Author Topic: Mortgage Payoff Club!!  (Read 268495 times)

ender

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Re: Mortgage Payoff Club!!
« Reply #900 on: June 11, 2016, 09:18:28 AM »
We're about to enter this race the wrong way! Buying our first home at the end of the month.

Putting 20% down. We haven't figured out exactly how we want to handle paying down the mortgage vs retirement accounts yet. I'm expecting my wife and I are going to want to hammer down the mortgage ASAP though as neither of us really has had debt.

I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #901 on: June 11, 2016, 11:57:22 AM »
We have 15k in savings and I SO want to pay it off with that.
« Last Edit: August 25, 2016, 04:25:50 AM by dandypandys »

Dicey

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Re: Mortgage Payoff Club!!
« Reply #902 on: June 11, 2016, 01:20:02 PM »
We're about to enter this race the wrong way! Buying our first home at the end of the month.

Putting 20% down. We haven't figured out exactly how we want to handle paying down the mortgage vs retirement accounts yet. I'm expecting my wife and I are going to want to hammer down the mortgage ASAP though as neither of us really has had debt.

I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?
Congratulations on the purchase of your first home! I think a payoff chart is a fine idea, but I beseeeech you to only prepay your mortgage after you have maxed out every retirement savings vehicle available to you. If you plan to retire early, you'll need to fill up some taxable accounts too. Then, and only then, consider prepaying your mortgage. Your future self will thank you for being so smart.

Of course, I am assuming that you took out a fixed rate loan; -))
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ender

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Re: Mortgage Payoff Club!!
« Reply #903 on: June 11, 2016, 01:24:26 PM »
We're about to enter this race the wrong way! Buying our first home at the end of the month.

Putting 20% down. We haven't figured out exactly how we want to handle paying down the mortgage vs retirement accounts yet. I'm expecting my wife and I are going to want to hammer down the mortgage ASAP though as neither of us really has had debt.

I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?
Congratulations on the purchase of your first home! I think a payoff chart is a fine idea, but I beseeeech you to only prepay your mortgage after you have maxed out every retirement savings vehicle available to you. If you plan to retire early, you'll need to fill up some taxable accounts too. Then, and only then, consider prepaying your mortgage. Your future self will thank you for being so smart.

Of course, I am assuming that you took out a fixed rate loan; -))

We have a 3.625% fixed rate mortgage for 30 years...

And yeah, we're very likely going to max 401k/IRA/HSA stuff first. I expect my income to go up over the next <however many years we have the home> so hopefully we end up with tons of money to play with at some point :-) We've talked a fair bit about a separate investment account to put money into and then whenever it's greater than the mortgage knock it out right then.

Guess we'll see :-)

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #904 on: June 11, 2016, 03:42:04 PM »
I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?

We printed and use this:
http://debtfreecharts.blogspot.com/2013/11/mortgage-chart.html

Every time we get to cross off lines, it's incredibly motivating!

frizzywhiskers

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Re: Mortgage Payoff Club!!
« Reply #905 on: June 11, 2016, 05:02:19 PM »
"I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?"

We use this app - it's actually really fun, highly recommend! 

http://mymountainofdebt.com
« Last Edit: June 11, 2016, 05:08:39 PM by frizzywhiskers »

BiscuitsForBreakfast

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Re: Mortgage Payoff Club!!
« Reply #906 on: June 11, 2016, 06:42:26 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!

Thanks, Mies. I appreciate the kind words!

KodeBlue

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Re: Mortgage Payoff Club!!
« Reply #907 on: June 12, 2016, 12:00:18 AM »
Yep! We just crossed under 10K and will pay it off in late August/early September. Current balance: $9677.
Same here- my current balance is $7640, if all goes well I expect to be finished by Aug or Sept. :)

asauer

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Re: Mortgage Payoff Club!!
« Reply #908 on: June 13, 2016, 12:23:40 PM »
"I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?"

We use this app - it's actually really fun, highly recommend! 

http://mymountainofdebt.com


yes!  I have windows on a house that I color in every $4,000.  Very motivating!

eyePod

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Re: Mortgage Payoff Club!!
« Reply #909 on: June 14, 2016, 10:39:27 AM »
I have a google sheet for my mortgage payoff. It has the original amortization table on the left, and my "actual" on the right. Every month, when we pay a little more, I get to delete a payment at the end of the actual. Very rewarding.

We also 'strategically' had PMI (paid it off in a year and 1 month). Then we went from there and are still paying the $81.84 per month that we would have paid to PMI to the mortgage, so even if we have a tighter month, then we will put money towards that.

As to the retirement funds vs. house, we like to spread it around. 12k in the 401k this year, moving as much as possible from any raises into my wife's 457b (no early withdrawal penalty), and then some in the house. I know it's not necessarily the best from an optimization perspective (4.25% mortgage), but I have never talked to someone who paid off their mortgage who regretted it. Just the peace of mind alone seems well worth it.
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motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #910 on: June 20, 2016, 07:10:20 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.

Still chucking along. Decided to go with a mixed approach to paying off the mortgage. Mainly because I'm not sure if we will be moving in the near future. Not sure if it's the best way to go, but it's what we are going with now.
1. Pretty much the plan is pay off the 30 yr mortgage like its a 15 yr.
2. Start a mortgage payoff fund in a brokerage account.

Current Mortgage Balance is: $116,828.23
Current Mortgage Payoff Fund Balance: $11,881.76
Balance Left: $104,946.47

Approaching the 5 figure mark, hopefully this provides some extra motivation.

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #911 on: June 20, 2016, 07:14:41 PM »
I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?

We printed and use this:
http://debtfreecharts.blogspot.com/2013/11/mortgage-chart.html

Every time we get to cross off lines, it's incredibly motivating!

I will also recommend this mortgage chart. Currently using it and I enjoy coloring in a line when I can. Makes me feel like a kid again. If all goes well, I will be coloring next month.

dcamnc

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Re: Mortgage Payoff Club!!
« Reply #912 on: June 21, 2016, 09:03:07 PM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Heckler

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Re: Mortgage Payoff Club!!
« Reply #913 on: June 21, 2016, 09:23:52 PM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Have you ever needed more than 4 months EF in your life?  If not, I'd cut it in at least half.   

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #914 on: June 21, 2016, 09:48:19 PM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Depends on whether your emergency fund is truly liquid or really "all your money in the world"...   If you have any other taxable, 401K or other assets besides that emergency fund, then drop that mortgage in a heartbeat!   Then pay yourself back faster with the monthly safety margin that frees up.

dcamnc

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Re: Mortgage Payoff Club!!
« Reply #915 on: June 21, 2016, 09:58:24 PM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Depends on whether your emergency fund is truly liquid or really "all your money in the world"...   If you have any other taxable, 401K or other assets besides that emergency fund, then drop that mortgage in a heartbeat!   Then pay yourself back faster with the monthly safety margin that frees up.

It's my liquid checking/money market cash. I do have 401/pension/taxable as well. And to the poster Heckler above, no, I've never needed multiple month's money. I do have a pretty stable state job, so I don't foresee having to use my emergency fund for anything big in the immediate future. I'll just pay it off tomorrow then. Thanks folks!

PharmaStache

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Re: Mortgage Payoff Club!!
« Reply #916 on: June 22, 2016, 08:35:15 AM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Depends on whether your emergency fund is truly liquid or really "all your money in the world"...   If you have any other taxable, 401K or other assets besides that emergency fund, then drop that mortgage in a heartbeat!   Then pay yourself back faster with the monthly safety margin that frees up.

It's my liquid checking/money market cash. I do have 401/pension/taxable as well. And to the poster Heckler above, no, I've never needed multiple month's money. I do have a pretty stable state job, so I don't foresee having to use my emergency fund for anything big in the immediate future. I'll just pay it off tomorrow then. Thanks folks!

Awesome!  My plan is definitely to empty out the emergency fund once we get down to a low enough mortgage balance.  I don't think I'd be able to resist!

dcamnc

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Re: Mortgage Payoff Club!!
« Reply #917 on: June 22, 2016, 12:43:46 PM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Depends on whether your emergency fund is truly liquid or really "all your money in the world"...   If you have any other taxable, 401K or other assets besides that emergency fund, then drop that mortgage in a heartbeat!   Then pay yourself back faster with the monthly safety margin that frees up.

It's my liquid checking/money market cash. I do have 401/pension/taxable as well. And to the poster Heckler above, no, I've never needed multiple month's money. I do have a pretty stable state job, so I don't foresee having to use my emergency fund for anything big in the immediate future. I'll just pay it off tomorrow then. Thanks folks!

Awesome!  My plan is definitely to empty out the emergency fund once we get down to a low enough mortgage balance.  I don't think I'd be able to resist!

It isn't officially paid off, but I express mailed my payoff statement and cashier's check about an hour ago! Now I have to rebuild that emergency fund.

couponvan

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Re: Mortgage Payoff Club!!
« Reply #918 on: June 22, 2016, 01:15:12 PM »
So I could pay off my mortgage right now, but it would cut my emergency fund/cushion money in half. I'm unsure if I should pay most of the balance off, and keep my emergency money (about 8 months worth); or, just pay it totally off, and rebuild my emergency fund after. Any thoughts?

Depends on whether your emergency fund is truly liquid or really "all your money in the world"...   If you have any other taxable, 401K or other assets besides that emergency fund, then drop that mortgage in a heartbeat!   Then pay yourself back faster with the monthly safety margin that frees up.

It's my liquid checking/money market cash. I do have 401/pension/taxable as well. And to the poster Heckler above, no, I've never needed multiple month's money. I do have a pretty stable state job, so I don't foresee having to use my emergency fund for anything big in the immediate future. I'll just pay it off tomorrow then. Thanks folks!

Awesome!  My plan is definitely to empty out the emergency fund once we get down to a low enough mortgage balance.  I don't think I'd be able to resist!

It isn't officially paid off, but I express mailed my payoff statement and cashier's check about an hour ago! Now I have to rebuild that emergency fund.

CONGRATULATIONS! (Now you need less of an emergency fund because you won't have that monthly expense any more.) :-)
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flowrider

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Re: Mortgage Payoff Club!!
« Reply #919 on: June 22, 2016, 03:38:10 PM »
Dec 2015 $30,237
May 2016  $20,777
Planning to pay off around July next year:)
Under $20k now $19,617

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #920 on: June 22, 2016, 08:02:44 PM »
It isn't officially paid off, but I express mailed my payoff statement and cashier's check about an hour ago! Now I have to rebuild that emergency fund.

Absolutely AWESOME!   Congratulations!!!    Enjoy that sense of peace that the roof overhead is now entirely yours!!

RNwastash

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Re: Mortgage Payoff Club!!
« Reply #921 on: June 22, 2016, 08:30:51 PM »
$114,285 is my current balance after making an extra $750 payment this month.  Jealous of the others who have less than $10,000 left.

Diniecita

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Re: Mortgage Payoff Club!!
« Reply #922 on: June 23, 2016, 09:04:53 PM »
There is more to it than simple math. Owning your own home free and clear removes a level of stress from your life that opens up more opportunities in your head. Once we were mortgage free it gave us the courage to start our own business, which was slow to start but slowly grew to be fully supporting us both full-time earning a nice income.

I agree with this SO much! We are on our way to paying ours off early too. We got a 15 year mortgage and we have 7 more years to go at the rate we are paying. They think we should be done in 13 years...pppfffft. What a crock. I just want to be free from their chains and actually be able to say that I own it, free and clear. What's wrong with that? I don't need the fancy math. It's stressful to deal with every month.
Just my opinion. But, that's what we're doing! Mortgage free by 2020 is our goal.
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Nora

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Re: Mortgage Payoff Club!!
« Reply #923 on: June 24, 2016, 03:20:05 AM »
Ours just dropped below 100000. Fantastic. I paid a bit extra to get it to 99997 or some such. Of course then the exchange rate changed (house is in NZ and we are in Oz)  and when I came to show the accounts to DH it was back over 100000! But I think we are on the home straight now, no pun intended.

Now down to $35000. Not long to go now.

Farmgirl

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Re: Mortgage Payoff Club!!
« Reply #924 on: June 24, 2016, 06:04:22 AM »
As of today we are down to $55,550.34.  That was on a $257K mortgage we took out in 2008.

It can be done.  There have been months (like recently) that we can only do the regular payment of $1611, but we have been working at it hard.  Our reasoning is that our small farm property (bought on the downside but not the bottom of the Great Recession) could be a hard sell if we decide we can't do the chores anymore.  And we wouldn't want to have to take the first offer that came our way because of the mortgage payments.

DH and I are looking to pay off the mortgage by year end.  Then I can renegotiate my current cube job to maybe a part time gig.  If my employer won't bite, then I walk and do my side hustles.

The end is in sight!

couponvan

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Re: Mortgage Payoff Club!!
« Reply #925 on: June 24, 2016, 07:20:34 AM »
As of today we are down to $55,550.34.  That was on a $257K mortgage we took out in 2008.

It can be done.  There have been months (like recently) that we can only do the regular payment of $1611, but we have been working at it hard.  Our reasoning is that our small farm property (bought on the downside but not the bottom of the Great Recession) could be a hard sell if we decide we can't do the chores anymore.  And we wouldn't want to have to take the first offer that came our way because of the mortgage payments.

DH and I are looking to pay off the mortgage by year end.  Then I can renegotiate my current cube job to maybe a part time gig.  If my employer won't bite, then I walk and do my side hustles.

The end is in sight!
Very impressive - what is the interest rate on this property?  I have a hard time justifying to DH paying down the main house early even though it is our only remaining debt at 2.625% since we plan to sell it in about 5 years. (It's at $244K.) Our real problem is that when we see money in the checking account we spend it - and there are deferred maintenance items creeping up on us.
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)




boarder42

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Re: Mortgage Payoff Club!!
« Reply #926 on: June 24, 2016, 09:30:16 AM »
We're about to enter this race the wrong way! Buying our first home at the end of the month.

Putting 20% down. We haven't figured out exactly how we want to handle paying down the mortgage vs retirement accounts yet. I'm expecting my wife and I are going to want to hammer down the mortgage ASAP though as neither of us really has had debt.

I'd really like to take our floor plan and subdivide it into either $250 or $500 squares, each reflecting that amount of purchase price, and then color them in as we pay down the mortgage. Basically showing what percentage of our house we "own" vs the bank owns :-) Anyone done something similar?
Congratulations on the purchase of your first home! I think a payoff chart is a fine idea, but I beseeeech you to only prepay your mortgage after you have maxed out every retirement savings vehicle available to you. If you plan to retire early, you'll need to fill up some taxable accounts too. Then, and only then, consider prepaying your mortgage. Your future self will thank you for being so smart.

Of course, I am assuming that you took out a fixed rate loan; -))

We have a 3.625% fixed rate mortgage for 30 years...

And yeah, we're very likely going to max 401k/IRA/HSA stuff first. I expect my income to go up over the next <however many years we have the home> so hopefully we end up with tons of money to play with at some point :-) We've talked a fair bit about a separate investment account to put money into and then whenever it's greater than the mortgage knock it out right then.

Guess we'll see :-)

do the latter dont pay off extra slowly over time.  if you ever lose your income stream its incredibly unsafe to have all your taxable money tied up in a house that isnt 100% paid off. bank doesnt care you've been paying down principal when you start missing payments.

plus it will allow you the flexibility if you see the light sometime in the next 10-20 years that having that mortgage with the money invested is actually way better and something you'd like to keep when you FIRE.
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ender

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Re: Mortgage Payoff Club!!
« Reply #927 on: June 24, 2016, 01:05:59 PM »
Yeah that'd be the plan :)

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #928 on: June 24, 2016, 02:21:14 PM »
$12,800   eekkk no longer in the teens :)

Farmgirl

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Re: Mortgage Payoff Club!!
« Reply #929 on: June 29, 2016, 05:52:43 AM »
As of today we are down to $55,550.34.  That was on a $257K mortgage we took out in 2008.

It can be done.  There have been months (like recently) that we can only do the regular payment of $1611, but we have been working at it hard.  Our reasoning is that our small farm property (bought on the downside but not the bottom of the Great Recession) could be a hard sell if we decide we can't do the chores anymore.  And we wouldn't want to have to take the first offer that came our way because of the mortgage payments.

DH and I are looking to pay off the mortgage by year end.  Then I can renegotiate my current cube job to maybe a part time gig.  If my employer won't bite, then I walk and do my side hustles.

The end is in sight!
Very impressive - what is the interest rate on this property?  I have a hard time justifying to DH paying down the main house early even though it is our only remaining debt at 2.625% since we plan to sell it in about 5 years. (It's at $244K.) Our real problem is that when we see money in the checking account we spend it - and there are deferred maintenance items creeping up on us.

Couponvan:  We are at 4% on that note.  We were both self employed at the time we took it out and were lucky to get that!  But we are so close now, another re-fi isn't worth it for us.  Just get the dang thing gone!

couponvan

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Re: Mortgage Payoff Club!!
« Reply #930 on: June 29, 2016, 07:41:37 AM »
As of today we are down to $55,550.34.  That was on a $257K mortgage we took out in 2008.

It can be done.  There have been months (like recently) that we can only do the regular payment of $1611, but we have been working at it hard.  Our reasoning is that our small farm property (bought on the downside but not the bottom of the Great Recession) could be a hard sell if we decide we can't do the chores anymore.  And we wouldn't want to have to take the first offer that came our way because of the mortgage payments.

DH and I are looking to pay off the mortgage by year end.  Then I can renegotiate my current cube job to maybe a part time gig.  If my employer won't bite, then I walk and do my side hustles.

The end is in sight!
Very impressive - what is the interest rate on this property?  I have a hard time justifying to DH paying down the main house early even though it is our only remaining debt at 2.625% since we plan to sell it in about 5 years. (It's at $244K.) Our real problem is that when we see money in the checking account we spend it - and there are deferred maintenance items creeping up on us.

Couponvan:  We are at 4% on that note.  We were both self employed at the time we took it out and were lucky to get that!  But we are so close now, another re-fi isn't worth it for us.  Just get the dang thing gone!

We just knocked out our FIRE house loan at 4.6%, so I see why you wanted to get the 4% one done. At $50K no one will refi you anyway....We are now going to start building the kids' college funds with extra 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)




wintertell

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Re: Mortgage Payoff Club!!
« Reply #931 on: June 29, 2016, 03:55:49 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!

We are at  7,392 for the end of June. That's a delta of 2,605 for June.

If the stars align for timely work reimbursements in August, we should be able to bump up the payoff from September to late August.

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #932 on: July 01, 2016, 12:28:50 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

6/30 Remaining balance $65388

Better month for us, everyone here is doing so well paying off or being close has fired me up to try harder. Thanks all!

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #933 on: July 02, 2016, 03:50:07 AM »
We are at $8,900 now after i dropped 4k in from an art sale yayayayayay!


Sent from my iPad using Tapatalk

Nederstash

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Re: Mortgage Payoff Club!!
« Reply #934 on: July 02, 2016, 05:58:46 AM »
It's really cool to see everyone's numbers dropping!

I'm on a 20-year fixed rate of 2.09% (includes monthly tax return) so I've hedged my bets on index funds. Still I would love nothing more than to completely own my own home, and not owe anybody anything. I'll probably kick an extra 10k a year off the mortgage, to scratch the itch. I don't like being in debt. And investing while in debt just feels kinda weird, no matter what the math says.

So don't take any crap from people who prefer investing over mortgage payments! It's a very personal choice and math is not the only variabel in the equation!

FerrumB5

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Re: Mortgage Payoff Club!!
« Reply #935 on: July 02, 2016, 11:25:49 AM »
You are 2.09% on 20 years?? How? I'm 3.625% on 20 yr. Please share details :)

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #936 on: July 02, 2016, 01:01:45 PM »
Mrs. Indentured and I have the goal of payoff in 5 years on a $249k mortgage without gutting our current stash.   

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

Hi all...   Getting back on the wagon after dealing with other distractions...  Normal amortization has us at $107,814 as of July 1st.   Under $100K by end of 2016 is the new goal.

rjbf65

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Re: Mortgage Payoff Club!!
« Reply #937 on: July 05, 2016, 08:22:14 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.

$30,349 -- $421 reduction in May -- Minimum Payment but our baby was born and is healthy!

$26,954 --- $3,395 reduction for June -- Back on the paydown train!  Feels good to throw a good chunk at it again!

Neustache

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Re: Mortgage Payoff Club!!
« Reply #938 on: July 05, 2016, 08:35:54 AM »
Gonna start this back up again.  Current goal is to get to 90K by the end of 2016. 

Starting Mtg Sept 2013:  $123,500

Today:  $98,504


It's fun to be back on this thread again!


pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #939 on: July 06, 2016, 08:05:01 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.

July - $41,597.20

Lower payment month, but still above the minimum. Reeled in the final payoff @minimum payments date by 1 more month. November 2020 at the absolute latest now and in reality any date that I choose to drain money from my taxable investments. At present the rule is still early paydown can only be done with income earned that month.

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #940 on: July 06, 2016, 09:28:47 PM »
pdxmonkey,  Nice job staying on track only using "opex" income.   $60K in 18 months is a good burn it down rate!

dandypandys

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  • Age: 41
  • Location: USA
Re: Mortgage Payoff Club!!
« Reply #941 on: July 07, 2016, 05:37:32 AM »
$8,165.58 left after regular monthly payment   ooooh!!!

asauer

  • Bristles
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Re: Mortgage Payoff Club!!
« Reply #942 on: July 07, 2016, 07:29:35 AM »
Yes!!!  We're now in the 50's!  At 57,400!

hooch

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Re: Mortgage Payoff Club!!
« Reply #943 on: July 08, 2016, 11:06:38 PM »
Joining the thread.

At $53,095.  Paying an extra $1,100 per month.  Current plan is July 2019 payoff.

Nederstash

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Re: Mortgage Payoff Club!!
« Reply #944 on: July 12, 2016, 01:45:23 PM »
You are 2.09% on 20 years?? How? I'm 3.625% on 20 yr. Please share details :)

The rate is 3.6%, interest is deductible. I'm in the Netherlands, tax rate is 42%, so I'm getting 42% of the 3.6% back every month. That leaves me to pay 2.09% :)

KodeBlue

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Re: Mortgage Payoff Club!!
« Reply #945 on: July 17, 2016, 02:26:13 AM »
Current balance $1733.00!

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #946 on: July 17, 2016, 04:18:37 AM »
Current balance $1733.00!
Oh my gosh, how do you contain yourself?  If I were that close, I'd be selling off anything I could get my hands on just to pay that off!  Hopefully the last few payments just increase your satisfaction.
Congratulations and great work! 
Sometimes nothing can be a real cool hand

freeatlast

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Re: Mortgage Payoff Club!!
« Reply #947 on: July 17, 2016, 11:04:59 AM »
I am so hoping to pay off my mortgage in 2 years.  I want to thank everyone on this site that encouraged me to not scratch the itch I had to buy a new (albeit used) car! THANK YOU.  Because I have fought that temptation, I am way more on track!

30 year mortgage at 3.625%

Original mortgage July 2012: $262,000 (I live in a HCOL area and this is actually pretty low for where I am)

July 2015: $237,000

December 2015 - got serious about this goal - made a huge line chart to watch my progress - that visual aid has really helped!

Today : $174,000

I want to be done by the time I am 50 (2 - 3 years) ... I know that is late by this board's standards :) I have two paid for rental properties and one other with a mortgage.  Once I pay my house's mortgage, the rental is next :) My plan is to live on rental income with no mortgage no later than when I am 53 :)

Good luck everyone!

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #948 on: July 17, 2016, 09:14:10 PM »
Wow. You paid off 63k in a year while still having hefty interest making it harder to do. And you only got serious in the last 6 months. I'd say you're off to a good start for getting to your goal

birdman2003

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Re: Mortgage Payoff Club!!
« Reply #949 on: July 18, 2016, 09:40:08 AM »
Last month I paid off my mortgage (sold my house) and this week I get a new mortgage (new house).  Interest rate is 2.5% for the first 5 years.  Hoping to have it paid in full before the rate goes up.