Author Topic: Mortgage Payoff Club!!  (Read 271007 times)

Comar

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Re: Mortgage Payoff Club!!
« Reply #850 on: May 02, 2016, 10:34:20 AM »
I'm joining in.

I have a house in Iceland. Bought it for 123k dollars (16.5 million icelandic crowns) in 2012. Started making extra payments early last year and am now down to 88.4k dollars. Currently I throw about 560 dollars at it each month. I have also thrown some extra cash at the mortage, such as tax repayments and such.

From the start I have used the strategy of adding to the payments each month. Each downpayment reduces the monthly mortage payment so for the next downpayment I have added the extra dollars the mortage payment has been reduced. Call it a snowball strategy?

My goal is to KO the mortage in 5 years. I'm turning 30 this month and want it finished before I turn 35.
87.5 k left. Paid 562 extra this month.
82.8k left.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #851 on: May 03, 2016, 08:05:08 AM »
Just a fun realization that the mortgage would have been due today had we not paid it off last month.

Us too, except we have a bunch of deferred maintenance items we are now tackling. But at least they will be at a minimum 4.6% discount because we waited to do them! :-) We're using the $1,500/month for those items and should be done in about 1 year.  Hopefully after that there will be very little big maintenance for 7-10 years.
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Heckler

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Re: Mortgage Payoff Club!!
« Reply #852 on: May 04, 2016, 08:52:11 PM »
Keep up the great work everyone!  You'll realize it's worth it when you can max your TFSA in three months!  (as in, take it from $35k to $50k in $5k increments!)


mies

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Re: Mortgage Payoff Club!!
« Reply #853 on: May 05, 2016, 01:51:54 PM »
I'm proud to announce I am a member of the exclusive Mortgage Payoff Club :) We just paid the last of it off today. My initial plan was to get it paid off near the end of 2018. I got my wife on board and we pretty much obliterated it over the last 5 months using bonus money, money from a closed CD that was paying nothing, and whatever else we cold afford to throw at it every month. We finally got the balance down low enough that we felt it made sense to raid our savings and just finish it off for good. I estimate we have saved $100,000 in interest. Not a trivial sum of money.

So what are we going to do with our freed up cash flow? We're still going to throw money in a savings account to cover taxes, insurance, and house repairs. We are bumping up our retirement account contributions. I've already doubled my 401k contribution from 10% to 20%. My wife is stuck with a Simple IRA, but she is going to try to max that out for the year but we need to calculate the new percentage first. I will be working on rebuilding my emergency fund also. We will also be fixing up  and replacing some things around the house we have been neglecting.

I don't anticipate any lifestyle inflation, but we are going to do some things we have been holding off on. I'm going to replace my office chair and my wife is getting herself a new bicycle. We're also going to take a nice vacation next year to celebrate our 10 year anniversary. Other than that, I still intend to clip coupons, look for the best value, and be happy with less.

For everyone else out there still working on your mortgage, keep up the great work. It will be worth it when you can finally start funneling those mortgage funds into saving and investing for the future.
Less is more.

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #854 on: May 05, 2016, 02:18:06 PM »

For everyone else out there still working on your mortgage, keep up the great work. It will be worth it when you can finally start funneling those mortgage funds into saving and investing for the future.

Congrats! & thanks for the encouragement!

Still plugging away here in one of Canada's most HCOL cities, hoping to be mortgage-free in 2018. About to hit the 5-figure club, so that will be an exciting milestone!

Keep up the great work everyone!  You'll realize it's worth it when you can max your TFSA in three months!  (as in, take it from $35k to $50k in $5k increments!)

Really looking forward to that day! :)

mies

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Re: Mortgage Payoff Club!!
« Reply #855 on: May 05, 2016, 03:23:31 PM »

For everyone else out there still working on your mortgage, keep up the great work. It will be worth it when you can finally start funneling those mortgage funds into saving and investing for the future.

Congrats! & thanks for the encouragement!

Still plugging away here in one of Canada's most HCOL cities, hoping to be mortgage-free in 2018. About to hit the 5-figure club, so that will be an exciting milestone!

Keep up the great work everyone!  You'll realize it's worth it when you can max your TFSA in three months!  (as in, take it from $35k to $50k in $5k increments!)

Really looking forward to that day! :)

You're welcome! Getting under $100,000 was what finally made it seem possible to get rid of our mortgage. My only regret was not working harder on paying it off sooner. We could have probably saved another $10,000 in interest easily especially when we still had our 30yr 6.24% monster. Hindsight is always 20/20 :)
Less is more.

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #856 on: May 06, 2016, 07:05:28 AM »
Monthly Check-in:
Aug 1, 2015: $101,100
April 1, 2016: $64,669
May 1, 2015: $59,586

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #857 on: May 11, 2016, 08:02:12 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!

wooohooo just got paid, and a few extras- so just dumped a bunch in!
Now at $17678.00 Mortgage payment comes off in a few days too- should take us to 16k something yayayay
Down to 14k as of today

couponvan

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Re: Mortgage Payoff Club!!
« Reply #858 on: May 11, 2016, 09:28:06 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!

wooohooo just got paid, and a few extras- so just dumped a bunch in!
Now at $17678.00 Mortgage payment comes off in a few days too- should take us to 16k something yayayay
Down to 14k as of today

So close!! Awesome work.
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asauer

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Re: Mortgage Payoff Club!!
« Reply #859 on: May 13, 2016, 07:38:36 AM »
Yay! 69,999!  I'm excited but have a question for other payoff club members.  Getting closer to my goal, I'm starting to feel like I'm waiting for the other shoe to drop- like something is going to reach out and snatch my success.  Anyone else get this niggles every once in a while?

Mike2

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Re: Mortgage Payoff Club!!
« Reply #860 on: May 13, 2016, 08:27:16 AM »
I want to join this club.  Current balance is $80,630.  A year ago it was around $90,000.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #861 on: May 13, 2016, 06:29:22 PM »
Yay! 69,999!  I'm excited but have a question for other payoff club members.  Getting closer to my goal, I'm starting to feel like I'm waiting for the other shoe to drop- like something is going to reach out and snatch my success.  Anyone else get this niggles every once in a while?

Just that you second/triple/quadruple guess your decision. Most here though say they would never go back to a house payment again and that peace of mind is worth it.
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)




Cyaphas

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Re: Mortgage Payoff Club!!
« Reply #862 on: May 13, 2016, 06:48:44 PM »
Has anyone every run the numbers of not paying Home Owner's insurance anymore vs the investing side? If you no longer have a note on the property you're not obligated to pay home owner's insurance. I'm deeply considering not paying Home Owner's Insurance when the note is paid off.
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Faraday

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Re: Mortgage Payoff Club!!
« Reply #863 on: May 13, 2016, 08:33:29 PM »
Has anyone every run the numbers of not paying Home Owner's insurance anymore vs the investing side? If you no longer have a note on the property you're not obligated to pay home owner's insurance. I'm deeply considering not paying Home Owner's Insurance when the note is paid off.

This only works if you are already FI and can self-insure.  The late Charles J. Givens wrote a book titled "Financial Self-Defense" in which this was one of the types of recommendations he provided.  https://en.wikipedia.org/wiki/Charles_J._Givens

However, I grok your thinking on this: it feels almost wasteful to spend money on homeowner's insurance. I work with it by optimizing insurance costs and shopping around.

It seems to me that after mortgage payoff is when you would most need good homeowner's insurance. After all: you don't want to wake up one day and be snapped back to square one if your home is destroyed in a hurricane. (Full disclosure: I live in the southeast and hurricanes that make landfall here will spawn tornadoes that can destroy homes. It's a common enough event that I would never dream of going without insurance.)


FIRE in 2020.

Lmoot

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Re: Mortgage Payoff Club!!
« Reply #864 on: May 13, 2016, 09:10:09 PM »
I could see going without hazard if you know you can cover the cost of repairs or replacement and have somewhere else to stay. It's typically a finite amount so easy to determine. I would never go without liability though bc the moon is the limit and it's rare to find liability only. I suppose you can do an umbrella liability but I don't really know how that works or how much it is compared to hazard and standard liability.

Heckler

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Re: Mortgage Payoff Club!!
« Reply #865 on: May 15, 2016, 06:55:00 PM »
living in an attached townhouse with an older smoker two doors down, there's no way in hell I would go without home insurance.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #866 on: May 17, 2016, 10:59:03 AM »
living in an attached townhouse with an older smoker two doors down, there's no way in hell I would go without home insurance.
I was going to say something very similar.  On my block, there have been two fires in the past 2 years.  The first one was from another neighbor flicking a cigarette into a trash bin that was touching my friend's house.  The entire back wall of their house caught on fire (all the siding).   They didn't even know the house was on fire until the Fire Department knocked on their front door and asked them to evacuate the house.  Luckily, a contractor was working outside and saw the flames and immediately dialled 911. 
The second was a neighbor a few doors down from me.  Their car engine burst into flames at 2:30am and their entire garage was on fire but was snuffed with sprinklers before it did any other damage.  The garages on our rowhomes constitute the first floor of our homes...so they were asleep directly above.  I admit, I have the least possible Home Insurance and it wouldn't be enough to rebuild, but it would be enough for me to start over somewhere else after selling the plot of land.
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rjbf65

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Re: Mortgage Payoff Club!!
« Reply #867 on: May 18, 2016, 10:08:48 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.


$31,190 -- $419 reduction .. Another minimum payment.  Will be spending about $15K out of pocket upgrading the worn down vehicle fleet and adding room for the new baby next month.  Hope to finish off the mortgage by the end of 2016 or before.  Looking forward to getting the baby home and healthy and pressing reset on the paydown plan that we were doing so well at before.

$30,770 -- $420 reduction.  Spent about $22K to upgrade vehicles. Facepunch worthy I guess.  Now we are just waiting for the arrival of the baby!  I also switched from maxing out 2 Roth's to doing 15% in my 401K since I just became eligible.  This will give us a couple hundred more per month to throw at the mortgage.  Hopefully its paid off at the end of the year.  If not, it may be by my 33rd birthday in March. 

Dicey

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Re: Mortgage Payoff Club!!
« Reply #868 on: May 18, 2016, 10:51:04 AM »
Has anyone every run the numbers of not paying Home Owner's insurance anymore vs the investing side? If you no longer have a note on the property you're not obligated to pay home owner's insurance. I'm deeply considering not paying Home Owner's Insurance when the note is paid off.
If you ever plan on purchasing rental property with a mortgage, the lender's going to ask for Proof of Insurance (POI) on your primary home, paid off or not. Just another wrinkle to consider...
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FIREby35

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Re: Mortgage Payoff Club!!
« Reply #869 on: May 27, 2016, 04:53:40 PM »
I've got to share this and, as others have said, sharing with family and friends seems to come with baggage. So here it is, we own our little slice of heaven - free and clear. We are now 100% debt free.

Myself and my wife are both 31. We have three kids (4, 3, 1). We bought our home for $172,000  26 months ago. We live in the midwest, so that bought us a 100 year old, three bed, 1.5 bath, 2000 sf Craftsman style home, 1.5 miles from the city center and my office. We also invested approx 20k into the home with a new roof, refinishing wood floors, fixing old wooden windows and their weight pully systems, making a brick patio, putting in a white picket fence, raised flower beds, taking out a wall to connect kitchen/dining room in a more modern open feel, creating built in shelves for our "library," and more. A lot of those renovations involved us doing it ourselves or calling in favors to pay only the materials. I love tinkering around and fixing things, so that is fun.

Anyway, we own it (for real).

For all you who think we should have invested. That's cool. We are aware of the arguments on both sides. Rate was 4.375%. We paid the $172k while also maxing two 401ks and putting a little extra aside. Total NW counting the house as 200k is $450,000. So, we still have a significant position in the market that will only increase now.

Two funny stories. First, I did tell my dad because he is pretty solid with money even if he has never fully become mustachian (didn't start buying used cars until he was 50 (He's 56 now) and I've had to tell him about management fees repeatedly). Still, he isn't going to starve and is a solid guy. He was funny because he didn't say anything for a minute or two. I just let the silence hang. Then I said,"What are you thinking." He replied, "I shouldn't have spent my whole life working for the man." He always kept the corporate job and I started my own business. I did tell him he was the inspiration for starting my business since he has talked about starting his own business (but never actually did). Anyway, he's a great guy and his reaction was interesting.

Second, the bank had NO IDEA HOW TO PROCESS A PAYOFF STATEMENT. Really can't say more than that. It was really clear mortgage payoffs are not a common issue they deal with.

mies

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Re: Mortgage Payoff Club!!
« Reply #870 on: May 28, 2016, 03:44:41 AM »
I've got to share this and, as others have said, sharing with family and friends seems to come with baggage. So here it is, we own our little slice of heaven - free and clear. We are now 100% debt free.

Myself and my wife are both 31. We have three kids (4, 3, 1). We bought our home for $172,000  26 months ago. We live in the midwest, so that bought us a 100 year old, three bed, 1.5 bath, 2000 sf Craftsman style home, 1.5 miles from the city center and my office. We also invested approx 20k into the home with a new roof, refinishing wood floors, fixing old wooden windows and their weight pully systems, making a brick patio, putting in a white picket fence, raised flower beds, taking out a wall to connect kitchen/dining room in a more modern open feel, creating built in shelves for our "library," and more. A lot of those renovations involved us doing it ourselves or calling in favors to pay only the materials. I love tinkering around and fixing things, so that is fun.

Anyway, we own it (for real).

For all you who think we should have invested. That's cool. We are aware of the arguments on both sides. Rate was 4.375%. We paid the $172k while also maxing two 401ks and putting a little extra aside. Total NW counting the house as 200k is $450,000. So, we still have a significant position in the market that will only increase now.

Two funny stories. First, I did tell my dad because he is pretty solid with money even if he has never fully become mustachian (didn't start buying used cars until he was 50 (He's 56 now) and I've had to tell him about management fees repeatedly). Still, he isn't going to starve and is a solid guy. He was funny because he didn't say anything for a minute or two. I just let the silence hang. Then I said,"What are you thinking." He replied, "I shouldn't have spent my whole life working for the man." He always kept the corporate job and I started my own business. I did tell him he was the inspiration for starting my business since he has talked about starting his own business (but never actually did). Anyway, he's a great guy and his reaction was interesting.

Second, the bank had NO IDEA HOW TO PROCESS A PAYOFF STATEMENT. Really can't say more than that. It was really clear mortgage payoffs are not a common issue they deal with.

Great job FIREby35! That's an impressive payoff timeline :) Since you own your own business, having the house paid for is probably one less thing to worry about. It's not always about maximizing investment returns.
Less is more.

K-ice

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Re: Mortgage Payoff Club!!
« Reply #871 on: May 28, 2016, 08:48:54 AM »
I've got to share this and, as others have said, sharing with family and friends seems to come with baggage. So here it is, we own our little slice of heaven - free and clear. We are now 100% debt free.

.... fixing old wooden windows and their weight pully systems, ...


Nice Work.  Do you have any tips, links, on how you fixed the windows?

FIREby35

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Re: Mortgage Payoff Club!!
« Reply #872 on: May 29, 2016, 07:48:32 AM »
This was the classic Mustachian project because there was nobody who would fix them. Everyone wants to sell you new vinyl windows and it was super expensive. Not to mention I didn't want to put new, modern windows in my old house. Plus, with storm windows there is basically no cost/energy savings. Now they all work. It's pretty cool because the house was built pre-ac and so the windows are placed in ways that create a gentle breeze inside the house if there is any outside air movement. Pretty genius for the guys who built it in 1917. I am still working on re-painting, staining, glazing and beautifying each of the actual window sashes. I am about 35% done with that. All you need for that is a sander, paint supplies and a putty knife.

This old house has a video on this and pretty much every old home issue.

http://www.thisoldhouse.com/toh/video/0,,1631564,00.html

FireLane

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Re: Mortgage Payoff Club!!
« Reply #873 on: May 29, 2016, 08:26:00 AM »
I definitely want in on this thread!

I bought my place in January 2009 for $265k and was paying the mortgage ahead for several years even before I discovered Mr. Money Mustache. In 2013 I refinanced at a very good interest rate, but kept my monthly payments the same so the payoff rate would accelerate.

As of today, I'm down to $60k left. I could pay it off this year if I got really aggressive, but I'm trying to divide my paychecks between that and putting money into Vanguard. Aiming to be mortgage-free by 2018!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #874 on: May 29, 2016, 11:37:17 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 - $30706  so far

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

4/1 Remaining balance $81837

4/30 Remaining balance $76952 (I owed the tax man!)

5/29 Remaining balance $73836

Feels like a super bad month but onwards we go. The principle has gone to $500 per month which was a goal - so the next goal being set is being in the 50's. (of course the ultimate goal is Mortgage Free, but I like mini goals on the way.) Congrats to everyone who paid their homes off!

Dicey

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Re: Mortgage Payoff Club!!
« Reply #875 on: May 29, 2016, 01:48:09 PM »
What about instead of putting $15K a year towards the mortgage directly, we put it into a index fund/mutual account and at the end of the 7 years, decide what we want to do with the money from there. We will still be paying $800 a month towards the mortgage on a monthly basis (which gets the mortgage paid off by the time we are 48) but it seems like putting the $15K each year in an investment account allows us more flexibility. If in 7 years, we want to take all of the money and pay off the mortgage we can, or we can put it towards something else. Thoughts? I also posted more details on my blog but it doesn't get much traffic yet and I would like direct responses.

I missed this earlier. Yes, yes, a thousand times YES! Paying off the mortgage before maxing out other retirement/investment options is penny wise and pound foolish.

Stuff the savings vehicles full while inflation does its thing and your fixed rate mortgage will become relatively cheaper while your net worth ratchets. It's a more advanced concept than "Kill all the debt", but it's a smarter approach in the end. Soon enough, the paid-off mortgage feels "meh", primarily due to taxes, utilities and upkeep always increasing. Watching your investment account balances grow never gets old.
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K-ice

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Re: Mortgage Payoff Club!!
« Reply #876 on: May 30, 2016, 02:51:55 PM »
Paying off the mortgage before maxing out other retirement/investment options is penny wise and pound foolish.

Stuff the savings vehicles full while inflation does its thing and your fixed rate mortgage will become relatively cheaper while your net worth ratchets. It's a more advanced concept than "Kill all the debt", but it's a smarter approach in the end. Soon enough, the paid-off mortgage feels "meh", primarily due to taxes, utilities and upkeep always increasing. Watching your investment account balances grow never gets old.

If I had to give my 5y ago self some advice it would be this. "Max out the tax advantaged accounts then hit the mortgage hard."  Now I do have the mtg paid, and I am almost caught up with maxing out the tax advantaged investments. But having some more balance and more time for the stash to build with these low mortgage interest rates would have been the better choice.

I do still have a mortgage on a rental.  I may post updates here but it is quite slow and steady and boring.



 

PFHC

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Re: Mortgage Payoff Club!!
« Reply #877 on: May 31, 2016, 08:34:15 AM »
Mar 2016: $126,942
Apr 2016:$126,644
May 2016: $126,350

wauske

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Re: Mortgage Payoff Club!!
« Reply #878 on: May 31, 2016, 08:58:09 AM »
Alright, we're down from 30k last year to around 24k after we put our latest "extra's" into the mortgage. We won't make the initial 2017 wish but we hope to finish by the end of 2017 which looks to be doable :)

The delay was caused by a new "2nd hand" car which we needed for baby nr. 2 and since we practically didn't have any savings (gosh, why was that :P) our SIL helped us out a bit. After paying her back we resumed the mortgage and dropped another 5K into it.
Everything I say is my personal opinion which is based on my subjective experience.

flowrider

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Re: Mortgage Payoff Club!!
« Reply #879 on: June 01, 2016, 08:43:00 PM »
Dec 2015 $30,237
May 2016  $20,777
Planning to pay off around July next year:)

asauer

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Re: Mortgage Payoff Club!!
« Reply #880 on: June 02, 2016, 05:59:18 AM »
Dec 2015 $30,237
May 2016  $20,777
Planning to pay off around July next year:)

Those super low numbers are exciting!  congrats!

asauer

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Re: Mortgage Payoff Club!!
« Reply #881 on: June 02, 2016, 06:00:20 AM »
Down 5k to 65k this month.  Try to scrape together every penny to get this thing gone!

Observation: I've noticed that since we got under 100k that I'm completely obsessed with killing this thing.  As in cashing in change so I can pay an extra $3.50.  As in, yes, I'll teach your awful kid swim lessons b/c I'll get $100 obsessed.  Has anyone else found their intensity increase after they hit a certain number?
« Last Edit: June 02, 2016, 06:02:19 AM by asauer »

Threshkin

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Re: Mortgage Payoff Club!!
« Reply #882 on: June 02, 2016, 09:11:48 AM »
Down 5k to 65k this month.  Try to scrape together every penny to get this thing gone!

Observation: I've noticed that since we got under 100k that I'm completely obsessed with killing this thing.  As in cashing in change so I can pay an extra $3.50.  As in, yes, I'll teach your awful kid swim lessons b/c I'll get $100 obsessed.  Has anyone else found their intensity increase after they hit a certain number?

I went into this mode at about $75K.  It bugged me so I stripped my emergency fund down to almost 0 and paid it off.  I then sweated for months until I had some semblance of an emergency fund built back up.

mies

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Re: Mortgage Payoff Club!!
« Reply #883 on: June 02, 2016, 06:54:13 PM »
Down 5k to 65k this month.  Try to scrape together every penny to get this thing gone!

Observation: I've noticed that since we got under 100k that I'm completely obsessed with killing this thing.  As in cashing in change so I can pay an extra $3.50.  As in, yes, I'll teach your awful kid swim lessons b/c I'll get $100 obsessed.  Has anyone else found their intensity increase after they hit a certain number?

I went into this mode at about $75K.  It bugged me so I stripped my emergency fund down to almost 0 and paid it off.  I then sweated for months until I had some semblance of an emergency fund built back up.

I know that feel. Once we got under 6 figures, paying it off finally seemed feasible. I dipped pretty deep into my emergency fund when we paid off our mortgage. It was worth it. I freed up a bunch of cash flow. I can save more in my 401k now and build my emergency fund back up pretty quickly.
« Last Edit: June 03, 2016, 04:40:42 AM by mies »
Less is more.

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #884 on: June 02, 2016, 07:43:53 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!

Inspired by everyone's progress, and jealous too of everyone under the 6 figures mark!  We are getting there slow but sure:

Mortgage amount - June 2, 2016 - $253,568

We will be into the 100's by the end of 2016 and are still on track to have it paid off in Sept. 2018.

In the meantime - we have listed our house in hopes of getting our asking price and doing a major downsize to be mortgage free.  Unfortunately the market is crap right now and we've had 2 showings in 2 months.  We will stay listed until our contract runs out at the end of June and then maybe try again in the fall.  I get this obsession - I've been obsessed since day one of this challenge - can't wait to be in the 5 figure amounts!
« Last Edit: June 02, 2016, 07:46:45 PM by frizzywhiskers »

couponvan

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Re: Mortgage Payoff Club!!
« Reply #885 on: June 03, 2016, 05:26:45 AM »
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!

Inspired by everyone's progress, and jealous too of everyone under the 6 figures mark!  We are getting there slow but sure:

Mortgage amount - June 2, 2016 - $253,568

We will be into the 100's by the end of 2016 and are still on track to have it paid off in Sept. 2018.

In the meantime - we have listed our house in hopes of getting our asking price and doing a major downsize to be mortgage free.  Unfortunately the market is crap right now and we've had 2 showings in 2 months.  We will stay listed until our contract runs out at the end of June and then maybe try again in the fall.  I get this obsession - I've been obsessed since day one of this challenge - can't wait to be in the 5 figure amounts!
I am impressed by your 5 year term! Your progress is awesome. Wish we were 1/2 as disciplined.
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)




allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #886 on: June 03, 2016, 10:59:27 PM »
$139k
$131,600
$126,000.
$119,200

Now just squeaking in under $115,000.

Another milestone : Now under $110k at $108,800

Inching ever toward 5-figures. Now at a little over $101,000... so close!

We had hoped to get below 100k by May, but it's going to end up being July. I'm not sweating it. We'll get there & it's still progress.

wintertell

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Re: Mortgage Payoff Club!!
« Reply #887 on: June 05, 2016, 03:08:04 PM »
Joining the thread! We are at $9997 with a payoff of $6354 in May.  Anticipating paying it off by this September. We started with a mortgage of just over 30k at 5.4% in July 2014. Can't wait to get rid of a payment!

couponvan

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Re: Mortgage Payoff Club!!
« Reply #888 on: June 06, 2016, 09:52:28 AM »
Joining the thread! We are at $9997 with a payoff of $6354 in May.  Anticipating paying it off by this September. We started with a mortgage of just over 30k at 5.4% in July 2014. Can't wait to get rid of a payment!

Love that you're getting that payment out of the way! You can do it!!!
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 #889 on: June 08, 2016, 07:43:43 AM »
Down 5k to $65,700.  Still on track for a December payoff!

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #890 on: June 08, 2016, 09:11:50 AM »
Down 5k to $65,700.  Still on track for a December payoff!

Congrats! Looks like we're on nearly identical trajectories--we hit $49991 this week and are also shooting for December (though given pay schedule it might technically be the first week of January).

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #891 on: June 08, 2016, 09:07:28 PM »
Jan. 2015 - ~100k
Oct. 2015 - ~$67500
Dec.3, 2015 - ~$60k
Feb. 5, 2016 - $52,108.53
March 7, 2016 - 49,774.21
April 11, 2016 - 48,700 to go. Had to pay taxes this month.
May - failed to report in
June - $42,853.69 to go.

Wow. I didn't realize I was still at 48700 at the beginning of April. I think I turned up some leftover cash that month after taxes were paid, then made a decent sized payment in May as I get paid monthly and the April pay month had 5 weeks in it (this happens 4 times a year) resulting in a larger than usual check.

Astreja

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Re: Mortgage Payoff Club!!
« Reply #892 on: June 09, 2016, 11:59:05 AM »
It's done!  Rather than waiting for the last 2 payments to auto-withdraw on the next 2 Mondays, I phoned my Credit Union and had them pay out the balance right then and there.

*happy dance*

plainjane

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Re: Mortgage Payoff Club!!
« Reply #893 on: June 09, 2016, 12:09:23 PM »
It's done!  Rather than waiting for the last 2 payments to auto-withdraw on the next 2 Mondays, I phoned my Credit Union and had them pay out the balance right then and there.
*happy dance*

Happy dance indeed!

Wow. I didn't realize I was still at 48700 at the beginning of April. I think I turned up some leftover cash that month after taxes were paid, then made a decent sized payment in May as I get paid monthly and the April pay month had 5 weeks in it (this happens 4 times a year) resulting in a larger than usual check.

This is what happens when you get under 60k, you gather momentum without even realizing.  :)
Using procrastination to my advantage since 2001.

BiscuitsForBreakfast

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Re: Mortgage Payoff Club!!
« Reply #894 on: June 10, 2016, 09:48:01 AM »
Joining in to keep me honest, and also because there is so much to learn. I really wish I had found this site ten or twenty years ago.

I did a rate renewal on my 43,000 mortgage in April, and received a lower interest rate on my 5-year ARM -- 2.875. This brought my fortnightly payments down about $90 each. Yay, great, right? But here's where my (slowly eroding but seriously why did it take me so long) ignorance and unwillingness to do the math earns me a face-punch: I did not consider that basically i had also just extended the payoffs for another five years. When I DID figure this out, I put my payoffs back to where they had been -- only now a bigger proportion is going straight to principle.

The worst part is, this is my SECOND rate renewal (again to a lower interest rate at least), and I totally did not do the math 5 years ago.



mies

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Re: Mortgage Payoff Club!!
« Reply #895 on: June 10, 2016, 02:40:44 PM »
Joining in to keep me honest, and also because there is so much to learn. I really wish I had found this site ten or twenty years ago.

I did a rate renewal on my 43,000 mortgage in April, and received a lower interest rate on my 5-year ARM -- 2.875. This brought my fortnightly payments down about $90 each. Yay, great, right? But here's where my (slowly eroding but seriously why did it take me so long) ignorance and unwillingness to do the math earns me a face-punch: I did not consider that basically i had also just extended the payoffs for another five years. When I DID figure this out, I put my payoffs back to where they had been -- only now a bigger proportion is going straight to principle.

The worst part is, this is my SECOND rate renewal (again to a lower interest rate at least), and I totally did not do the math 5 years ago.

Don't beat yourself up too badly :) Better late than never. The important thing is now you are aware and you can take steps to get ahead on your mortgage. Good luck with your pay down!
Less is more.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #896 on: June 10, 2016, 04:28:39 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!

wooohooo just got paid, and a few extras- so just dumped a bunch in!
Now at $17678.00 Mortgage payment comes off in a few days too- should take us to 16k something yayayay
Down to 14k as of today

$13, 392 left to go!

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #897 on: June 10, 2016, 07:54:39 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!

wooohooo just got paid, and a few extras- so just dumped a bunch in!
Now at $17678.00 Mortgage payment comes off in a few days too- should take us to 16k something yayayay
Down to 14k as of today

$13, 392 left to go!

So close. So very close. I keep around $10k + what I estimate the next years property tax to be in an emergency fund. Largely that 10k is to cover minimum mortgage payments for approximately one year. I'm likely to empty that to pay off the last 10k and then figure out what my new lower emergency fund # should be. Are you in any kind of similar situation where this will end up paid in the next month or two?

wintertell

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Re: Mortgage Payoff Club!!
« Reply #898 on: June 11, 2016, 08:58:34 AM »
Yep! We just crossed under 10K and will pay it off in late August/early September. Current balance: $9677.

Unfortunately (and fortunately) I got excited and pulled from savings to get us below 10K. This means no extra reserves to pull down to cross the finish line. I just have to be patient, keep my job, and get paid.

Even if there is no incoming money from paycheck, I am putting any extra money that comes in immediately on the mortgage. Ex: We sold some stuff on Craigslist last weekend. I immediately sent the money off to the mortgage. Also have a pending reimbursement for $86 and pending leftover escrow money ($100) that I will throw on there as well.  All this 'extra' money will end up being about $500!

21runner

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Re: Mortgage Payoff Club!!
« Reply #899 on: June 11, 2016, 09:07:47 AM »
I look forward to joining this group in around 10 years! My balance is ~$89,700.00. Seems like a lot, but its a good feeling to know that I have enough investments/cash to pay it off now if I chose to.