Author Topic: Mortgage Payoff Club!!  (Read 258340 times)

Bee21

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Re: Mortgage Payoff Club!!
« Reply #600 on: November 18, 2015, 07:06:55 PM »
We are getting very close to the finish line (<5000). I am pestering the man to book the meeting with the bank early December to finalise this before Christmas. And then, we will be co-owners no more. Somebody once wrote that paying off the mortgage is addictive, I am slightly obsessed with reducing the balance now.

Is this meeting necessary?  What do you need to talk about?  Honest question.

Not entirely sure. But there are extra costs associated w paying it off early, some paperwork related to the property title etc etc. plus we will have to notify the insurance companies as well that the bank has no financial interest etc etc. nobody knows exactly what we need to do as having a mortgage is the norm :)  i guess it is better to have a meeting w somebody who is prepared w the necessary paperwork than ambushing a random teller w the last 5 dollars we owe them.

K-ice

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Re: Mortgage Payoff Club!!
« Reply #601 on: November 18, 2015, 10:15:40 PM »
Under 3k people! 2 more payments to go.

Nice work.

As you mentioned, be sure to call your home insurance once the mortgage is zero.

Not having a mortgage & getting a new roof saved us over $300/year.

YoungGranny

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Re: Mortgage Payoff Club!!
« Reply #602 on: November 19, 2015, 06:35:19 AM »
Refinance is complete! Mortgage balance is $131,500. Decided my goal will be to get it under $100k in 1 year. Hopefully completely paid off in 5 years or less but I think I need a short-term goal to focus on for motivation.

Sent a chunk of money at it again this month, down to $129,532

My loan got sold to Wells Fargo does anybody else have them as a servicer? I absolutely hate their website, seems like it hasn't been updated since the 90's. No option to see an updated amortization schedule after a payment has been made or even what your updated maturity date is. I know I can stop being lazy and do this all in excel myself but it was nice to have those available for reference with my old servicer. Hoping I'm just missing these features somewhere on Wells Fargo's website.
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Faraday

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Re: Mortgage Payoff Club!!
« Reply #603 on: November 19, 2015, 11:32:05 AM »
Refinance is complete! Mortgage balance is $131,500. Decided my goal will be to get it under $100k in 1 year. Hopefully completely paid off in 5 years or less but I think I need a short-term goal to focus on for motivation.

Sent a chunk of money at it again this month, down to $129,532

CONGRATULATIONS YG!!! YOU GO grilfrand! :-)

I hope to join you in "Refinanceland" in the next 2 or 3 months!
FIRE in 2020.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #604 on: November 19, 2015, 08:42:51 PM »
Under 3k people! 2 more payments to go.

So close Bee21...   Sweet freedom!!!

YoungGranny

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Re: Mortgage Payoff Club!!
« Reply #605 on: November 24, 2015, 07:42:21 AM »
Refinance is complete! Mortgage balance is $131,500. Decided my goal will be to get it under $100k in 1 year. Hopefully completely paid off in 5 years or less but I think I need a short-term goal to focus on for motivation.

Sent a chunk of money at it again this month, down to $129,532

CONGRATULATIONS YG!!! YOU GO grilfrand! :-)

I hope to join you in "Refinanceland" in the next 2 or 3 months!

Good luck with Refinancing! I honestly had a pretty pain-less process and a whole-lotta savings so I highly recommend it :)
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Faraday

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Re: Mortgage Payoff Club!!
« Reply #606 on: November 24, 2015, 10:48:25 PM »
Good luck with Refinancing! I honestly had a pretty pain-less process and a whole-lotta savings so I highly recommend it :)

Chunked another $3.5k at the principal today. We're on-target for a January refi.
Fingers crossed interest rates stay low.
FIRE in 2020.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #607 on: November 25, 2015, 04:47:18 AM »
Go Faraday!   Just a thought, but you could refi a chunk NOW and get a small shorter term fixed loan or HELOC for the part you commit to kill early.   That reduces the risk of rate increase which indeed is imminent esp. on the shorter term fixed loans and ARMs next year.    And doing this in Dec is usually best as the bankers have less business and year end approaching.   (of course everyone else may be doing same thing to beat the Fed increase and it's a hassle at the holidays but it pays off)  We refi'd in Nov 2 years ago and it was great (closing atty came to our house to close, etc.).    Wouldnt get that treatment in the spring busy season for real estate.

Faraday

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Re: Mortgage Payoff Club!!
« Reply #608 on: November 25, 2015, 06:34:13 PM »
Go Faraday!   Just a thought, but you could refi a chunk NOW and get a small shorter term fixed loan or HELOC for the part you commit to kill early.   That reduces the risk of rate increase which indeed is imminent esp. on the shorter term fixed loans and ARMs next year.    And doing this in Dec is usually best as the bankers have less business and year end approaching.   (of course everyone else may be doing same thing to beat the Fed increase and it's a hassle at the holidays but it pays off)  We refi'd in Nov 2 years ago and it was great (closing atty came to our house to close, etc.).    Wouldnt get that treatment in the spring busy season for real estate.

I researched the prime rates, and indentured4now, you are right. In fact, RIGHT NOW is the optimum time to refi. The strange thing is, I've watched my lender's rates bottom out in January. It's as if they get their money from the fed first, then they offer it up. Seems like, anyway.

Regardless, I have a principal target to make of $100k or less and I don't have the available cash to make that target this calendar year. (My one cash resource, if I call on it, will bump up my tax burden too....) I can use my cash resource in January, but I can't use it right now or I will suffa.
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rjbf65

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Re: Mortgage Payoff Club!!
« Reply #609 on: December 02, 2015, 08:51:39 AM »
I'll join.

Started June 2014 at 71k.

It's currently $55k.  Goal is to finish it off by next June.   Have 20k in cash that would finish it off by then.  We are currently investing 15% as well.   Basically doing the Dave Ramsey plan.

Currently down to $51,500.  Hoping to get under $50K a month from today.

Down to $49660.  Was able to throw an extra $1555 at it this time.  Budgeting to be able to throw an extra $2500 next month.

$46,950 -- a $2,710 reduction this month.  October should be a little better with the magic of the 3 paychecks for me this month.  Should be under $40K by end of the year.

$41,843 -- a $5,107 reduction this month.  The 3rd paycheck was big this time.  Would love to be able to do that every month!  My goal for end of November is to get under 40K.  Once I'm at the $40K mark, I'll have about equal amounts of cash in the bank and mortgage balance.  Still also maxing out 2 Roth IRA's which speaks for $917 per month.  It is always tempting to stop the Roth or to throw a bunch of the available cash at it.  I think I'll just stay the course of throwing all the extra cash that was left over after the month at it.  Once the mortgage is gone, all towards investing.


$38,922 -- $2,921 reduction this month.  More travel and eating out this month, as well as property taxes and insurance slowed us down a bit.  But we are at the goal of being under $40K balance!  It's going down at a pretty good pace that I'm happy with!  We will have some Christmas expenses coming up this month but it shouldn't be all that bad.  My target is to hope to be under $37K at the end of December. 
« Last Edit: December 02, 2015, 08:56:50 AM by rjbf65 »

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #610 on: December 02, 2015, 08:44:06 PM »
I've been working at my mortgage for a while now. I originally had a 30 yr $146000 loan. In 2012 I refinanced into a 15 yr @ 2.875%. As of today I have about $67,500 remaining.

I flip flop between investing more and paying off the mortgage. I have been maxing out my contributions to a Roth IRA since my mid 20's and last year I maxed out my 401k (Roth) for the first time and will be doing so again this year. I had always considered retiring early, but have only recently considered retiring extremely early and finally about 2 months ago opened up a taxable investment account in addition to my 401k and IRA accounts as I'll need money outside those accounts to live on. I've put some money into this and started paying the mortgage down less aggressively although still more than the minimum payment. I really want to get it paid off even though mathematically it is not necessarily the best idea. If P/E ratio goes lower on the market I will probably not pay any extra on the mortgage.

Down to $60k as of tomorrow. I threw some dry powder at it as the S&P 500 is still near all time highs and I feel like I'm dollar cost averaging in enough per month right now. Flows out of my bank savings account into the market + my recent mortgage payments are greater than my current income so doing both isn't sustainable long term. I will probably have to slow down the mortgage payoff next year some time OR work more to keep paying it down quickly. $60k seems really close to being done, but calendar wise there is a good distance to go.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #611 on: December 02, 2015, 08:44:40 PM »
I've been working at my mortgage for a while now. I originally had a 30 yr $146000 loan. In 2012 I refinanced into a 15 yr @ 2.875%. As of today I have about $67,500 remaining.

I flip flop between investing more and paying off the mortgage. I have been maxing out my contributions to a Roth IRA since my mid 20's and last year I maxed out my 401k (Roth) for the first time and will be doing so again this year. I had always considered retiring early, but have only recently considered retiring extremely early and finally about 2 months ago opened up a taxable investment account in addition to my 401k and IRA accounts as I'll need money outside those accounts to live on. I've put some money into this and started paying the mortgage down less aggressively although still more than the minimum payment. I really want to get it paid off even though mathematically it is not necessarily the best idea. If P/E ratio goes lower on the market I will probably not pay any extra on the mortgage.

Down to $60k as of tomorrow. I threw some dry powder at it as the S&P 500 is still near all time highs and I feel like I'm dollar cost averaging in enough per month right now. Flows out of my bank savings account into the market + my recent mortgage payments are greater than my current income so doing both isn't sustainable long term. I will probably have to slow down the mortgage payoff next year some time OR work more to keep paying it down quickly. $60k seems really close to being done, but calendar wise there is a good distance to go.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #612 on: December 02, 2015, 08:45:32 PM »
Threw another chunk of $ at the mortgage this month!  Down to 100,800- hopefully I scrounge/ hustle the other 801 and be under 100k by the end of this month!

Hit it and git it!

I'm aiming to get under $100k in January 2016. Still on target, but it's gonna be close....

I hope you can make it by the end of the year. Definitely a milestone to celebrate!

Bee21

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Re: Mortgage Payoff Club!!
« Reply #613 on: December 02, 2015, 08:53:11 PM »
@1200! One more to go.

Best Christmas present ever.we'll have a paid off house and a white kitchen, yay. and I managed to persuade the man to repaint the kitchen instead of replacing it. He is more enthusiastic about the painting since we found out that our butcher just spent 25k replacing his. : D

By the way, just wondering. Do you guys spend $ on renovations when being in the payoff mode? I always said that we would celebrate with forking out money for a new kitchen, but changed my mind. A repainted version would do, as long as it is not bluuuuuuue.

asauer

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Re: Mortgage Payoff Club!!
« Reply #614 on: December 03, 2015, 06:22:22 AM »
@1200! One more to go.

Best Christmas present ever.we'll have a paid off house and a white kitchen, yay. and I managed to persuade the man to repaint the kitchen instead of replacing it. He is more enthusiastic about the painting since we found out that our butcher just spent 25k replacing his. : D

By the way, just wondering. Do you guys spend $ on renovations when being in the payoff mode? I always said that we would celebrate with forking out money for a new kitchen, but changed my mind. A repainted version would do, as long as it is not bluuuuuuue.

Wow!  Congratulations!  That is a HUGE Christmas present!

asauer

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Re: Mortgage Payoff Club!!
« Reply #615 on: December 03, 2015, 06:24:03 AM »
Down to 94K!  Finally under 100K!  We may just pay this sucker off in 2016 (she says as she is simultaneously crossing all fingers and toes while knocking on wood).

Neustache

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Re: Mortgage Payoff Club!!
« Reply #616 on: December 03, 2015, 06:33:17 AM »
@1200! One more to go.

Best Christmas present ever.we'll have a paid off house and a white kitchen, yay. and I managed to persuade the man to repaint the kitchen instead of replacing it. He is more enthusiastic about the painting since we found out that our butcher just spent 25k replacing his. : D

By the way, just wondering. Do you guys spend $ on renovations when being in the payoff mode? I always said that we would celebrate with forking out money for a new kitchen, but changed my mind. A repainted version would do, as long as it is not bluuuuuuue.

I have plans for painting our front door red (it may or may not be a Dutch tradition to paint your door red when it's free and clear, but seems unlikely it's a long standing tradition, but I want to start the tradition) and doing some landscaping, making the curb appeal look nicer.  We might do some minor kitchen upgrades (new countertops, new floors, new wallpaper) but nothing major.  All of our stuff is just fine, if not dated, and as I get more and more into efficiency I just have a hard time replacing anything that is a want and not a need. 

plainjane

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Re: Mortgage Payoff Club!!
« Reply #617 on: December 03, 2015, 07:15:51 AM »
@1200! One more to go.
[...]
By the way, just wondering. Do you guys spend $ on renovations when being in the payoff mode? I always said that we would celebrate with forking out money for a new kitchen, but changed my mind. A repainted version would do, as long as it is not bluuuuuuue.

Congratulations!

Yes, we have spent money on renovations, but for most of it we weren't really in true pay-down mode.  At the time (roof, back deck, eaves, siding, basement, bathroom) we generally felt like holding off on the renovation would put us into a situation where the potential costs of delay.  For a couple of them, I had decided not to put so much emphasis on paying down the mortgage because the rates were so low - I had increased our savings rate up to the tax-advantaged maximums and put the leftover aside for renovations. We always split the focus three ways, which is why it will take us almost 10 years to get rid of the mortgage.

For the kitchen, I was initially planning on redirecting the mortgage-free cash flow, but currently the plan is to reach the next FI milestone (right now we have day to day living covered under the 4% rule, but not property tax or maintenance or travel) and then do the kitchen.  Or move/downsize.
Using procrastination to my advantage since 2001.

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #618 on: December 03, 2015, 11:23:20 AM »
$139k (!!!)
$131,600
$126,000.
$119,200 !!

Now just squeaking in under $115,000.

I continue to be amazed at how good it feels to pass these milestones. 3 years left on our current plan.

& CONGRATS @Bee21 !! great way to ring in the new year.

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #619 on: December 03, 2015, 02:45:17 PM »
33.2k.  Pretty ideal month, other than a $250 furnace repair.

27.4k effective tomorrow.

After giving it a lot of thought, I want to be done with this project before the end of the calendar year.  To accomplish this, I am going to raid my savings a little bit harder than planned, take my checking account to lows it has never seen before, and push off all bills until the last possible day.  I essentially gained a "bill free" 30 days by going from paying them immediately in November to paying them on the due date in December.  Once I am done with the payoff I can recover everything in about a month.

My next post in this thread should be my last!  Thirteen more days!
« Last Edit: December 03, 2015, 02:51:36 PM by Debts_of_Despair »

Threshkin

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Re: Mortgage Payoff Club!!
« Reply #620 on: December 03, 2015, 03:11:48 PM »
33.2k.  Pretty ideal month, other than a $250 furnace repair.

27.4k effective tomorrow.

After giving it a lot of thought, I want to be done with this project before the end of the calendar year.  To accomplish this, I am going to raid my savings a little bit harder than planned, take my checking account to lows it has never seen before, and push off all bills until the last possible day.  I essentially gained a "bill free" 30 days by going from paying them immediately in November to paying them on the due date in December.  Once I am done with the payoff I can recover everything in about a month.

My next post in this thread should be my last!  Thirteen more days!

That is what I did for my last $70K.  It dropped my cash reserves lower (much lower!) than I liked but was worth it to say "goodbye" to my mortgage.

Congratulations!

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #621 on: December 03, 2015, 09:32:47 PM »
$139k (!!!)
$131,600
$126,000.
$119,200 !!

Now just squeaking in under $115,000.

I continue to be amazed at how good it feels to pass these milestones. 3 years left on our current plan.

& CONGRATS @Bee21 !! great way to ring in the new year.

You'll be under 6 figures in no time. Good work!

rulesofacquisition

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Re: Mortgage Payoff Club!!
« Reply #622 on: December 04, 2015, 09:34:40 AM »
Posting to keep track of my progress. Bought house in June 2014 for $120,000 and financed $108,000. Owe $100,728.12. 30 year loan but have paid based on 15 years every month. Have been using debt snowball and have one more debt before attacking house payment.

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #623 on: December 04, 2015, 09:51:10 AM »
You'll be under 6 figures in no time. Good work!

Thank you :)
I can't wait to be under 6 figures! Should get there around May 1, 2016.
I have a feeling that once we hit 5 figures, it will feel like no time before we are done... there's a strong chance that we will do something like posters above, where people have just made a single big payment at once to be done with it when they are within striking distance.

K-ice

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Re: Mortgage Payoff Club!!
« Reply #624 on: December 04, 2015, 12:17:19 PM »
Posting to keep track of my progress. Bought house in June 2014 for $120,000 and financed $108,000. Owe $100,728.12. 30 year loan but have paid based on 15 years every month. Have been using debt snowball and have one more debt before attacking house payment.

I love the "sign up for 30y pay it off like it is 15y" method. This gives you the peace of having a lower payment if needed, but the power to pay it off faster.

Check that those extra payments are going against the principal. (I think so based on your numbers but I'm not sure because I don't know your interest rate.)

What I love is that you cut your time in half but it is not the same as doubling your payments.

You have probably crunched your own numbers but here is an example for others:
Assume 30y at 3.5 % payment = $483
Assume 15y at 3.5 % payment = $770
Double payment 30y at 3.5% = $966  but this is paid off in 11.3y

Also, just be careful how big that other debt is and at what rate.  Is the other debt CC, student loan ... If it is higher than the mortgage rate I would pay the 30y mortgage at a 30y rate and throw the extra into the higher interest debt payment first.  As soon as that debt is gone then you should get back into the pay like it is 15y habit (or 10y).





rulesofacquisition

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Re: Mortgage Payoff Club!!
« Reply #625 on: December 04, 2015, 01:03:10 PM »
Posting to keep track of my progress. Bought house in June 2014 for $120,000 and financed $108,000. Owe $100,728.12. 30 year loan but have paid based on 15 years every month. Have been using debt snowball and have one more debt before attacking house payment.

I love the "sign up for 30y pay it off like it is 15y" method. This gives you the peace of having a lower payment if needed, but the power to pay it off faster.

Check that those extra payments are going against the principal. (I think so based on your numbers but I'm not sure because I don't know your interest rate.)

What I love is that you cut your time in half but it is not the same as doubling your payments.

You have probably crunched your own numbers but here is an example for others:
Assume 30y at 3.5 % payment = $483
Assume 15y at 3.5 % payment = $770
Double payment 30y at 3.5% = $966  but this is paid off in 11.3y

Also, just be careful how big that other debt is and at what rate.  Is the other debt CC, student loan ... If it is higher than the mortgage rate I would pay the 30y mortgage at a 30y rate and throw the extra into the higher interest debt payment first.  As soon as that debt is gone then you should get back into the pay like it is 15y habit (or 10y).






The last debt is at 0% for about $15,000 to a lawyer. I would rather not stop the 15 year payment due to my age (47), but making the lawyer payment brings up pretty awful thoughts/feelings, so maybe better psychologically to kill it faster. We're not high earners, getting the $15,000 paid off is a year or 2 project. The extra mortgage payments per year are about $3,300. Advice?

steveo

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Re: Mortgage Payoff Club!!
« Reply #626 on: December 04, 2015, 08:09:51 PM »
I now owe $13,800. It won't be paid off this year but it should be paid off early January.

Today its $7,665.45. 3 more pays (per fortnight) to go.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #627 on: December 05, 2015, 05:40:06 AM »
^^Congrats!  So many are so close to paying theirs off - it's very exciting!!

FIREby35

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Re: Mortgage Payoff Club!!
« Reply #628 on: December 05, 2015, 06:45:05 AM »
Hey everyone - I posting for the first time. We have a balance of 41k on a 200k house. We bought in Feb. 2014. I'm posting to follow and just because I needed to share the story with someone - we have been pretty silent about it with family and friends.

mies

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Re: Mortgage Payoff Club!!
« Reply #629 on: December 05, 2015, 08:20:35 AM »
Hey everyone - I posting for the first time. We have a balance of 41k on a 200k house. We bought in Feb. 2014. I'm posting to follow and just because I needed to share the story with someone - we have been pretty silent about it with family and friends.

Nice Job! Sounds like you'll have that monkey off your back pretty soon.
Less is more.

K-ice

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Re: Mortgage Payoff Club!!
« Reply #630 on: December 05, 2015, 09:13:33 PM »

The last debt is at 0% for about $15,000 to a lawyer. I would rather not stop the 15 year payment due to my age (47), but making the lawyer payment brings up pretty awful thoughts/feelings, so maybe better psychologically to kill it faster. We're not high earners, getting the $15,000 paid off is a year or 2 project. The extra mortgage payments per year are about $3,300. Advice?

Well with zero interest there is no need to rush.
But with the emotional closure I wouldn't drag it out too long either.

How's the payment made? Is it a cheque?

So you think you can pay it off in 1-2years.

Can you just get on an auto pay plan say $1,000 per month for 15 months?
Maybe $750 for 20 months.

Just be sure you have enough money in the account but you don't need to physically write a cheque.

I'd find a way to set & forget the lawyer payment if possible.




indentured4now

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Re: Mortgage Payoff Club!!
« Reply #631 on: December 06, 2015, 08:10:02 AM »
Mrs. Indentured and I have the goal of payoff in 5 years on a $249k mortgage without gutting our current stash.   

Just mailed the December payment and the resulting balance as of 12/31/2015 will be (drum roll please):  $109,429.99!    Gonna be a challenge in 2016 to continue killing it due big ticket expenses coming, but will "git'r done" somehow.

cheddarpie

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Re: Mortgage Payoff Club!!
« Reply #632 on: December 06, 2015, 10:21:41 AM »
By the way, just wondering. Do you guys spend $ on renovations when being in the payoff mode? I always said that we would celebrate with forking out money for a new kitchen, but changed my mind. A repainted version would do, as long as it is not bluuuuuuue.

I'm down to just around 70k, which is just around what I have in my savings/emergency fund account ... I'm not ready to gut my savings or emergency fund yet, but it is amazing knowing that I could technically be debt free tomorrow if I wanted to be!! I don't want to also me money free, and I'm thinking about switching to a less lucrative career (SOON), so I'm going to hold tight for now ... but my plan is to keep paying 2k/month in 2016 and then see how things are going a year from now and potentially pay it all off then. WOOHOO!

As for renovations, I've done a few small things -- new lighting fixtures when I moved in, painting everything, some necessary repairs, some DIY landscaping, and 5k worth of work in my basement rental unit (with very necessary new carpeting), but no major projects. My big projects will be new kitchen counters (can't wait; I have pretty ugly laminate that is chipping and peeling in many places) -- will likely wait until mortgage is done for those, as a reward :) -- and removing the carpet on my stairs and upstairs hallway and refinishing (possibly replacing) the floor underneath. That one will wait until my very elderly dog has passed (HOPEFULLY NEVER) since he uses the carpet for gripping to get up and down the stairs.

TL/DR: I figure about ~5k/year max. of home improvement/renovation is within my comfort zone while I still have a mortgage. Next year it will likely go to a new furnace.

Faraday

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Re: Mortgage Payoff Club!!
« Reply #633 on: December 06, 2015, 06:46:40 PM »
Mrs. Indentured and I have the goal of payoff in 5 years on a $249k mortgage without gutting our current stash.   

Just mailed the December payment and the resulting balance as of 12/31/2015 will be (drum roll please):  $109,429.99!    Gonna be a challenge in 2016 to continue killing it due big ticket expenses coming, but will "git'r done" somehow.

Congrats indentured4now! I'm in the same ballpark as you right now, hoping to cross the $100k threshhold in January or February!
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indentured4now

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Re: Mortgage Payoff Club!!
« Reply #634 on: December 08, 2015, 05:03:55 AM »
Awesome job Faraday...   Looking forward to joining you in the 5-digit club!

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Re: Mortgage Payoff Club!!
« Reply #635 on: December 09, 2015, 12:30:42 PM »
I now owe $13,800. It won't be paid off this year but it should be paid off early January.

Today its $7,665.45. 3 more pays (per fortnight) to go.

Now its at $4,595. 2 more pays to go.

Faraday

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Re: Mortgage Payoff Club!!
« Reply #636 on: December 10, 2015, 11:12:08 AM »
Awesome job Faraday...   Looking forward to joining you in the 5-digit club!

Thanks i4n! You just blew my mind...dropping an entire digit off the mortgage is an exciting way to see it. With good luck and continuity, I'll be there in February 2016. To owe less on my home than a mid to high-end luxury car would really be nice.

When I tell the DW about it, I refer to "making our house as cheap as a double-wide". (BTW: that's not a disparaging comment, I've grown up in-and-around manufactured housing. I would have done a modular instead if it had been possible.)
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Re: Mortgage Payoff Club!!
« Reply #637 on: December 10, 2015, 01:01:17 PM »
I just hit 5 digits today!  It's not showing up yet, but once today's payment clears my new balance will be $99,600 or so.  It's a pretty cool milestone.  I'll be waiting for you to join Faraday!

Although mine isn't as badass, to be honest, because I'm not aggressively paying down.  My mortgage was around $123k two years ago when I got it & I've been adding enough to pay down $1k principal each month.  So, this little milestone has been 2 years in the making.  Still fun though.

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Re: Mortgage Payoff Club!!
« Reply #638 on: December 10, 2015, 02:48:37 PM »
Under 100k was fun!  But under that- like 80-90k, suck.  So far from any milestone!

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Re: Mortgage Payoff Club!!
« Reply #639 on: December 11, 2015, 03:39:08 AM »
Pay week!  Down to 65.3k.

61k at time of this post.

Now at a little over 50k.  Wife is a teacher and gets a lump sum check at the end of the school year.  Put all of it into mortage.

Right now I'm ahead of schedule.  This is way easier than I thought it would be so far.

Wow, you're going quite fast, nearly 15k in a few monts 0_0;

Ours is doing well too, got a tax return and made some smaller payments so we're down to just under 33k. 4.5k to go this year which should be easy!

OK, big update since last post.
Mortgage is now down to 29k and change. I would've gone further but the car "needed" replacing. Reason being that DW is expecting and our 4 seater Hyundai i10 just didn't cut it. So we put down a lot for an i30 (2nd hand of course) (with assistance from SIL) so there won't be any payments until (I'm guessing) late next year - also because DW will temporarily stop working and thus part of our income will be gone.

Still, having a mortgage that is less than the health insurance cost is very satisfying!
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indentured4now

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Re: Mortgage Payoff Club!!
« Reply #640 on: December 11, 2015, 07:17:00 PM »
65K to 29K in 6 months is fantastic.  Enjoy every step from here!   The auto expense is just life reminding you that it wants it's fair share every month.   But you'll get the mortgage done!

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Re: Mortgage Payoff Club!!
« Reply #641 on: December 15, 2015, 06:00:48 AM »
4 digits.  Technically the remaining amortization is four months, but I'm aiming to be done in two.

I'm thinking of celebrating once we're done by donating the equivalent of a payment to the local food bank.  How are the rest of you planning to recognize the milestone?
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Re: Mortgage Payoff Club!!
« Reply #642 on: December 15, 2015, 06:16:13 AM »
^Plainjane -

Well shit, now you make our celebration seem really selfish.  Ha!

We plan on taking our kids to Walt Disney World.  They know now that it's the plan once we pay off our mortgage, and my daughter asks about it on occasion (do we own our house yet?).  I want it to be something pretty memorable as I want them to remember the day it happens for a long time, and for them to think that it's just something you do, or a good thing to want to do.

We are also painting our front door red, as it's supposed to be a tradition to do that when a house is free and clear.  Not sure that's true, but I've always wanted a red door.

YoungGranny

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Re: Mortgage Payoff Club!!
« Reply #643 on: December 15, 2015, 07:34:12 AM »
4 digits.  Technically the remaining amortization is four months, but I'm aiming to be done in two.

I'm thinking of celebrating once we're done by donating the equivalent of a payment to the local food bank.  How are the rest of you planning to recognize the milestone?

That is SO awesome! I'm going to steal this and do something similar in 4 years :) I love the idea of being able to free up some of my money to donate to local charities.
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Re: Mortgage Payoff Club!!
« Reply #644 on: December 15, 2015, 09:13:44 PM »
Nailed it! Sent a payment over on Sunday to stick the last knife in the Mortgage.

Balance as of Dec 31st, 2014 was $78,940.

Today, it was $18.55! The lender wouldn't let me send over a payment over the last statement amount through the online service, so I'll have to call tomorrow to kill it.

A high savings rate + pulling some money out of the brokerage account has given me huge piece of mind. The project I've been working on for the last 3 years is ending in Feb/Mar, but no worries about the house at least!

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Re: Mortgage Payoff Club!!
« Reply #645 on: December 16, 2015, 06:40:10 AM »
congrats,bzzzt!

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Re: Mortgage Payoff Club!!
« Reply #646 on: December 16, 2015, 01:14:30 PM »
Well other than a few dollars or cents of interest I will need to chase away tomorrow, I am done!!  The lump sum transferred in from savings on Monday and my paycheck provided the final death blow this morning. To summarize, I paid off 78k of principal in eight months. 52.6k off that was cash flowed and the rest came from savings.  Do not get me wrong, my wife and I make decent money but this still required some major dedication.  Discretionary spending was pretty much zero during this time.  I can probably count on a single hand the number of times we went out to eat, didn't do any vacationing, etc.

For the first time since being a "home owner" I am debt free!  Jan 2016 is the first month in over eight years that I don't owe anyone a house payment, car payment or student loan payment.  It is a damn good feeling and quite frankly will feel like I have a windfall coming in every month.  I never felt poor or anything and was still able to contribute quite a bit to retirement accounts but this is going to be like a whole new world for me.

Best of luck to all! It is easier that you think!

« Last Edit: December 16, 2015, 01:43:31 PM by Debts_of_Despair »

BBub

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Re: Mortgage Payoff Club!!
« Reply #647 on: December 16, 2015, 02:23:10 PM »
Wow.  Congratulations!

So... are you going to change your name?

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Re: Mortgage Payoff Club!!
« Reply #648 on: December 16, 2015, 03:03:41 PM »
Wow.  Congratulations!

So... are you going to change your name?

Personally, I like the DOD acronym. But yeah.
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BBub

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Re: Mortgage Payoff Club!!
« Reply #649 on: December 17, 2015, 10:06:51 AM »
Wow.  Congratulations!

So... are you going to change your name?

Personally, I like the DOD acronym. But yeah.

Yeah me too, but it doesn't seem applicable anymore. 

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