Author Topic: Mortgage Payoff Club!!  (Read 437384 times)

Kaydedid

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Re: Mortgage Payoff Club!!
« Reply #750 on: March 16, 2016, 08:44:20 AM »
As of today, owe ~$8.7k on the mortgage, and looking to have it paid off by the end of the year!
Original mortgage was ~$45k 3.5 years ago, but we dumped another $40k into repairs (foreclosure that needed a TON of work).

We have enough in savings to kill the mortgage today, but will wait a few months to see how a major pay cut/job change shakes out.  Can't wait to be rid of this-our only debt! 

McGeens

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Re: Mortgage Payoff Club!!
« Reply #751 on: March 18, 2016, 04:31:02 AM »
We've joined the club- paid off our mortgage in January. I've let the dust settle and rebuilt our Efund, but it feels wonderful. Started at $250k in 2007, but the first few years were slow going. Then we got focused and honed in on it in 2011, when we owed $165k. We're in Oz, so technically the account isn't closed but it is fully offset now. It feels wonderful to have it gone!!

Funnily enough, first thing the bank did was write to us offering a new mortgage and encouraging us to redraw for important life needs like renovations and cars (cars!! Seriously). I stuck that letter on the wall next to our payoff chart- ha!!

Good luck to all of you whittling down your balances. It'll all be worth it!

asauer

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Re: Mortgage Payoff Club!!
« Reply #752 on: March 18, 2016, 01:24:15 PM »
I have 12.5 months left on my mortgage. What do people around here do to celebrate, when it's all done? Would taking the kids to Disneyland be facepunch-worthy? they've missed out on fun stuff because of my financial priorities, so including them in the reward seems fair, and like an object lesson in priority-setting.

so: Disneyland in 2017?
No- I think it's just whatever your family would like, fits in your budget and fits with your values.  Travel is our "thing" and it's been on hold while we knock out the budget.  We'll be taking the family to Belize when we pay it off (hopefully 12/16).

ozbeach

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Re: Mortgage Payoff Club!!
« Reply #753 on: March 18, 2016, 06:19:25 PM »
We've joined the club- paid off our mortgage in January. I've let the dust settle and rebuilt our Efund, but it feels wonderful. Started at $250k in 2007, but the first few years were slow going. Then we got focused and honed in on it in 2011, when we owed $165k. We're in Oz, so technically the account isn't closed but it is fully offset now. It feels wonderful to have it gone!!

Funnily enough, first thing the bank did was write to us offering a new mortgage and encouraging us to redraw for important life needs like renovations and cars (cars!! Seriously). I stuck that letter on the wall next to our payoff chart- ha!!

Good luck to all of you whittling down your balances. It'll all be worth it!
My mortgage (in Australia too) is a line-of-credit not an offset, but essentially the same deal. It has been "paid off" for at least five years with a positive balance that I use as my main transaction account. Have never heard from the bank.
FIREd @ 52

redbirdfan

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Re: Mortgage Payoff Club!!
« Reply #754 on: March 19, 2016, 07:37:21 AM »
For those of you who knew you wanted to pay the mortgage off early at the time of purchase, did you go with a 15 year, 20 year, 30 year or ARM?  Did you value flexibility or paying less overall interest more?  If you could go back, would you make the same decision?   

mies

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Re: Mortgage Payoff Club!!
« Reply #755 on: March 19, 2016, 08:40:44 AM »
For those of you who knew you wanted to pay the mortgage off early at the time of purchase, did you go with a 15 year, 20 year, 30 year or ARM?  Did you value flexibility or paying less overall interest more?  If you could go back, would you make the same decision?

I knew I wanted to pay it off early, but I didn't have a job that would allow me to afford a 15 or 10 year mortgage at the time. We went with a 30 year loan at %6.24 in late 2007 and I paid extra principal when I could afford  it. We just refinanced to a 10 year %3.39 loan last year and have been making great progress with extra principal payments and the fact that the regular monthly payment now consists of more principal than interest.

With the benefit of hindsight, we should have stayed in our cheap 1 bedroom apartment for a couple of more years and saved like crazy. We could have bought a house outright or gotten a 10 year loan with a super low monthly payment. If we could have started with a 10 year loan back in 2007, I still would have tried to pay it off sooner.
Less is more.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #756 on: March 19, 2016, 10:52:07 AM »
For those of you who knew you wanted to pay the mortgage off early at the time of purchase, did you go with a 15 year, 20 year, 30 year or ARM?  Did you value flexibility or paying less overall interest more?  If you could go back, would you make the same decision?
Flexibility. My job is not super-secure, and I'm risk averse. I want the flexibility of having a smaller minimum req payment, but I'd like to do it in 15 years (or less).
Sometimes nothing can be a real cool hand

dabears847

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Re: Mortgage Payoff Club!!
« Reply #757 on: March 19, 2016, 03:09:17 PM »
It's official, the house is paid off!

Happy Dance!

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #758 on: March 20, 2016, 07:09:55 PM »
indentured4now,  Mortgage is the only debt we have.  We haven't paid down enough to recast yet.  Im not really worried about the monthly payment now just thinking more of long term paying it down.  My thoughts are to pay down enough so when we are ready to sell 8-10 years we would net enough to downsize and pay cash, possibly enough left over to invest at that point.  Im just debating if it would pay more in the future to invest the 20k now in longer time in more would make.  Seems like either way is going to save me money in long run.

@Ryan...  Classic decision to make between "invest or pay down mortgage"...   With 8-10 years on the house and your age and other info given, it seems best to invest the $20K in a classic age-adjusted mix of index funds.   In your 30's, you've got a nice, long horizon and can afford to wait out a market drop to grow that stash so your situation favors investing the $20K.   Then once it's grown a bit, look for the right chance later to reduce lending costs significantly down the road using the gains such as refi to a 15 year loan or a recast for increasing your free cashflow and savings rate.   Or you guys do the ideal thing  and downsize now to really kill the mortgage and LBYM (and avoid lifestyle creep).   Hard to do as a couple and the temptations of "keeping up" with the Jones's I know, but amazing peace of mind if you guys can pull it off.   If both of you read "The Millionaire Next Door" and agree to live that way with shared goals in mind, it certain can be done.  Good luck!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #759 on: March 20, 2016, 07:59:16 PM »
Hi All

I have been lurking around the MMM site for a while and been watching this forum with interest. I got past the $100 000 point and need some support to keep going and keep myself accountable.

 A little background I am a South African, lived in England for 10 years and have been in the USA for 8 years. My SO was in the USAF for 24 years. We bought our house in Las Vegas in 2012 for $158 800 at 3.75% and first payment was 03/2012. In SA things were different and I was used to living on nothing, moved to England things were easier, came to the US and things were easy. My husband spent money easily so I thought earned huge - only to discover the world of loans, credit cards and easy credit. Fortunately I hate shopping, material things - my only requirement from material things - they work. My SO on the other hand loves shiny things!  2013, my husband was retired, earnings shot up and we owed the IRS. I was told we had x days to pay - we didn't have it in the bank so I took over the accounts - showed my husband what we owed, gave him an allowance and worked at it. We now have no debt but this mortgage so I started concentrating on eliminating it.

Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $17262 so far

Remaining balance $87322. Projected pay off date 09/09/2017 - SO 51st birthday.

I max out my 401k and IRA Roth (terms I learned in the last 2 years.)

Thanks to everyone who allowed me to lurk and inspired me so far!


Rheagar

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Re: Mortgage Payoff Club!!
« Reply #760 on: March 21, 2016, 08:14:06 AM »
Paid off my mortgage on Friday!

Bought my house 3.5 years ago in Nov 2012 for ~129k. It was an FHA loan at 3.125%, IIRC the initial loan amount was ~121k. This was before I had discovered MMM so I wasn't quite as diligent about my finances as I am today. I have a relatively high income and when I initially got the loan I figured I could just pay down the loan pretty quick to get to 20% equity and get rid of PMI. But then I learned that I was required to pay PMI for a minimum of 5 years and that REALLY ticked me off. So I began looking into ways to get rid of PMI before that 5 years was up (beyond refinancing) the only thing I could think of was to pay off the entire mortgage. So I began to sock away money into a taxable account with the intent of paying off the house in under 5 years - because fuck the bank and fuck PMI.

Well this month after I got a bonus my taxable account had enough in it to pay off the entire loan balance. So I sold it all and paid off the house on Friday. It is awesome seeing 'Paid in full' on the account! I have taken a minute every morning since to appreciate the feeling, and it feels fantastic.

For those that are worried about the math behind paying off a 3.125% loan, trust me I struggled with it mightily. But after doing the math over and over again getting rid of PMI makes the math about a wash, and I'll take the guaranteed ROR and peace of mind any day. No regrets!

BBub

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Re: Mortgage Payoff Club!!
« Reply #761 on: March 21, 2016, 09:00:41 AM »
It's official, the house is paid off!

Happy Dance!

Congrats!

Hi All

I have been lurking around the MMM site for a while and been watching this forum with interest. I got past the $100 000 point and need some support to keep going and keep myself accountable.

Welcome to the forums.  I'm glad you decided to de-lurk & hope you'll keep contributing.  Congrats on getting your finances in order & best of luck with the payoff goal!

Paid off my mortgage on Friday!
Badass!

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #762 on: March 24, 2016, 07:54:25 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.

$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!

$32,026 -- a $3,872 reduction this month.  I always have to wait until the 5th or 6th of each month to process my extra payment.  I'm one of those weird ones that pay things as soon as I get the notice instead of holding on to the money for as long as possible.  If all goes well February and March have the potential to be good debt reduction months.  Tax refund in February hopefully and a 3 paycheck month in March.  We will be doing some vehicle upgrading with a new baby on the way but I will do everything I can to keep that cost to a minimum.


$31,609 --  a $417 reduction... I only made the normal payment this month and putting the agressive paydown on hold.  Some big possible life changes on the horizon and I want to have as much cash in the bank as possible just in case.  After the dust settles is when I'll finish it off.   

dogboyslim

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Re: Mortgage Payoff Club!!
« Reply #763 on: March 24, 2016, 08:28:50 AM »
Office discretionary bonus was better than expected so we decided to pay it off.  As of today, We have no debt other than the temporary credit card debt that gets paid off every month.  While it feels good, it also doesn't really feel different as we are about to sit down to our baked chicken for dinner.

It is Official.  We got the note in the mail yesterday and confirmed that the release has been filed with the county.  Still hasn't set in.  The $2k just went to a different account.  I suppose the difference is that the account balance now goes UP with each transfer instead of down!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #764 on: March 24, 2016, 09:10:45 AM »
Congrats - now for the happy dance.

Heckler

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Re: Mortgage Payoff Club!!
« Reply #765 on: March 25, 2016, 12:19:48 AM »

It is Official.  We got the note in the mail yesterday and confirmed that the release has been filed with the county.  Still hasn't set in.  The $2k just went to a different account.  I suppose the difference is that the account balance now goes UP with each transfer instead of down!

Us too!  the papers came yesterday.  Congrats!  It's awesome to see the mortgage payment going into savings instead of the floor drain!

dogboyslim

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Re: Mortgage Payoff Club!!
« Reply #766 on: March 25, 2016, 12:54:56 PM »
Congrats Heckler!

Faraday

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Re: Mortgage Payoff Club!!
« Reply #767 on: March 25, 2016, 07:03:23 PM »

It is Official.  We got the note in the mail yesterday and confirmed that the release has been filed with the county.  Still hasn't set in.  The $2k just went to a different account.  I suppose the difference is that the account balance now goes UP with each transfer instead of down!

Us too!  the papers came yesterday.  Congrats!  It's awesome to see the mortgage payment going into savings instead of the floor drain!

Congratulations DBS and Heckler! Fine Job, you've reached the end of a long, long road! Please - report back in the thread how it affects your spending, budget and lifestyle? The motivation is very helpful!
FIRE in 2020.

Heckler

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Re: Mortgage Payoff Club!!
« Reply #768 on: March 25, 2016, 07:20:39 PM »

Congratulations DBS and Heckler! Fine Job, you've reached the end of a long, long road! Please - report back in the thread how it affects your spending, budget and lifestyle? The motivation is very helpful!

Spending - $2k reduction because of the FIRE under our butt.  Last years (Nov 14-Nov 15) expenses (not including $40k mortgage) were $45k.  This past year (Mar 15-Mar 16) was $43k.  Now we save the $40k/year mortgage instead.

Budget - now putting $3,000+/month to TFSA instead of mortgage, open wife's TFSA because mine will be maxed in 3 months time, in addition to 30% pre-tax + employer match to RRSP.

Lifestyle - no change, other than I no longer worry about job security in a high tech industry. My next severance package is going towards travel!

Thank you MMM, or for sure I'd be driving a Porsche now like every one else at head office.  Still driving the 2006 Pontiac to work.

« Last Edit: March 25, 2016, 07:25:45 PM by Heckler »

dogboyslim

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Re: Mortgage Payoff Club!!
« Reply #769 on: March 28, 2016, 04:35:12 PM »
Congratulations DBS and Heckler! Fine Job, you've reached the end of a long, long road! Please - report back in the thread how it affects your spending, budget and lifestyle? The motivation is very helpful!

We are just now shopping for our $90k Escalade so we don't experience a drop in our credit score by not having any debt.... ;)

Heckler

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Re: Mortgage Payoff Club!!
« Reply #770 on: March 28, 2016, 06:01:53 PM »

We are just now shopping for our $90k Escalade so we don't experience a drop in our credit score by not having any debt.... ;)

We've been putting all spending on 2 credit cards for the last 5 years and pay in full every month.  Don't even know my credit rating, but they keep trying to raise my limit, so it must be OK.

MissNancyPryor

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Re: Mortgage Payoff Club!!
« Reply #771 on: March 28, 2016, 06:44:44 PM »
We paid off the house last October and we are certain that it was the right thing to do.  For years we did all the second guessing and wondering about "gee, it is only 3.5%, we can make more in the market" but at some point along the line it became the obvious choice.  We are in the final stages of the FIRE journey and could actually go right now except for the pure fear of being so weird and not really having the nerve to jump.  We are still building a bigger cash 'stache to bridge to our over-funded 401(K)s.  I want a really big cash pile and I am sure that it will probably be over-funded as well knowing our conservative styles.  We know we had to get out from under any debt to be totally ready.     

Wouldn't you know it, my company had massive lay offs in November and hubby's firm went through the same thing just after that.  Even though both of us are among the survivors and still have jobs there was such profound relief in knowing that we are untouchable now.  Go ahead, fire us, we know we can be FIRE at any minute.  To face that situation with a big pile of FU money and zero debt was really peaceful.  Peers were sick with fear and I felt terrible for them, but I don't think my proselytizing early retirement is welcome.   

Therefore, to the financial calculators out there please don't bother to say how we made a mistake because of some theory about making more in the market.  We considered everything and lived on both sides of the equation.  This side is more peaceful.  My house is paid off forever and that return is guaranteed, guaranteed, guaranteed.  Plus, the NW chart now has this crazy hockey stick look to it--golly, it it sure getting steep to the right without that mortgage drag, even with a flat market!   

I am rooting for all of you mortgage burners!  GO FOR IT!   

mies

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Re: Mortgage Payoff Club!!
« Reply #772 on: March 29, 2016, 03:34:08 AM »
We paid off the house last October and we are certain that it was the right thing to do.  For years we did all the second guessing and wondering about "gee, it is only 3.5%, we can make more in the market" but at some point along the line it became the obvious choice.  We are in the final stages of the FIRE journey and could actually go right now except for the pure fear of being so weird and not really having the nerve to jump.  We are still building a bigger cash 'stache to bridge to our over-funded 401(K)s.  I want a really big cash pile and I am sure that it will probably be over-funded as well knowing our conservative styles.  We know we had to get out from under any debt to be totally ready.     

Wouldn't you know it, my company had massive lay offs in November and hubby's firm went through the same thing just after that.  Even though both of us are among the survivors and still have jobs there was such profound relief in knowing that we are untouchable now.  Go ahead, fire us, we know we can be FIRE at any minute.  To face that situation with a big pile of FU money and zero debt was really peaceful.  Peers were sick with fear and I felt terrible for them, but I don't think my proselytizing early retirement is welcome.   

Therefore, to the financial calculators out there please don't bother to say how we made a mistake because of some theory about making more in the market.  We considered everything and lived on both sides of the equation.  This side is more peaceful.  My house is paid off forever and that return is guaranteed, guaranteed, guaranteed.  Plus, the NW chart now has this crazy hockey stick look to it--golly, it it sure getting steep to the right without that mortgage drag, even with a flat market!   

I am rooting for all of you mortgage burners!  GO FOR IT!   

Congratulations! What you mentioned about your job situation is the reason I want our mortgage gone. I know you can get money out of retirement accounts early for emergencies, but I'd rather just let it sit.

Great job!
Less is more.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #773 on: March 29, 2016, 06:39:43 AM »
Therefore, to the financial calculators out there please don't bother to say how we made a mistake because of some theory about making more in the market.  We considered everything and lived on both sides of the equation.  This side is more peaceful.  My house is paid off forever and that return is guaranteed, guaranteed, guaranteed.  Plus, the NW chart now has this crazy hockey stick look to it--golly, it it sure getting steep to the right without that mortgage drag, even with a flat market!   

I am rooting for all of you mortgage burners!  GO FOR IT!   
Great motivation!  Thank you for this!
Sometimes nothing can be a real cool hand

dogboyslim

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Re: Mortgage Payoff Club!!
« Reply #774 on: March 29, 2016, 11:27:46 AM »

We are just now shopping for our $90k Escalade so we don't experience a drop in our credit score by not having any debt.... ;)

We've been putting all spending on 2 credit cards for the last 5 years and pay in full every month.  Don't even know my credit rating, but they keep trying to raise my limit, so it must be OK.

Someone told me I'd be in trouble with my credit report and that I should go out and get a car loan to keep it solid, hence my jest.  Since I'm not looking for rentals my credit score really only impacts my insurance pricing now as we have no plans for future loans.  We also put most of our spending through a rewards CC that we pay off each month, but I suppose it is possible my score could drop a few points.  The reality is that our spending hasn't changed at all and we paid off the mortgage, and we have no plans to loosen up the purse strings.

YoungGranny

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Re: Mortgage Payoff Club!!
« Reply #775 on: April 01, 2016, 12:19:06 PM »
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.

As of 4/1 the balance is at $112,377, still a long way to go but I'm actually feeling close to that sweet 5-digit mortgage! My birthday is in August and I think that would be a great target. It does feel like it's going much faster now so hopefully I can keep up this momentum!
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TheInsuranceMan

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Re: Mortgage Payoff Club!!
« Reply #776 on: April 01, 2016, 12:20:23 PM »
We paid ours off yesterday!  But wait, that was due to us selling it, and getting a new house....and a new mortgage.  However, we did have 51k in equity in the property we sold!

Ceridwen

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Re: Mortgage Payoff Club!!
« Reply #777 on: April 01, 2016, 01:06:31 PM »
We paid off the house last October and we are certain that it was the right thing to do.  For years we did all the second guessing and wondering about "gee, it is only 3.5%, we can make more in the market" but at some point along the line it became the obvious choice.  We are in the final stages of the FIRE journey and could actually go right now except for the pure fear of being so weird and not really having the nerve to jump.  We are still building a bigger cash 'stache to bridge to our over-funded 401(K)s.  I want a really big cash pile and I am sure that it will probably be over-funded as well knowing our conservative styles.  We know we had to get out from under any debt to be totally ready.     

Wouldn't you know it, my company had massive lay offs in November and hubby's firm went through the same thing just after that.  Even though both of us are among the survivors and still have jobs there was such profound relief in knowing that we are untouchable now.  Go ahead, fire us, we know we can be FIRE at any minute.  To face that situation with a big pile of FU money and zero debt was really peaceful.  Peers were sick with fear and I felt terrible for them, but I don't think my proselytizing early retirement is welcome.   

Therefore, to the financial calculators out there please don't bother to say how we made a mistake because of some theory about making more in the market.  We considered everything and lived on both sides of the equation.  This side is more peaceful.  My house is paid off forever and that return is guaranteed, guaranteed, guaranteed.  Plus, the NW chart now has this crazy hockey stick look to it--golly, it it sure getting steep to the right without that mortgage drag, even with a flat market!   

I am rooting for all of you mortgage burners!  GO FOR IT!   

This sums up our feelings so well! We are 4 years away from paying it off (max - hopefully earlier), and I can't wait to get it done.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #778 on: April 01, 2016, 05:21:01 PM »
$27, 116 to go!!!!! So Exciting.

theblackdahlia

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Re: Mortgage Payoff Club!!
« Reply #779 on: April 04, 2016, 10:27:50 AM »
$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 :)

That is my plan too. Ah, part-time. 86k left...hopefully it will be paid off in 5 years.

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #780 on: April 04, 2016, 11:21:13 AM »

Principal paid off so far

2012 - $3415
2013 - $3994
2014 - $8483
2015 - $38412 (yup got rid of all the debt and $10 000 windfall not expected)
2016 - $22724 so far

3/1 Remaining balance $87322. Projected pay off date 09/09/2017 - SO 51st birthday.

4/1 Remaining balance $81837
« Last Edit: April 04, 2016, 11:22:54 AM by SAfAmBrit »

PFHC

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Re: Mortgage Payoff Club!!
« Reply #781 on: April 04, 2016, 03:22:55 PM »
Going to join the fun. :)

Balance is $126,942.

Been paying our full mortgage payment biweekly, (I.e. making 13 extra payments a year) until we decided to remodel our kitchen. We're currently rebuilding our savings, then plan to quadruple the mortgage. Hopefully we can start that in May.

I'll be posting our balance monthly.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #782 on: April 04, 2016, 06:50:16 PM »
Anyone have projects planned for when they pay off the house?

Kind of struggling with this, actually. Our house is great, but there are some updates we want. Some we'll do cheap, some we won't. On the one hand we won't have a mortgage, and we purposely waited until we were paid off to do some upgrades.

On the other hand, it seems weird not to take full advantage of no mortgage land by dumping money into index funds or real estate. Opportunity cost is the issue I'm struggling with, I guess.

I'm planning to reward myself with some updates once my mortgage is paid off. Not a major addition or anything, but there are a couple doors that could use replacing, maybe some shutters instead of blinds.

mies

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Re: Mortgage Payoff Club!!
« Reply #783 on: April 05, 2016, 03:49:16 AM »
I wouldn't feel bad about fixing up your house with your newly freed up mortgage payment money. We are going to fix up some stuff once we pay off the mortgage too. We are going to repair or replace our front porch. It's brick. I want to see if we can replace the sandstone treads and replace any cracked bricks. If we can't, we'll demolish it and replace it.

Our carpeting is getting worn too. The berber and has gotten snagged and there are some pet stains from the previous owner that can't be cleaned. We'll either replace it or refinish the hardwood beneath it. If the pet stains ruined the hardwood, we'll probably just do new carpeting.

The last big upgrade would be a new furnace and air conditioner. They are getting pretty old.

We'd like to do do the kitchen, bathroom, and build a new garage, but I'm not sure if we are going to stay in that house forever. I don't want to dump a ton of money on non essential fixes if we aren't going to be there for a long time.
« Last Edit: April 05, 2016, 03:55:57 AM by mies »
Less is more.

Heckler

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Re: Mortgage Payoff Club!!
« Reply #784 on: April 05, 2016, 08:21:09 AM »
Still holding off on the ugly iron railings, dishwasher and water heater replacements until my asset allocation is rebalanced at least.   I buy US and EAFE in my RSPs, and CND in my TFSA.  The CND allocation is $3000 low, so just a month or two left then we will get the water heater replaced.  I just upped my RSP contribution to 38% of gross pay, so will need the cash to keep up with my TFSA.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #785 on: April 05, 2016, 01:49:55 PM »
$17,319 as of today remaining on the FIRE house.  Still trying to convince DH we should just pay the sucker off with available cash....
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




asauer

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Re: Mortgage Payoff Club!!
« Reply #786 on: April 06, 2016, 08:36:36 AM »
Down to 77,996!  Actually, when I made the payment, it brought it down to 78,013 so I HAD to transfer a little extra so I could see that thousands number tick over.  I'm so easily amused.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #787 on: April 06, 2016, 11:49:29 AM »
$27, 116 to go!!!!! So Exciting.


Mortgage
Balance
$25,478.56

YEAHHHH i am going to put the 478.56 to round it up towards the end of the month if i can :)

Astreja

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Re: Mortgage Payoff Club!!
« Reply #788 on: April 06, 2016, 10:15:19 PM »
As of Monday evening, mortgage balance is below $2000.  Principal is coming down nearly $175 a week, so I've got about 11 payments left to go and a projected payout date in late June.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #789 on: April 07, 2016, 06:25:10 AM »
As of Monday evening, mortgage balance is below $2000.  Principal is coming down nearly $175 a week, so I've got about 11 payments left to go and a projected payout date in late June.
wowwwww so close :)

asauer

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Re: Mortgage Payoff Club!!
« Reply #790 on: April 07, 2016, 07:07:20 AM »
$27, 116 to go!!!!! So Exciting.


Mortgage
Balance
$25,478.56

YEAHHHH i am going to put the 478.56 to round it up towards the end of the month if i can :)

That's the best feeling isn't it?  When you can put enough pennies together to tip it over the edge?!  Love it!

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #791 on: April 07, 2016, 01:42:38 PM »
Wow, after reading these posts, I had to join. Current Balance is: $119,781 Hopefully I will be able to stay motivated and join the club.

mies

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Re: Mortgage Payoff Club!!
« Reply #792 on: April 07, 2016, 03:16:51 PM »
Wow, after reading these posts, I had to join. Current Balance is: $119,781 Hopefully I will be able to stay motivated and join the club.

You'll be surprised how quickly it goes down when you really set your mind to it. Welcome to the forum!
Less is more.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #793 on: April 07, 2016, 06:45:41 PM »
Anyone have projects planned for when they pay off the house?

Kind of struggling with this, actually. Our house is great, but there are some updates we want. Some we'll do cheap, some we won't. On the one hand we won't have a mortgage, and we purposely waited until we were paid off to do some upgrades.

On the other hand, it seems weird not to take full advantage of no mortgage land by dumping money into index funds or real estate. Opportunity cost is the issue I'm struggling with, I guess.

I'm planning to reward myself with some updates once my mortgage is paid off. Not a major addition or anything, but there are a couple doors that could use replacing, maybe some shutters instead of blinds.

Lol. Yeah your list sounds a bit more reasonable than mine.

Our deck needs to be replaced. Not actually safe. And for this I'm doing the cheap option and just doing the same footprint and doing the work myself. Awesome.

After that, however...

We have three bathrooms we want to do to varying degrees. The kitchen "needs" a facelift, too, which is my toughest one, as we won't again additional utility like we will with the bathrooms or deck.  Talked to my wife last night and I think the plan is to do the deck and 2 of the bathrooms (with one of those two hopefully being done by me) and waiting on bathroom 3 and kitchen until we have another year of solid investing.

It helps that my kitchen is brand new a few years back. I bought a foreclosure and it had only half a floor and roaches in there. I got to rebuild it with a counter/cabinet layout that suits me. IMO the old layout was pretty bad. The new layout is much better for food prep and cooking. The roof has been replaced since I owned it as well. I do sometimes dream about some nice bathroom upgrades though.

When moving, I highly recommend getting a trashed place for cheaper and fixing it up how you like it with the difference you would pay on somewhere move in ready if you can. With a move in ready place there will still be things you don't like and want to change eeven if they're new.

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #794 on: April 07, 2016, 06:58:28 PM »
Wow, after reading these posts, I had to join. Current Balance is: $119,781 Hopefully I will be able to stay motivated and join the club.

You'll be surprised how quickly it goes down when you really set your mind to it. Welcome to the forum!

Thank you, I hope so. Does anyone have a recommendation on the best way of paying down the mortgage? I struggle with deciding on whether to
- Apply money to the principal as I get it.
- Save for a few months, in case I need the money for something, then apply it to the principal.
- Invest in a brokerage account and then pay it off once I have enough invested.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #795 on: April 07, 2016, 07:53:46 PM »
these days i use mint.com to create a budget and have budgeted in 1 extra payment. a 2nd payment is what is left over from my budget etc and just before i get paid again. Makes me eager to not spend anything all month so the 2nd payment can be high :)
i always keep a certain amount in my savings too but that is built up already so i don't touch it.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #796 on: April 08, 2016, 04:53:07 AM »
Does anyone have a recommendation on the best way of paying down the mortgage? I struggle with deciding on whether to
- Apply money to the principal as I get it.
- Save for a few months, in case I need the money for something, then apply it to the principal.
- Invest in a brokerage account and then pay it off once I have enough invested.
I do a mix of these. Each month I double the full principal amount when I make my payment, because I'm comfortable with and never really miss that amount. On top of that, every payment that I received from a rental for three years went into a sinking fund at a brokerage and last august I cashed that out and made a large principal payment. Now I'm waiting for my first work bonus and I'm going to apply that to principal. Once I get the mortgage down enough (hopefully this summer), I will recast the mortgage so that I'm not tied in to those high payments anymore and if I lose my high-paying job, I can still afford my house on a regular salary. Even after the recast, I plan to continue to pay as much monthly as I have been, just no more giant lump sums.
Sometimes nothing can be a real cool hand

couponvan

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Re: Mortgage Payoff Club!!
« Reply #797 on: April 08, 2016, 12:19:59 PM »
Ok.  Down to 145k as we just signed on the new house.  We'll wait for it to go through today and then on Monday put additional $$ down.  If income and spending go as planned, with a little luck we'll be done in two years.

11 months and 23 days later - it's gone.

26, wife is 25. Think this will hit me tomorrow.

Won't really tell many people (besides thousands of people on the internet, I guess). My parents will know. Wife's brother/SIL will know. They're big mustachians thanks to me, and paid off their home last year and told us right away. Can't think of anyone else.

Cheers everyone.

CONGRATULATIONS!!! Amazing effort with $145K paid off in under a year.  You must have some great income levels and will power. 
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




dandypandys

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Re: Mortgage Payoff Club!!
« Reply #798 on: April 08, 2016, 02:01:30 PM »
$27, 116 to go!!!!! So Exciting.


Mortgage
Balance
$25,478.56

couldn't help myself- put 5k in from our savings so down to 20,478.56 now! Can't wait to be in the teens!

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #799 on: April 08, 2016, 02:43:21 PM »
Ok.  Down to 145k as we just signed on the new house.  We'll wait for it to go through today and then on Monday put additional $$ down.  If income and spending go as planned, with a little luck we'll be done in two years.

11 months and 23 days later - it's gone.

26, wife is 25. Think this will hit me tomorrow.

Won't really tell many people (besides thousands of people on the internet, I guess). My parents will know. Wife's brother/SIL will know. They're big mustachians thanks to me, and paid off their home last year and told us right away. Can't think of anyone else.

Cheers everyone.

Congratulations, thats awesome.