[January] $99K mortgage balance...
July 7, $27K left. 6 more payments from Aug->Jan. I hope my job holds out.
So the Mrs has been getting irritated about BOA not properly posting occasional Principal Payment Only checks that I mail in after the monthly $5K automatic payments ($2K + 3K extra) on our 7-year-old, 15-year-loan. I have to get her to call them about her loan and repost it.
So also gets irritated when I have her move the automate payment date or change the pay amount based on pay dates and cash flow. (She likes just to have her automatic-payment set up and spend her evenings with hours of Facebook and Real Housewives. )
So here's the facepunch-worthy action I took. I made a normal August $2K payment. I told her to cancel her $5K automatic payment. I borrowed $20K with a short term 401K loan and did a principal payment, leaving the mortgage balance at under $5K. Later this week, she'll get a payoff figure and bring them a cashiers check from her Wells Fargo account for the payoff.
My original plan was to have the mortgage paid off by the beginning of January 2016. Now, it will be paid off in August, and I'll have payroll deductions until January. I also told her that I'm not going to give her any money monthly until next year so I can build my savings back up. I had used my savings, person property sales (Mustang, motor scooter, etc) and almost all my income to get this year's starting balance of $99K paid off.
The incentive for starting this project in 2014, when we owed $166K, was that I did a cash flow sheet, and found that paying off the loan and eliminating the payment (and $4,500/year interest) would make for a better cash flow if I got laid off in 2016 (after the contract that pays my salary is gone). We could live on her salary, and even if she wanted me to take 1/2 the family expenses out of my 401K (using the age 55 rule), it wouldn't be much.