 2024: $463,437.96
February 28, 2024: $458,759.94
March 31, 2024: $454,488.73
April 30, 2024: $450,659.73
May 31, 2024: $445,958.51
June 30, 2024: $441,843.89
July 31, 2024: $437,899.61
August 31, 2024: $431,116.16

[lcmac32]

Original Loan Amt $484,000.00

Mar 24  $483,072.97 ($500.00 add. principal)
Apr 24  $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24  $481,112.22 ($151.61 add. principal)
Jul 24   $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 (151.61 add. principal)

[grantmeaname]

the goal is to get under $1k in monthly interest midyear and under $200k mortgage balance at year end 2024. I think this loan has just about two years left to live, unless we get a stock market crash that calls my dollars away.

As of this month we now own half of our house, and our interest was down to triple digits at $974. We should be right around $200k balance at year end and it's still looking like we're on track to pay off the whole thing with the bonus after the next on 3/1/26. I might have two little windfalls coming next month which would help us out too, so there's hopefully a little more upside than downside.

[Just Joe]

Congrats! We're following along in your path. Our pay off won't be as soon but we're eager to get it behind us.

I like your progress poster!

[Dutch Comfort]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
January 2024: EUR 39,500 repayment date 08/01/30
May 2024: EUR 36,500 repayment date 06/01/30
Another May 2024: EUR 34,500 repayment date 02/01/30
And.... another May 2024: EUR 33,500 repayment date 12/01/29
September 2024: EUR 30,500 repayment date 10/01/29

Goal for 2024: get to EUR 29K, repayment 10/01/29
Stretch goal: full repayment in 2027!

YES!!!!!! Due to an unexpected refund, we got to the 2024 goal. With the regular payments, we will hit the EUR 29K in December. And we're on our way to our stretch goal in 2027 to get this mortgage down to zero, when the teens will hit college......

[Money Badger]

@Dutch Comfort,  Great!  Get to 5 digits by Dec 2025.  Pay-off mid 2026.   You’ll need to have a good vacation in 2026 before the kid(s) go to university!  😉

[Money Badger]

@grantmeaname Awesome!   Measure, manage to milestones, win!!

[monarda]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
January 2024: EUR 39,500 repayment date 08/01/30
May 2024: EUR 36,500 repayment date 06/01/30
Another May 2024: EUR 34,500 repayment date 02/01/30
And.... another May 2024: EUR 33,500 repayment date 12/01/29
September 2024: EUR 30,500 repayment date 10/01/29

Goal for 2024: get to EUR 29K, repayment 10/01/29
Stretch goal: full repayment in 2027!

YES!!!!!! Due to an unexpected refund, we got to the 2024 goal. With the regular payments, we will hit the EUR 29K in December. And we're on our way to our stretch goal in 2027 to get this mortgage down to zero, when the teens will hit college......

Nice work, @Dutch Comfort !
Our balance is $27,197. Payoff scheduled for June 2027 (or earlier?!)
We're pretty much right on schedule with you.

[Joel]

I was firmly in the don’t payoff your mortgage camp when I had a 2.5% rate… however that has changed, I’m now at 5.874% (and was briefly at 6.999%). The highest rate had me leaning towards paying down the mortgage, while my current rate has me starting to be on the fence.

Created a new thread to ask at what rate does that change for each person. Very curious this groups feedback in that thread:

https://forum.mrmoneymustache.com/real-estate-and-landlording/what-is-the-lowest-rate-you-would-aggressively-pay-down-your-mortgage-(us)/msg3298517/#msg3298517

[Dutch Comfort]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
January 2024: EUR 39,500 repayment date 08/01/30
May 2024: EUR 36,500 repayment date 06/01/30
Another May 2024: EUR 34,500 repayment date 02/01/30
And.... another May 2024: EUR 33,500 repayment date 12/01/29
September 2024: EUR 30,500 repayment date 10/01/29
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!

Goal for 2024: get to EUR 29K, repayment 10/01/29
Stretch goal: full repayment in 2027!

So we repaid 25% of the original amount in 2.5 years. Another 2.5 years (or earlier) should get us to 0.

@Dutch Comfort,  Great!  Get to 5 digits by Dec 2025.  Pay-off mid 2026.   You’ll need to have a good vacation in 2026 before the kid(s) go to university!  😉

Oh, yes...... the kids already picked a destination: the US!!!!! Our son wants to do New York and San Francisco, our daughter has not made her mind up yet, but as long as we incorporate Chinatown in the plans she is OK! We need to start saving for that!

[lcmac32]

Original Loan Amt $484,000.00

Mar 24  $483,072.97 ($500.00 add. principal)
Apr 24  $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24  $481,112.22 ($151.61 add. principal)
Jul 24   $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 ($151.61 add. principal)
Oct 24 $478,314.14 ($551.61 add. principal)

Looks like I am averaging $207.00 additional principle/month.  Hopefully, will get that average up to $500 by end of first 12 payments. 

[Money Badger]

Original Loan Amt $484,000.00

Mar 24  $483,072.97 ($500.00 add. principal)
Apr 24  $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24  $481,112.22 ($151.61 add. principal)
Jul 24   $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 ($151.61 add. principal)
Oct 24 $478,314.14 ($551.61 add. principal)

Looks like I am averaging $207.00 additional principle/month.  Hopefully, will get that average up to $500 by end of first 12 payments.

High COLA area?   How do you either get a bigger $ shovel or plan to exit with enhanced equity from the leverage?   As long as there is an exit strategy other than “living with debt”.   Breathe, we’re here to help!

[lcmac32]

Original Loan Amt $484,000.00

Mar 24  $483,072.97 ($500.00 add. principal)
Apr 24  $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24  $481,112.22 ($151.61 add. principal)
Jul 24   $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 ($151.61 add. principal)
Oct 24 $478,314.14 ($551.61 add. principal)

Looks like I am averaging $207.00 additional principle/month.  Hopefully, will get that average up to $500 by end of first 12 payments.

High COLA area?   How do you either get a bigger $ shovel or plan to exit with enhanced equity from the leverage?   As long as there is an exit strategy other than “living with debt”.   Breathe, we’re here to help!

@Money Badger - Thanks for the reply.  I did make a move from one medium - high COLA to roughly the same COLA.  I did it for a job change which was about same income in year one (partial year), a 30% increase in year two, and on track for a 54% increase YOY for this calendar year.  So, I did get a bigger shovel, but spent a lot of money this year on new house down payment, second remodel in five years, two weddings, and overseas travel for another wedding. 

I am wrapping up remaining debt incurred on total of all of those spend items next month (about $25k in total debt spend).  The plan will be to exit the medium high COLA back to home state that is very low COLA in 5-7 years. I am impatiently ready to do battle on the mtg balance.  I had a sweet 2.00% rate on last home, and 6.625% on this one.  That rate is what put me in this club.  I was in the other club when I had the low rate.  I want to aggressively push down the balance so that if rates go down, I will have a large reduction in monthly expense on the mtg when I refi.     

I do want to emphasize, that I am very happy here and could already sell the home at a profit over and above what I put into it.  All of my adult children live within an hour drive of me versus 12 hours before the move.  I am doing some economic outpatient care for them, but only when they are at a significant (greater than 20%) savings rate. I could sell and LEAN (very lean) FIRE at this point, but the 5-7  years of continued working comes from furthering their FIRE journeys while I can really impact it in their young-ish adult years.  Of course, I am still funding my own FIRE stash as well.   

[AFrugalGuy]

December 31, 2023: $497,758.27
January 31, 2024: $463,437.96
February 28, 2024: $458,759.94
March 31, 2024: $454,488.73
April 30, 2024: $450,659.73
May 31, 2024: $445,958.51
June 30, 2024: $441,843.89
July 31, 2024: $437,899.61
August 31, 2024: $431,116.16
September 30, 2024: $427,061.55

[ca-rn]

I'm down to 38k mortgage left at 3%!!!

Have about 12k saved in a Federal MMF and additional 7k index distribution to roll nto the payoff Federal MMF = 19k total w/additional 1k added per month.

Want to pay it off by end of this year or beginning next year but that would require selling some index funds to do so...

With an additional index distribution at end of year planned to be rolled into payoff fund, it should get me closer to being mortgage free before FIRE!

[Money Badger]

@lcmac32,   A lot going on, but glad to hear the $ shovel is bigger and you're turning it towards reducing that mortgage at a higher rate soon as you help the kids start their FIRE journey.  !  Any form of FIRE isn't as much fun with a significant debt to service every month though.   But if this remains in your plan and re-fi rates aren't materially better next year, then an idea to reduce the mandatory outflow of a mortgage you've paid down significantly is to recast the loan if possible with the loan servicer.   Usually for a very small administrative fee rather than a complete refi set of costs (even if the latter are blended into the new loan APR).   Useful to be able to divert resulting free cash flow to investments and ultimately shorten the FIRE journey.  And/or you can choose to pay down the balance more aggressively as the interest rates, risk tolerances and FIRE plan determine as well.   Be well, be free!

[Money Badger]

I'm down to 38k mortgage left at 3%!!!

Have about 12k saved in a Federal MMF and additional 7k index distribution to roll nto the payoff Federal MMF = 19k total w/additional 1k added per month.

Want to pay it off by end of this year or beginning next year but that would require selling some index funds to do so...

With an additional index distribution at end of year planned to be rolled into payoff fund, it should get me closer to being mortgage free before FIRE!

This is significant badassity!  :-)

[partgypsy]

Have enough in the accounts to pay off mortgage plus a little extra. I'm considering in Feb reviewing the situation and possibly paying it off, as that will feel really rewarding. But I also don't want a depleted emergency fund. Am willing to have a lower fund though as that will get rid of largest single expense.

[Freedomin5]

Original amount: 412k
Apr 2024: 407k
May 2024: 392k
Jun 2024: 377k
Jul 2024: 338k
Sep 2024: 333k

We maxed out our prepayment options for the year, so it will be slow going until January when we can do another lump sum payment.

[lcmac32]

@lcmac32,   A lot going on, but glad to hear the $ shovel is bigger and you're turning it towards reducing that mortgage at a higher rate soon as you help the kids start their FIRE journey.  !  Any form of FIRE isn't as much fun with a significant debt to service every month though.   But if this remains in your plan and re-fi rates aren't materially better next year, then an idea to reduce the mandatory outflow of a mortgage you've paid down significantly is to recast the loan if possible with the loan servicer.   Usually for a very small administrative fee rather than a complete refi set of costs (even if the latter are blended into the new loan APR).   Useful to be able to divert resulting free cash flow to investments and ultimately shorten the FIRE journey.  And/or you can choose to pay down the balance more aggressively as the interest rates, risk tolerances and FIRE plan determine as well.   Be well, be free!

I agree.  I actually bought the house for less than what I sold the last one for.  I invested a lot of the difference and it is paying off handsomely during this market run.  Good idea on recasting the loan.  As I said earlier, I am happy to down-size in a LCOLA even in a short year or two, and will have a paid for home.  The paying down the mtg, is a fun exercise that is a nice motivator to keep pushing harder.

[Republic DC-9]

I don’t normally visit this thread, but love reading about the planning and progress (and thermometer chart!)

This Halloween will mark 2 years since my wife and I paid off our mortgage and I still have handwritten notes from 2020/2021 saying “222K left to pay” when doing the tally of net worth.

With a lot of focus and putting any unexpected extra money towards the mortgage, payoff goes FAST in the grand scheme of things and at least for us the thrill hasn’t warn off, that feeling of not having any debt and being able to direct those big monthly $ amounts towards FI.

Keep up the great work!

[lcmac32]

I don’t normally visit this thread, but love reading about the planning and progress (and thermometer chart!)

This Halloween will mark 2 years since my wife and I paid off our mortgage and I still have handwritten notes from 2020/2021 saying “222K left to pay” when doing the tally of net worth.

With a lot of focus and putting any unexpected extra money towards the mortgage, payoff goes FAST in the grand scheme of things and at least for us the thrill hasn’t warn off, that feeling of not having any debt and being able to direct those big monthly $ amounts towards FI.

Keep up the great work!

@Republic DC-9 ... I appreciate you sharing the feeling of not debt payments.  Just the thought in my mind is liberating.

[ssmith900]

Hi all,
First time posting here. I wanted to share a small win on this front. I successfully setup Biweekly payments from the current system of monthly payments. This small change wont affect my budget or finances in any meaningful way, but this small change will payoff the loan ~6 years early. The first biweekly payment goes more to principal, and there is also a net extra monthly payment per year.

Currently my strategy for paying off the mortgage is setting our extra payment aside into IVV, and I am projecting that in 7 years that will grow to kill the remainder of the mortgage while giving me some flexibility in the mean time. Many more years to go, but I will get there eventually.

[Nederstash]

I DID THE BIG SCARY THING!!!

For months I've been hemming and hawing about what to do with €50k: invest, home reno, savings or mortgage. I decided against the home reno because ultimately, it wasn't necessary and only cosmetic (except for some small stuff in 1-2 years for around €1k). Savings interest kept going down. Investing: well, I sold investments already because I was thinking about doing the reno and stepping back in at a higher price didn't seem appealing.

My father has always been proud of the fact he paid off the mortgage early and it's something I want to do as well. I've been slowly chipping away at it for nearly 10 years. Original loan was 223k in Feb 2015. It was 117k earlier this month and now it's 67k!!!

And yes, I have money left: around 16k in an emergency fund and 14k in investments (not counting retirement).

Being single means I make all the decisions myself - which is probably why I was sitting on it for so long. And I know that if I post this on another thread, people will say I should've invested.

Peace of mind will always win in my book. And so does paying back money that isn't mine. So that's €50k off the mortgage!!!

[iluvzbeach]

Woo hoo! Congrats, @Nederstash!

We paid ours off in 2017 and haven’t looked back. It is truly a great feeling and significantly reduces monthly expenses to be mortgage-free.

[Nederstash]

Woo hoo! Congrats, @Nederstash!

We paid ours off in 2017 and haven’t looked back. It is truly a great feeling and significantly reduces monthly expenses to be mortgage-free.

Thank you!!! Can't wait to hit that moment!

I just pulled up my original spreadsheet that my financial advisor made in 2014. I wouldn't have hit this number until I would be 51 years old. I'm 37 now. Feels pretty damn good to be 14 years ahead of the game!

[couponvan]

The end goal isn’t Scrooge….It’s Donald Duck and Daisy, Mickey and Minnie, or even Eyeore and Pooh. It just might be the right time for you to go duck/cat/dog/mouse/donkey or whatever rainbow floats your boat investigating with that pesky mortgage slipping away from your stressors!

[Dutch Comfort]

@Nederstash, that is a HUGE decision! And one you will NEVER EVER regret! Only 17K to go...... the end is in sight!

[Nederstash]

@Nederstash, that is a HUGE decision! And one you will NEVER EVER regret! Only 17K to go...... the end is in sight!

Ah, I wish, it's 67k to go! Down from 117k. But I should be able to do this in a few years!!

[lcmac32]

Original Loan Amt $484,000.00

Mar 24  $483,072.97 ($500.00 add. principal)
Apr 24  $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24  $481,112.22 ($151.61 add. principal)
Jul 24   $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 ($151.61 add. principal)
Oct 24 $478,314.14 ($551.61 add. principal)
Nov 24 $476,855.72 ($1,000.00 add. principal)

Add. principal/month up from $207 to $351.  Still striving for $500/mo in year one of this new mortgage. 

[Nederstash]

The end goal isn’t Scrooge….It’s Donald Duck and Daisy, Mickey and Minnie, or even Eyeore and Pooh. It just might be the right time for you to go duck/cat/dog/mouse/donkey or whatever rainbow floats your boat investigating with that pesky mortgage slipping away from your stressors!

I originally let this slide, but it keeps creeping into my mind. What a strange thing to comment. I assure you, I'm not Scrooge. In fact, this year alone, I donated to over $5000,- to musical theater projects, had some great trips to NYC, London and the Algarve to visit friends and have adventures. I have money set aside for nieces and nephews. I am not single because I have a 'pesky mortgage' weighing me down and I am not planning to change my single status. I have a full life with friends, family, a job, hobbies and adventures.

I merely posted here to celebrate a big milestone (and $50k off a mortgage IS a big milestone) and I don't very much appreciate being told I should start dating now.

[Dutch Comfort]

@Nederstash, that is a HUGE decision! And one you will NEVER EVER regret! Only 17K to go...... the end is in sight!

Ah, I wish, it's 67k to go! Down from 117k. But I should be able to do this in a few years!!

Well, 50K in one go is definitely a major milestone. Go celebrate!!!!!

[couponvan]

@Nederstash - I apologize. My comment came off wrong. I was returning from a points/miles Japan and Disney trip and was too punny and offended you. Having a paid off FIRE house gives my family peace of mind and allows us to spend on different things/people now with less worry. You’ve made amazing progress on your payoff and hope it brings you peace of mind too.

[Nederstash]

Thanks @couponvan, apology accepted. I'm glad paying off the mortgage brought you and your family so much joy!

[Money Badger]

@Nederstash   As you'd guess, I'll also say this is awesome!    Killing 67K remaining will go faster than you think given how motivated you are.   My 3 year plan for a similar amount accelerated to less than 18 months for perspective.   Then dollar cost averaging that entire previous mortgage payment into investments will yield, ahem... amazing € YIELD!  ;)    Congrats on taking the big steps and the smaller ones to get to that quite happy place!

[AFrugalGuy]

December 31, 2023: $497,758.27
January 31, 2024: $463,437.96
February 28, 2024: $458,759.94
March 31, 2024: $454,488.73
April 30, 2024: $450,659.73
May 31, 2024: $445,958.51
June 30, 2024: $441,843.89
July 31, 2024: $437,899.61
August 31, 2024: $431,116.16
September 30, 2024: $427,061.55
October 31, 2024: $421,627.18

[Trifle]

Well done @Nederstash!   I predict you’ll always be happy about that decision. 

[Steveray7071]

I paid off my mortgage early, and have really loved the mental benefits of that decision.

This all got me thinking:

I wonder if their is a correlation in the mindset of folks who pay their mortgage off early, and also choose to or lean towards OMY.... I also wonder if choosing to OMY for added financial security and being opposed to paying off your mortgage early contradict. 

For example, if you choose OMY for the financial security, even if the math doesn't make sense (you have more than enough to FIRE), yet oppose paying off mortgage early (math typically says with lower rate loan, don't pay off), then you might be contradicting your mental thought pattern. 

[grantmeaname]

I don't think the math contradicts at all. My goal in ER is to get through my life with the lowest probability of failure, not the highest average ending balance, and the asset allocations that accomplish those two things are different.

[Steveray7071]

Agree the math doesn't contradict - mental/thought process might.

Example 1: I purposely paid my house off early for the added mental security that brings, even if it delayed RE.

Example 2: I purposely delayed RE (OMY) for the added mental security that brings, but am opposed to paying off mortgage early.

Feels like example 2, opposing example 1, could contradict.

Example 2 ends up with more money than they potentially needed, example 1 potentially works longer than needed if they didn't pay off mortgage.  However, both made choices based on mental security rather than optimal math decisions (if goal is to retire as early as possible).

This is interesting to me as many people oppose paying off your mortgage early due to it being sub-optimal in financial gains and therefore suboptimal to RE, yet they choose to delay RE even if they are FI for added mental security. 

[nereo]

This is interesting to me as many people oppose paying off your mortgage early due to it being sub-optimal in financial gains and therefore suboptimal to RE, yet they choose to delay RE even if they are FI for added mental security.

For many (myself included) there is actually added mental security in prioritizing investing over paying off a mortgage.  Liquidity is a powerful force, and having a brokerage account which has a few hundred thousand dollars extra offsets the added monthly mortgage expense and creates additional options for when the SHTF

This forum in particular is full of people who are extremely conservative when it comes to funding their retirement. Many start with a sub 4% WR, with fat to trim, a side hustle, discount or ignore retirement benefits available later (eg SS), have mortgage payments that will sunset, additional cash e-fund, etc.

It never surprises me when people choose to delay RE even when FI, because frankly that's the norm around here.

[lcmac32]

Liquidity is a powerful force, and having a brokerage account which has a few hundred thousand dollars extra offsets the added monthly mortgage expense and creates additional options for when the SHTF

I could not agree more.  I have recently rebuilt my more liquid accounts back over $100k for precisely this (SHTF) reason.  I am still doing mtg reduction as my rate is high-ish 6.625%.  The more liquid stash is getting 3-4:1 priority in money allocation versus mortgage reduction.

[AFrugalGuy]

December 31, 2023: $497,758.27
January 31, 2024: $463,437.96
February 28, 2024: $458,759.94
March 31, 2024: $454,488.73
April 30, 2024: $450,659.73
May 31, 2024: $445,958.51
June 30, 2024: $441,843.89
July 31, 2024: $437,899.61
August 31, 2024: $431,116.16
September 30, 2024: $427,061.55
October 31, 2024: $421,627.18
November 30, 2024: $417,273.83

[Sandi_k]

Does it count if we took my DH's mother to the bank on Friday, so she could wire $130k to Rocket Mortgage for her mortgage payoff?

:-)

She had made a second withdrawal from my FIL's IRA last October, that would have effectively meant a 46% tax rate on it. We used the 60 day rollover rule, and returned it to the IRA in December 2023.

She then took out the 2024 RMD in January, but DFIL was in hospice care at that point, and care cost nearly $20k per month for a round-the-clock caregiver, so we discouraged her again.

DFIL passed away in March, so we've been doing All the Things for updating estate docs, closing down extraneous accounts, getting things put on auto-withdrawal, etc. So when we checked again in September, it was clear that she was above the FDIC limits in one bank. We asked her if she'd like to pay off the mortgage, and she said yes.

When we went down for the holiday, she said she'd done so. I asked her how, as no such withdrawal was evident in her bank account. Apparently, she left the paperwork on a bank employee's desk, the DAY SHE RETIRED.

So DH took his mom to the bank on Friday, after I had called and gotten all the payoff info from Rocket Mortgage. And the bank employee processed the payoff and wire transfer. This will make things MUCH easier administratively once she passes, AND it will give her great personal satisfaction. A nice win for the holiday weekend, for sure. ;)

[Dicey]

Good job, @Sandi_k!

[lcmac32]

Original Loan Amt $484,000.00

Mar 24  $483,072.97 ($500.00 add. principal)
Apr 24  $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24  $481,112.22 ($151.61 add. principal)
Jul 24   $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 ($151.61 add. principal)
Oct 24 $478,314.14 ($551.61 add. principal)
Nov 24 $476,855.72 ($1,000.00 add. principal)
Dec 24 $476,389.25 ($0.00 add. principal)

2025 goal: $1000/mo. add. principal.

[AFrugalGuy]

December 31, 2023: $497,758.27
January 31, 2024: $463,437.96
February 28, 2024: $458,759.94
March 31, 2024: $454,488.73
April 30, 2024: $450,659.73
May 31, 2024: $445,958.51
June 30, 2024: $441,843.89
July 31, 2024: $437,899.61
August 31, 2024: $431,116.16
September 30, 2024: $427,061.55
October 31, 2024: $421,627.18
November 30, 2024: $417,273.83
December 31, 2024: $410,000.00 (made an extra payment to get to the 50% paid off mark; my original purchase price was $820k and original mortgage amount was $656k)

[grantmeaname]

Nice work!

[joemandadman189]

I think we are going to start paying off the mortgage, even though we were previously in the don't pay off your mortgage (DPOYM) camp. In the last two years we moved and sold our home that had a 2.875% rate and purchased a home at 5.5% / 30 year term. The monthly cost of the PITI is 4x higher than any other ongoing monthly expense so its prohibitive to downshifting or FIRE. Moving and downsizing are an option but we have a 9 & 7 y/o that we just moved and i think staying put for stability is a good idea. We are nearly in our mid-40s so developing a plan to pay the mortgage off in ~10 years would work well for the overall plan, bar-ing any unforeseen circumstances or windfalls.