Author Topic: Mortgage Payoff Club!!  (Read 246583 times)

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #650 on: December 17, 2015, 04:42:56 PM »
Wow.  Congratulations!

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

Heh, it was really more tongue-in-cheek than anything.  I will however keep it as reminder to myself and others that debt really does suck.

Faraday

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Re: Mortgage Payoff Club!!
« Reply #651 on: December 17, 2015, 09:27:33 PM »
CONGRATULATIONS to DoD and cheddarpie! That's one hell of a fine Christmas gift to give yourselves! Hope to join you in a couple years!!!
FIRE in 2020.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #652 on: December 18, 2015, 09:46:23 PM »
I have some *shocking* news to report!!   Banks suck.

Here's why...   the aforementioned recast of mortgage back in early November was so easy when I talked to my banker and wrote the big check.    The constant reassurances from the Customer Service person AND branch manager were "this is great, you're good and will receive the new balance and payment Jan 1. 

This week I receive the statement that says I paid a chunk on the mortgage but no recast on the payment!   So followed up with Customer "no" Service person again at the branch and there's a form they forgot to have my wife and I sign.   

And another tidbit...   We planned to do a HELOC but the closing costs of $500 and an ANNUAL fee of $50 for the line of credit were fairly amazingly expensive considering the higher interest rate on the loan.  None of these costs were stated up front, other than just a nice "rates are low and zero closing costs" sales pitch was all the loan officer and Manager gave in 2 visits.

Yes banks must earn a living, but at 3 or 4% interest, they are covered considering prime rate and leverage they are able to exercise structurally (loaning the same $ 4 or more times and collecting fees on selling bundled debt of all types).

Bottom line, never trust a banker to reduce the amount of blood you give them each month.   And cross check and verify the "pitch" against documents and T's & C's on the loan app and loan documents.   Financial vampires they are!!!

Neustache

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Re: Mortgage Payoff Club!!
« Reply #653 on: December 19, 2015, 11:13:58 AM »
^I'm sorry you had that experience.  I'll let you know when I do my recast if credit unions suck as well. 

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #654 on: December 20, 2015, 06:52:58 PM »
Neustache,   Usually, the credit unions are better at following through as they're smaller and more coordinated.   I re-read my post after cooling off a couple of days and realized it was harsher that it should be and might discourage others.   The challenge with the large bank that has my mortgage is there are 3 different cities involved in finishing the transaction.   One at the branch, another at the mortgage "unit" of the bank, and a 3rd that actually handles the deeds.   Apparently 2 of 3 did their job first time.   I've been assured it's fixed with the 1 additional document.   Persistence pays off.  Good luck!!

steveo

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Re: Mortgage Payoff Club!!
« Reply #655 on: December 23, 2015, 01:43:52 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.

Now its $1,525. 1 more pay to go.

mies

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Re: Mortgage Payoff Club!!
« Reply #656 on: December 23, 2015, 05:11:28 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.

Now its $1,525. 1 more pay to go.

Nice work Steveo! I can't wait till that day arrives.
Less is more.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #657 on: December 26, 2015, 07:12:37 AM »
Go steveo, put a fork in it!!  Have you planned how you'll use the cash flow afterwards?    Drunken sailor binges every month?  Or max the retirement accounts?   Or somewhere in between?

steveo

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Re: Mortgage Payoff Club!!
« Reply #658 on: December 26, 2015, 02:02:39 PM »
Go steveo, put a fork in it!!  Have you planned how you'll use the cash flow afterwards?    Drunken sailor binges every month?  Or max the retirement accounts?   Or somewhere in between?

Investing in index funds and looking forward to FIRE. No increased spending but we will celebrate with oysters and champagne. I don't really drink champagne but we have a free bottle that I got from work. We will buy oysters.

We already have our funds listed that we will invest in each month.

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #659 on: December 27, 2015, 12:42:00 PM »
End of 2015 update:

Starting mortgage = $435,000, 5 year term @ 3.26% (starting Sept. 30, 2013)
Goal = Full Mortgage Payoff by end of 5 year term (Sept. 30, 2018)

Progress:
- Mortgage amount as of December 25, 2014:  $380,819
- Mortgage amount as of April 2, 2015: $359,144
- Mortgage amount as of July 9, 2015: $324,055
- Mortgage amount as of December 31, 2015:  $285,708

We are making some serious progress all while continuing to invest for retirement.  We are also considering a change in 2016 but it will depend on the housing market.  We are looking at downsizing yet again, but this time to a condo in order to pay off the mortgage quicker.  Very dependant on how much we can get for our house though - exciting times ahead!

mies

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Re: Mortgage Payoff Club!!
« Reply #660 on: December 28, 2015, 07:11:14 AM »
I didn't think we would be able to do it, but we paid off $41,000 in mortgage principal this year :) We went from a little over $110,000 to about 69,000. If we can keep this kind of progress going, we might be able to cut a year off our pay off date goal. My original goal was June 2018, but I might be able to get it done by June of 2017. Once we get the house paid off, I'll be able to increase my 401k contributions significantly and we can start to fix up some of the things around the house we have been postponing.
Less is more.

Bee21

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Re: Mortgage Payoff Club!!
« Reply #661 on: December 28, 2015, 03:02:15 PM »
Ok, we are done!

Scubanewbie

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Re: Mortgage Payoff Club!!
« Reply #662 on: December 28, 2015, 04:10:53 PM »
$205K purchase price 9 years ago, refinanced twice to decrease interest rate/time-frame and wanting to pay it off so badly.  I know the math arguments against but I also think you work harder on the thing that bugs you most.  So, mortgage it is.  How soon can I do it?  Not sure.  Not sure DH or I are nearly as hardcore as most here but I'd love to continue to follow this thread to keep motivation high. 

Currently have $90K left (round numbers) and standard payments would have 9 more years.  Slightly increased payments (to keep payments to historical level) would bring that to eight and throwing the proverbial "extra paycheck" months would get close to 7 years.  Throwing one time work stock option bonus at it brings it to just over 6.  Without significant sacrifice I can't get it lower than that but hoping to get motivation to make those changes by hanging out here :)  If I can get it to 6 I'd have done a traditional 15 year mortgage payoff timeframe and if I can get it done in 5 I'll have it done before I turn 41. 

steveo

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Re: Mortgage Payoff Club!!
« Reply #663 on: December 29, 2015, 12:09:49 AM »
Ok, we are done!

Its completely gone ? If so - well done.

plainjane

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Re: Mortgage Payoff Club!!
« Reply #664 on: January 01, 2016, 06:35:55 AM »
End of the year update - turns out I put more into the mortgage as "lump sum" prepayments this year than I did on the regular payments.  This was pure laziness, it was just easier to snowball the mortgage with extra cash than it was to open up a taxable investment account, and I hadn't really registered just how much that was adding up to be.  oops

Regardless, we're now under 6k, and I'm going to run us at a cash flow deficit for the next 3 pays and give myself a bit of a b-day present.  _Then_ we'll open up that taxable account.  We aren't taking the optimal route from a mathematical perspective, but that doesn't mean this path won't get us there too.
Using procrastination to my advantage since 2001.

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #665 on: January 05, 2016, 12:54:59 PM »
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.

$35,898 -- $3,024 reduction this month.  Received a small bonus from work to more or less cancel out Christmas spending.  Also had to replace the wife's windshield.  Would love to be down to under $33K after January is up.  Have quite a few things on the horizon.  We are expecting our first child in late May.  With that we are planning on upgrading the vehicle fleet some.  While going from 3 vehicles to 2.  Just looking for more room and reliability.  Need to have the ability of hauling a child, 2 dogs, and luggage for trips to see our parents.  We have been on the mustachian side of things when it comes to vehicles.  Our 3 vehicles combined might be worth about 9 or 10K.  My goal is to have a paid for house as well as having atleast 1 newer vehicle also paid for by the time the baby arrives.  We are now at the position of having more cash than mortgage balance.  Really looking forward to knocking it out asap!  Another thing about having it paid off by the end of May is I'll finally be eligible to contribute to my 401K starting in July.  Would be wonderful to max out a 401K in just the remaining half of the year!
« Last Edit: January 05, 2016, 12:57:38 PM by rjbf65 »

asauer

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Re: Mortgage Payoff Club!!
« Reply #666 on: January 06, 2016, 06:17:17 AM »
Able to throw another chunk at the mortgage in December.  Down to 88,888.  I planned it to be all 8s b/c I'm a nerd and am easily entertained.  We started at 230k in Sept 2013- hoping to payoff at the end of this year!

steveo

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Re: Mortgage Payoff Club!!
« Reply #667 on: January 06, 2016, 01:44:48 PM »
My mortgage is now done. All I have to do is close the account down. I have $10 credit. Freaken great.

Josiecat

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Re: Mortgage Payoff Club!!
« Reply #668 on: January 06, 2016, 03:02:14 PM »
Steveo - So very happy for you!

Clean Shaven

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Re: Mortgage Payoff Club!!
« Reply #669 on: January 06, 2016, 03:06:39 PM »
I'm waiting for January's monthly payment to process (tomorrow), then will request the loan payoff demand, and write one final check!

This will be the first time I am 100% debt-free since early college days, or maybe high school. 

steveo

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Re: Mortgage Payoff Club!!
« Reply #670 on: January 06, 2016, 06:56:55 PM »
Steveo - So very happy for you!

Thank You. Its a pretty big thing for us. I feel we now have a lot more money to throw into growing our wealth and FIRE assets plus we don't have any debt now which means we should basically have a roof over our heads for life.

nnls

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Re: Mortgage Payoff Club!!
« Reply #671 on: January 06, 2016, 06:58:06 PM »
I'm waiting for January's monthly payment to process (tomorrow), then will request the loan payoff demand, and write one final check!

This will be the first time I am 100% debt-free since early college days, or maybe high school.

Congratulations!

Clean Shaven

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Re: Mortgage Payoff Club!!
« Reply #672 on: January 07, 2016, 07:22:31 AM »
Thanks! I posted about it because I feel like telling someone, and anonymous Internet forum members seems to be about the only people my wife and I can tell.

Seems like it shouldn't be this way, but telling coworkers "I'm happy, we paid off this huge debt in a few short years by carefully saving and not wasting money" wouldn't go over well. OTOH, "hey check out my new $50k car, payments are only $600/mo for the next 5 years" would go over just fine. Spendy pants logic, I guess.

asauer

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Re: Mortgage Payoff Club!!
« Reply #673 on: January 07, 2016, 07:36:33 AM »
My mortgage is now done. All I have to do is close the account down. I have $10 credit. Freaken great.
Wonderful news!!! Congratulations!

freeatlast

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Re: Mortgage Payoff Club!!
« Reply #674 on: January 07, 2016, 10:34:38 AM »
I need an incentive to stay in a job that is wearing on me, so I have chosen to pay down the mortgage even though I have a favorable rate of 3.625% on a 30 year.  I know the debate on this.... but I need a goal and there are worse things I could do with the money :)

I live in a high cost of living area so my house even in the "bad" part of town had a starting mortgage of 262k. I got that down to $200k as of Jan. 1 (3 1/2 years). Now I am getting serious. So I made a chart that takes me from $200,000 to $100,000 in 2016 and I mark on it every time I make a payment. Down to $197k! This chart is in my home office and it is a reminder of why I am doing what I am doing! This is a lofty goal and I am not sure I can make it.  I may sell some useless stuff I don't use to try to get there....

Love this thread - good luck to everyone and happy 2016!

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #675 on: January 07, 2016, 11:41:27 AM »
Thanks! I posted about it because I feel like telling someone, and anonymous Internet forum members seems to be about the only people my wife and I can tell.

Seems like it shouldn't be this way, but telling coworkers "I'm happy, we paid off this huge debt in a few short years by carefully saving and not wasting money" wouldn't go over well. OTOH, "hey check out my new $50k car, payments are only $600/mo for the next 5 years" would go over just fine. Spendy pants logic, I guess.

You really are best keeping it to yourself.  It only serves to make most people feel bad/dumb.  There are only a very few like minded people who I told.

Scubanewbie

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Re: Mortgage Payoff Club!!
« Reply #676 on: January 07, 2016, 03:14:58 PM »
I need an incentive to stay in a job that is wearing on me, so I have chosen to pay down the mortgage even though I have a favorable rate of 3.625% on a 30 year.  I know the debate on this.... but I need a goal and there are worse things I could do with the money :)

I live in a high cost of living area so my house even in the "bad" part of town had a starting mortgage of 262k. I got that down to $200k as of Jan. 1 (3 1/2 years). Now I am getting serious. So I made a chart that takes me from $200,000 to $100,000 in 2016 and I mark on it every time I make a payment. Down to $197k! This chart is in my home office and it is a reminder of why I am doing what I am doing! This is a lofty goal and I am not sure I can make it.  I may sell some useless stuff I don't use to try to get there....

Love this thread - good luck to everyone and happy 2016!

Great goal!  I agree that the things that motivate us are the best to work on.  $100K in one year, wow, you're my hero! :)  Not to be a downer but I'm assuming you're planning to do *some* retirement investing simultaneously?  Enough to get to match?  Enough to max out tax advantaged accounts?  With that kind of income the risk of waiting too long can be pretty serious.

We're taking a longer term goal, I'd love to be done in 5 years.  But I'm in awe of those with super-short timeframes, it's so exciting and I'd be happy to cheer you on!

steveo

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Re: Mortgage Payoff Club!!
« Reply #677 on: January 07, 2016, 11:13:07 PM »
My payout went smoothly but it was interesting. Firstly the money was rejected because it was pushing my account into credit. I rang up and they said write a letter to close the account because there is a massive amount in redraw. I transferred the money back into the home loan and paid it to 0 to avoid any interest. I checked it today and that payment had been rejected. I called up today and said I wanted to close it and they just closed it.

It was sweet.

Bee21

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Re: Mortgage Payoff Club!!
« Reply #678 on: January 08, 2016, 03:54:57 AM »
Congrats.

Just wondering, what is happening with the property deeds in your side of the woods? How do you remove the bank from it? It is complicated/expensive over there?

We paid off the damn thing but the final paperwork is not organized because the lovely husband does not feel like dealing with lawyers and paperwork right now. I know, no comments on this one.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #679 on: January 08, 2016, 05:40:06 AM »
@Bee21
I used to work at a title company, and the Deed of Release would be recorded at the courthouse when a mortgage was satisfied.  Sometimes the owner of the property would receive it and need to file it (for a small fee) but sometimes the bank would send it directly to the courthouse to be filed and the owner would received it afterwards with the recording information stamped on it.

At least in our world, (mid-US) attorneys don't factor into it at all. 

Bee21

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Re: Mortgage Payoff Club!!
« Reply #680 on: January 08, 2016, 01:14:16 PM »
Thanks for that. We are in Australia, and the husband allegedly did his research on this. I am just kicking myself for not going with him to the bank when he closed the account as we could have organized it there and then. I will pop in the bank in my lunchtime next week and collect the necessary paperwork, lawyer up if necessary and drag him along. The little darling needs a bit of a push on financial matters unfortunately. He always admits that I was right afterwards :) like this house payoff thing. 3 years ago he said I was delusional.

steveo

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Re: Mortgage Payoff Club!!
« Reply #681 on: January 08, 2016, 02:14:14 PM »
Thanks for that. We are in Australia, and the husband allegedly did his research on this. I am just kicking myself for not going with him to the bank when he closed the account as we could have organized it there and then. I will pop in the bank in my lunchtime next week and collect the necessary paperwork, lawyer up if necessary and drag him along. The little darling needs a bit of a push on financial matters unfortunately. He always admits that I was right afterwards :) like this house payoff thing. 3 years ago he said I was delusional.

Bee - I am Australian. I didn't discharge the mortgage as we have a line of credit with 50k. We don't owe anything on that and intend to use it as an emergency fund if it is required.

It should be really easy though to discharge the mortgage. The bank I am with thought that was what we wanted and sent us a form. I expect that is all you have to do. There will probably be a small fee.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #682 on: January 10, 2016, 08:59:49 AM »
Bee21, Of course, you'll make the trip to the bank "his" idea and praise him like your first born taking his first steps right?  :)

ozbeach

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Re: Mortgage Payoff Club!!
« Reply #683 on: January 12, 2016, 03:19:46 PM »
Thanks for that. We are in Australia, and the husband allegedly did his research on this. I am just kicking myself for not going with him to the bank when he closed the account as we could have organized it there and then. I will pop in the bank in my lunchtime next week and collect the necessary paperwork, lawyer up if necessary and drag him along. The little darling needs a bit of a push on financial matters unfortunately. He always admits that I was right afterwards :) like this house payoff thing. 3 years ago he said I was delusional.

Bee - I am Australian. I didn't discharge the mortgage as we have a line of credit with 50k. We don't owe anything on that and intend to use it as an emergency fund if it is required.

It should be really easy though to discharge the mortgage. The bank I am with thought that was what we wanted and sent us a form. I expect that is all you have to do. There will probably be a small fee.

Another Australian here that hasn't discharged my mortgage. I run a zero balance, and have an 80% of equity line of credit on the mortgage (I guess I might need to buy a Ferrari in an emergency one day?) There are no fees on this account other than the interest on any outstanding balance.

I understand, though haven't done a huge amount of research into it, that there are some bank fees involved in discharging, and that you then receive the title deeds. At which point you then have to store them somewhere safe, potentially incurring fees if you put them in a bank safe deposit box.
Late to FI; but better late than never!

freeatlast

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Re: Mortgage Payoff Club!!
« Reply #684 on: January 13, 2016, 12:56:50 AM »
I need an incentive to stay in a job that is wearing on me, so I have chosen to pay down the mortgage even though I have a favorable rate of 3.625% on a 30 year.  I know the debate on this.... but I need a goal and there are worse things I could do with the money :)

I live in a high cost of living area so my house even in the "bad" part of town had a starting mortgage of 262k. I got that down to $200k as of Jan. 1 (3 1/2 years). Now I am getting serious. So I made a chart that takes me from $200,000 to $100,000 in 2016 and I mark on it every time I make a payment. Down to $197k! This chart is in my home office and it is a reminder of why I am doing what I am doing! This is a lofty goal and I am not sure I can make it.  I may sell some useless stuff I don't use to try to get there....

Love this thread - good luck to everyone and happy 2016!

Great goal!  I agree that the things that motivate us are the best to work on.  $100K in one year, wow, you're my hero! :)  Not to be a downer but I'm assuming you're planning to do *some* retirement investing simultaneously?  Enough to get to match?  Enough to max out tax advantaged accounts?  With that kind of income the risk of waiting too long can be pretty serious.

We're taking a longer term goal, I'd love to be done in 5 years.  But I'm in awe of those with super-short timeframes, it's so exciting and I'd be happy to cheer you on!


Thanks Scub! I read your post and you are kicking it too! I'll be down to $194k by end of January. My goal may be aggressive but I am going to see how well I can do. I am older than you (47) and I feel like I am buying freedom on behalf of my older self. I don't want to be paying the mortgage when I am 70 - which would have happened if I did not repay early. I am investing enough in the 401(k) to cover the match, but I never seem to do well in the market...

Bee21

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Re: Mortgage Payoff Club!!
« Reply #685 on: January 13, 2016, 02:27:10 AM »
Thanks for the replies guys. Anyone has any idea how much does storing the deeds cost? Lawyers/banks/safe?

I am really keen having it discharged, as he is now researching yachts :D

I definitely don't want a line of credit.

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #686 on: January 13, 2016, 12:16:45 PM »
You should be able to rent a safety deposit box at a bank for $50 a year.

dogboyslim

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Re: Mortgage Payoff Club!!
« Reply #687 on: January 13, 2016, 12:39:52 PM »
Happy to find this thread.  I know that strictly from a return perspective I'm better off investing than paying off the mortgage, but the reduction in required cash flow is very appealing to me, and knowing I have no debt at all other than revolving accounts that are paid off each month is an emotional gain for both my wife and I.  We moved a few years ago, so our original mortgage was 280k.  We put down the min on our house until we sold our prior home.  Once that house sold, we kept the money under the invest it philosophy, but both my wife and I were thinking we should just pay it down.  Last December we refinanced to a 10 year fixed HELOC at $99k using the proceeds from the prior home sale.  In 2015 we decided that the two of us didn't need 3 cars, so we sold our newest car and put another 25k into the mortgage.  Right now we sit at $34k $32k.  I ended up overwitholding my taxes last year after messing up the prior year due to the move, so we expect to have about $10k in state/federal refund, and we are paying down about $2k per month.  My office did well last year so I'm hoping for a bit of a discretionary bonus (they have done it in other years).  If that happens, we could be mortgage free by May.  Otherwise, December 2016 will be our last payment.

Edit: down to $32k after January pmt
« Last Edit: January 20, 2016, 09:21:22 AM by dogboyslim »

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #688 on: January 13, 2016, 06:12:28 PM »
@dogboyslim,   Great progress and very creative!   The margin of safety every month of your life from having a paid off home and the sense of "completion" brings a sense of confidence every day that's hard to describe... 

We're actually rolling coins, selling junk we never use otherwise and putting every bit of spare cash towards ours (after putting money towards some maintenance and education expenses we'd otherwise have to borrow to cover).    So will scratch together almost another 1% extra principal payment this month on our $109K balance this month despite my plan to hold off on mortgage pay downs for a bit. 

So beware, once you start, it will consume your destiny until it's complete (especially the closer you get)...  and that's a good thing!

steveo

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Re: Mortgage Payoff Club!!
« Reply #689 on: January 13, 2016, 07:03:08 PM »
Thanks for the replies guys. Anyone has any idea how much does storing the deeds cost? Lawyers/banks/safe?

I am really keen having it discharged, as he is now researching yachts :D

I definitely don't want a line of credit.

Why not just store it at home. Its just some papers.

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #690 on: January 16, 2016, 10:02:46 AM »
It's officially official now for me.  The discharge showed up on the county clerk's website and the bank was removed as a lien holder on my insurance.  About a month long process from the time the final payment was made.

RNwastash

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Re: Mortgage Payoff Club!!
« Reply #691 on: January 16, 2016, 02:46:54 PM »
$119,872 to date.  I so want to pay off my mortgage so I can go down to part time status.  Great job everyone and a wonderful, closer to debt-free year to all of you :)

serious_pete

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Re: Mortgage Payoff Club!!
« Reply #692 on: January 19, 2016, 09:52:43 AM »
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!

As of right now mortgage is at 105, 082.
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/

BBub

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Re: Mortgage Payoff Club!!
« Reply #693 on: January 19, 2016, 11:15:11 AM »
It's officially official now for me.  The discharge showed up on the county clerk's website and the bank was removed as a lien holder on my insurance.  About a month long process from the time the final payment was made.

That's awesome DoD.  How does it feel - Relief, excitement, happiness, calmness?  Does the feeling of being debt free live up to your expectations, or did it just kind of feel like another milestone?

mustangchik83

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Re: Mortgage Payoff Club!!
« Reply #694 on: January 19, 2016, 11:45:11 AM »
I've been following MMM for a few years now, but haven't been active in the forum.  However, last week my husband and I finally sold off a previous house that had become a no-better-than-break-even rental during a bad housing market.  The proceeds from that sale, plus a little extra bonus money will pay off our current home later this week. We are giddy with excitement at the prospect of being debt-free at 32, but unfortunately, most of our family and friends are busy living typical American lives and wouldn't be thrilled to hear our news.  So, I came here to celebrate quietly with like-minded people.  :)

To all those still striving to get to zero - keep up the good work!

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #695 on: January 19, 2016, 02:55:38 PM »
It's officially official now for me.  The discharge showed up on the county clerk's website and the bank was removed as a lien holder on my insurance.  About a month long process from the time the final payment was made.

That's awesome DoD.  How does it feel - Relief, excitement, happiness, calmness?  Does the feeling of being debt free live up to your expectations, or did it just kind of feel like another milestone?

To be completely honest, pretty lackluster.  All the money that would've previously went to the mortgage will go a 457b so it's not like there is any kind of windfall. I guess the only immediate benefit is knowing that if some kind of catastrophe strikes, the house is mine no matter what.  That does bring some peace on a daily basis.

steveo

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Re: Mortgage Payoff Club!!
« Reply #696 on: January 19, 2016, 11:50:24 PM »
It's officially official now for me.  The discharge showed up on the county clerk's website and the bank was removed as a lien holder on my insurance.  About a month long process from the time the final payment was made.

That's awesome DoD.  How does it feel - Relief, excitement, happiness, calmness?  Does the feeling of being debt free live up to your expectations, or did it just kind of feel like another milestone?

I feel the same way. Now I'm starting to save more to reach FI.

To be completely honest, pretty lackluster.  All the money that would've previously went to the mortgage will go a 457b so it's not like there is any kind of windfall. I guess the only immediate benefit is knowing that if some kind of catastrophe strikes, the house is mine no matter what.  That does bring some peace on a daily basis.

bzzzt

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Re: Mortgage Payoff Club!!
« Reply #697 on: January 20, 2016, 08:38:00 PM »
I guess the only immediate benefit is knowing that if some kind of catastrophe strikes, the house is mine no matter what.  That does bring some peace on a daily basis.

Agreed. It also gives me the ability to look at the market on down days and not feel total despair.

Indexes down 2% today? IDGAF. Burn baby burn! Daddy wants to buy low! ;)

Debts_of_Despair

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Re: Mortgage Payoff Club!!
« Reply #698 on: January 21, 2016, 08:06:08 AM »
Quote from: bzzzt [/quote

Agreed. It also gives me the ability to look at the market on down days and not feel total despair.

Indexes down 2% today? IDGAF. Burn baby burn! Daddy wants to buy low! ;)
Oh yeah!  I'm not one to time the markets but it feels pretty damn good to have poured all my money into the house when markets were peaking and now shift my focus to investing while prices are going   down.

YoungGranny

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Re: Mortgage Payoff Club!!
« Reply #699 on: January 22, 2016, 08:11:40 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



Haven't updated in a bit... balance is sitting at $120,485 - I'm taking a blended approach to paying off the mortgage while still investing. Feels good to have one number moving in the right direction since my investments are not doing so hot this month. Extra large payment on the mortgage this month since it was bonus time.....if only I could do that every month haha.