Author Topic: Mortgage Payoff Club!!  (Read 280547 times)

allsummerlong

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Re: Mortgage Payoff Club!!
« Reply #950 on: July 18, 2016, 04:46:12 PM »
Made it to 5 figures!!! YAY!

$99,121

Aiming for a Dec 2018 pay off.

ender

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Re: Mortgage Payoff Club!!
« Reply #951 on: July 18, 2016, 06:08:07 PM »
A journey of a thousand miles begins today.

Going to be slower than many of you all. But.. we'll do it, eventually. Right now if we put an extra $495/month against the mortgage we'll pay it off in 15 years...

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #952 on: July 20, 2016, 05:17:16 AM »
7,365.58 left to pay!

:)

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #953 on: July 20, 2016, 08:01:20 PM »
A journey of a thousand miles begins today.

Going to be slower than many of you all. But.. we'll do it, eventually. Right now if we put an extra $495/month against the mortgage we'll pay it off in 15 years...

I originally got a 30 yr mortgage and was hoping to pay it in 15. As rates went down I refinanced into a 15 year and my salary went up. The nice thing about buying and getting a mortgage is that your payment stays the same and inflation hopefully drives your salary higher. It's now looking like I'll get things paid closer to 9-10 years from the original 30 year loan vs the original hope of 15. It's easier to pay more extra on the mortgage now and also save a higher % in savings at the same time all these years later. You might be pleasantly surprised that your 15 year plan turns into something shorter.

As for those that say you/I shouldn't be paying early... I treat my home equity similar to a "bond" in my portfolio in that I don't expect the equity to go away and I am getting only a small return (mortgage % - tax breaks) of something less than 2%. As such I have no bonds in my actual portfolio. This is fine for me at the moment as I would only be using bonds for long term stability vs needing short term access to money. I'm likely losing out on some long term gains by not investing directly, but at the benefit of a smoother climb in net worth. If there's any chance of catastrophe wiping you to a negative number where you would need to file bankruptcy prepaying is probably a bad plan if you are not maxing your retirement accounts. 401k and IRA are protected during bankruptcy.

motiv8ed

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Re: Mortgage Payoff Club!!
« Reply #954 on: July 24, 2016, 10:05:48 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.

Mortgage Balance:$115,225.42
Payoff Fund:$15,769.88
What's Left:$99,455.54

Finally joining the 5 figure club also. I'm very excited to enter this part of the journey. Im shooting for a balance of $85k at the end of the year, $80k would be even better.

KodeBlue

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Re: Mortgage Payoff Club!!
« Reply #955 on: July 25, 2016, 09:55:29 AM »
made the last payment this morning! woo-hah!

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #956 on: July 25, 2016, 10:03:57 AM »
Congrats KodeBlue. <<<happy dance>>>

KodeBlue

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Re: Mortgage Payoff Club!!
« Reply #957 on: July 25, 2016, 11:48:57 AM »
thanks! it feels great. :)

nnls

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Re: Mortgage Payoff Club!!
« Reply #958 on: July 25, 2016, 04:08:25 PM »
made the last payment this morning! woo-hah!


Congratulations!

wintertell

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Re: Mortgage Payoff Club!!
« Reply #959 on: July 27, 2016, 08:37:12 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!

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.

The stars and the hustle aligned so that we just paid off our mortgage today!!! WAHOOO!!

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #960 on: July 27, 2016, 08:47:43 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!

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.

The stars and the hustle aligned so that we just paid off our mortgage today!!! WAHOOO!!

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.

The stars and the hustle aligned so that we just paid off our mortgage today!!! WAHOOO!!

Well done you guys!!!



dandypandys

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Re: Mortgage Payoff Club!!
« Reply #961 on: July 27, 2016, 08:49:04 AM »
We are at $6,715.58 now!
Next payment out comes in 5 days so will be under 6k and then I am sending off for the final payment coupon thingy and paying it all off !! Excited.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #962 on: July 29, 2016, 09:25:21 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.
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.

After paying everything else I put another $475 towards things in early July. Today I made my August payment and its a pretty decent one.

August 2016 - $39,000

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #963 on: July 29, 2016, 11:36:31 PM »

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 - $43750  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

7/29 Remaining balance $60825

Getting excited, I don't know why but the $50's has always been a milestone and the next payment will get us there. Congrats Dandypandys - I look forward to getting to where you are.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #964 on: August 01, 2016, 06:28:43 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 (July 5th):  $98,504


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

8/1/2016:  $95,504

Won't see much progress next month as we are paying off the credit cards from our trip.   Asked the hubby if he wanted 3K on the mortgage or in the IRA, he voted mortgage so here it is.  I have until April to fill up our 2016 IRA's.

In other news...we are selling the rental next spring!  Well, we will try, at least.  Ha!  If we can get it sold, we should have 20-40K in equity that we will dump on this house.   That will be fun, but I'm trying not to get my hopes up that it will sell that quickly for the price I want.  We owe about 56K on it now, will owe 52K when we try to sell.  I'd love to sell it for around 100K but we'll see what the market is like at that time. 

Highbeam

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Re: Mortgage Payoff Club!!
« Reply #965 on: August 01, 2016, 09:34:47 AM »
I'll join in. I have a 15 year mortgage, 3% rate, with a balance of 198147 on a home valued by Zillow to be 335000 so I calculate 115747 in equity. For various reasons, I am no longer able to itemize on my taxes so no mortage interest deduction benefit.

House payoff fund is at 126325 today.

Remaining balance to payoff the loan is then 198147-126325 = 71822.

I am saving up the payoff money in an after tax brokerage account with the intent of paying it off lump sum style. This, to me, sounds a lot better than dumping that money into the mortgage as I go which would lock those funds away but give me no relief on monthly cashflow requirements.

I expect to payoff the house when the house payoff fund exceeds the remaining balance by 20,000 or so. This for special income taxes and to keep the brokerage account in the "admiral" class. I see paying off the mortage the same way as I see having children. Not a wise financial move but with significant emotional value.

Love to read the success stories of you folks.


rjbf65

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Re: Mortgage Payoff Club!!
« Reply #966 on: August 02, 2016, 10:57:08 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!

$26,523 --- $431 reduction for July -- made the minimum payment only.  Had over $2100 in hospital related expenses due to the baby born in May.  We had $4 left over for the month and it's not worth logging in to the system to move that over.  Feel blessed to be able to absorb the hospital bills in our normal cash flow.  Hoping for a good August.  Then September should be good with 3 paychecks.  Have $14K sitting in a checking account at my old bank that I plan to use to finish it off.  So about $12K away from being able to do that. 

Gardo

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Re: Mortgage Payoff Club!!
« Reply #967 on: August 06, 2016, 08:28:13 AM »
Found this thread. 

I started back on Jul 1, 2009 with a mortgage principal of $255K.  So a total of 7 years of payment now.  I am still paying for my "sin" of having a 5.5% interest during the first 21 months before pulling the trigger on refinancing to 4%. 

The cost of this "sin" right now is $5,240.  This was arrived at by calculating if I had a fixed 4% on 15 years.  Without any overpayment and just straight fixed payment monthly, the interest projects to a total of $59,325 for 7 years. 

Since I had a "sin" of 21 months, my actual total interest paid the past 7 years was $64,565.   So the difference between actual and projected interest payment stands at an overpayment of $5,240.

I have been paying additional principal but was only able to start late due to me prioritizing other higher interest debts (credit card, car loan, etc.).  I currently stand $35K ahead of the fixed projection for 15 years.  So, I am excited to see in the coming months and years the fruit of the additional payments in the form of payment for my "sin" and eventually, an actual savings on interest payments. 

My principal balance is $122K. 

« Last Edit: August 06, 2016, 08:37:26 AM by Gardo »

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #968 on: August 06, 2016, 08:33:43 AM »
I have $5977.52 left and ordered the payoff coupon so will be paying it off Sept 1st woohooooooo!


Gardo

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Re: Mortgage Payoff Club!!
« Reply #969 on: August 06, 2016, 09:10:51 PM »
Found this thread. 

I started back on Jul 1, 2009 with a mortgage principal of $255K.  So a total of 7 years of payment now.  I am still paying for my "sin" of having a 5.5% interest during the first 21 months before pulling the trigger on refinancing to 4%. 

The cost of this "sin" right now is $5,240.  This was arrived at by calculating if I had a fixed 4% on 15 years.  Without any overpayment and just straight fixed payment monthly, the interest projects to a total of $59,325 for 7 years. 

Since I had a "sin" of 21 months, my actual total interest paid the past 7 years was $64,565.   So the difference between actual and projected interest payment stands at an overpayment of $5,240.

I have been paying additional principal but was only able to start late due to me prioritizing other higher interest debts (credit card, car loan, etc.).  I currently stand $35K ahead of the fixed projection for 15 years.  So, I am excited to see in the coming months and years the fruit of the additional payments in the form of payment for my "sin" and eventually, an actual savings on interest payments. 

My principal balance is $122K.

I was thinking about how I paid additional of $35K and yet faces $5,240 deficit and it just feels odd. 

Then it struck me.  I wasn't comparing it correctly.  I arrive at such decision when I thought about exaggerating and said, "If I pay it off today all my debt, that would still leave me with the $5,240 deficit, which does not make sense."  The solution was not to compare on time paid (i.e., 7 years so far) but on mortgage balance (i.e., $122K). 

So the correct comparison of interest paid are :

a) Projected interest paid through $122K balance : $70,600.
b) Actual interest paid through $122K balance : $64,800.

This now brings me from deficit to a surplus savings of $5,800!!!!!!!!!!!


jerseymark

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Re: Mortgage Payoff Club!!
« Reply #970 on: August 07, 2016, 05:33:54 AM »
My wife and I have been paying down our mortgage since we "bought"(I don't feel like it is our house until we own it without mortgage) the house in December 2009.  Went from 30 yr to 15 yr mortgage after a refinance in 2014.  Now following a plan with our extra savings in the following steps:
1. Keep emergency fund
2. Max 403B match(
3. Max Roth IRA for both of us(11K/year)
4. All additional to extra mortgage payments.

Our interest rate is only 2.9% so:
I know #4 could be to invest in a taxable account instead or put a little more towards 403B(could do 5k more per yr).  However, my 403B is not a great plan and has some additional fees.  It is also taxed where we live(NJ) since NJ does not recognize 403Bs like 401Ks.  With regard to taxable investments - I would rather get the guaranteed 2.9%, all investment accounts are in stocks so in my mind - the home is like a fixed income investment.  I have gone back and forth about this a few times and I always come back to the following question:  Would I take out a home equity loan at 2.9% interest to invest the money? or another way - Would I finance a car at 2.9% or pay cash?  The answer is no and cash for car every time...

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #971 on: August 07, 2016, 05:56:06 AM »
I'll join in. I have a 15 year mortgage, 3% rate, with a balance of 198147 on a home valued by Zillow to be 335000 so I calculate 115747 in equity. For various reasons, I am no longer able to itemize on my taxes so no mortage interest deduction benefit.

House payoff fund is at 126325 today.

Remaining balance to payoff the loan is then 198147-126325 = 71822.

I am saving up the payoff money in an after tax brokerage account with the intent of paying it off lump sum style. This, to me, sounds a lot better than dumping that money into the mortgage as I go which would lock those funds away but give me no relief on monthly cashflow requirements.

I expect to payoff the house when the house payoff fund exceeds the remaining balance by 20,000 or so. This for special income taxes and to keep the brokerage account in the "admiral" class. I see paying off the mortage the same way as I see having children. Not a wise financial move but with significant emotional value.

Love to read the success stories of you folks.

I struggle with this...I'm curious what the savings calculation is, you chop off the end of the mortgage interest but that's the lowest portion.  You earn money for low fees with admiral shares...but there seems to be a middle ground in there that should reduce interest and principle and earn money and still make the same pay off date; with just less liquidity.

Paying money for not having money is the one thing that kills me!  Money making me money doesn't offset that feeling for me since I don't have enough money to offset the interest in currently paying.

tightwaddy

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Re: Mortgage Payoff Club!!
« Reply #972 on: August 08, 2016, 05:29:50 AM »
$39,741

Payoff by year's end!

boarder42

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Re: Mortgage Payoff Club!!
« Reply #973 on: August 08, 2016, 06:01:30 AM »
I'll join in. I have a 15 year mortgage, 3% rate, with a balance of 198147 on a home valued by Zillow to be 335000 so I calculate 115747 in equity. For various reasons, I am no longer able to itemize on my taxes so no mortage interest deduction benefit.

House payoff fund is at 126325 today.

Remaining balance to payoff the loan is then 198147-126325 = 71822.

I am saving up the payoff money in an after tax brokerage account with the intent of paying it off lump sum style. This, to me, sounds a lot better than dumping that money into the mortgage as I go which would lock those funds away but give me no relief on monthly cashflow requirements.

I expect to payoff the house when the house payoff fund exceeds the remaining balance by 20,000 or so. This for special income taxes and to keep the brokerage account in the "admiral" class. I see paying off the mortage the same way as I see having children. Not a wise financial move but with significant emotional value.

Love to read the success stories of you folks.

I struggle with this...I'm curious what the savings calculation is, you chop off the end of the mortgage interest but that's the lowest portion.  You earn money for low fees with admiral shares...but there seems to be a middle ground in there that should reduce interest and principle and earn money and still make the same pay off date; with just less liquidity.

Paying money for not having money is the one thing that kills me!  Money making me money doesn't offset that feeling for me since I don't have enough money to offset the interest in currently paying.

the interest is the same throughout the mortgage its a percentage.  and if you're going to pay down your mortgage this is the lowest risk way to do it. making small payments over time and slowly decreasing it is a high risk decision in the event you lose your stream of income long enough that you have no way to pay your house and you get foreclosed on ... the bank doesnt care if you're paying down a 30 year loan at a 10 year pace.  if with 1 year left to pay down you lose all money and cant pay your mortgage you lose your house.  OTOH if you are doing as highbeam is doing and the same situation happens you have much more easily liquidable capital to continue paying your mortgage and living expenses for a longer time. If you really want to pay it down do it this way.  i know the math is lost on some about why you shouldnt, and i know some people understand it and choose to emotional paydown ... but the lowest risk way to pay down your mortgage is to lump sum pay it off not bit by bit.
PM me about how to save 6% on your annual grocery Bill!

There is a 35k starwood bonus right now as well. PM me for the info.

mathjak107

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Re: Mortgage Payoff Club!!
« Reply #974 on: August 08, 2016, 06:26:13 AM »
just don't leave yourself to low on cash by paying off the house .

it can be pretty miserable being house rich and cash poor . you can't spend the living room at the grocery .

once the money is in the house there really is no way to get it out without loans  . trying to access it is no different then taking any other kind of loan , you now need the money to make the payments .

even a reverse mortgage is still a loan you owe . you just agree to give them the house if you or your heirs can't pay off the loan .

« Last Edit: August 08, 2016, 06:29:55 AM by mathjak107 »

asauer

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Re: Mortgage Payoff Club!!
« Reply #975 on: August 08, 2016, 10:59:26 AM »
Down to $49,900 from $57,500 last month.  We have about 6 months to go and honestly, I'm tired.  I'm hoping we can gut it out down the home stretch.  There's nothing giant that we want to buy but we've been hitting this hardcore for 5 years.  I'm just ready to move on to something else.

pdxmonkey

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Re: Mortgage Payoff Club!!
« Reply #976 on: August 08, 2016, 08:37:44 PM »
I'll join in. I have a 15 year mortgage, 3% rate, with a balance of 198147 on a home valued by Zillow to be 335000 so I calculate 115747 in equity. For various reasons, I am no longer able to itemize on my taxes so no mortage interest deduction benefit.

House payoff fund is at 126325 today.

Remaining balance to payoff the loan is then 198147-126325 = 71822.

I am saving up the payoff money in an after tax brokerage account with the intent of paying it off lump sum style. This, to me, sounds a lot better than dumping that money into the mortgage as I go which would lock those funds away but give me no relief on monthly cashflow requirements.

I expect to payoff the house when the house payoff fund exceeds the remaining balance by 20,000 or so. This for special income taxes and to keep the brokerage account in the "admiral" class. I see paying off the mortage the same way as I see having children. Not a wise financial move but with significant emotional value.

Love to read the success stories of you folks.

I struggle with this...I'm curious what the savings calculation is, you chop off the end of the mortgage interest but that's the lowest portion.  You earn money for low fees with admiral shares...but there seems to be a middle ground in there that should reduce interest and principle and earn money and still make the same pay off date; with just less liquidity.

Paying money for not having money is the one thing that kills me!  Money making me money doesn't offset that feeling for me since I don't have enough money to offset the interest in currently paying.

the interest is the same throughout the mortgage its a percentage.  and if you're going to pay down your mortgage this is the lowest risk way to do it. making small payments over time and slowly decreasing it is a high risk decision in the event you lose your stream of income long enough that you have no way to pay your house and you get foreclosed on ... the bank doesnt care if you're paying down a 30 year loan at a 10 year pace.  if with 1 year left to pay down you lose all money and cant pay your mortgage you lose your house.  OTOH if you are doing as highbeam is doing and the same situation happens you have much more easily liquidable capital to continue paying your mortgage and living expenses for a longer time. If you really want to pay it down do it this way.  i know the math is lost on some about why you shouldnt, and i know some people understand it and choose to emotional paydown ... but the lowest risk way to pay down your mortgage is to lump sum pay it off not bit by bit.

This is true. If you get foreclosed on you still lose the whole house and have no say in the amount the house gets sold for. You COULD get some cash back from your equity, but it seems unlikely. I could lump sum the rest of mine right now if I wanted to liquidate some taxable investments, but I'm using income earned to pay it down. Worst case scenario when I didn't have the lump sum what I would have received in unemployment benefits would have more than covered my mortgage + utilities + taxes + car/home insurance + food. That would get me through half a year 26 weeks before I had to touch my emergency cash which would last me ~6 months or so. I'd very likely have a job long before then and that's assuming no changes to my food budget or turning the heat or a/c down even further to save money. Being a single earner I never want to be in a situation where required outflows would be greater than inflows even in the case I got laid off and I bought a house sized to meet that goal.

Neustache

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Re: Mortgage Payoff Club!!
« Reply #977 on: August 09, 2016, 06:35:56 AM »
This is true. If you get foreclosed on you still lose the whole house and have no say in the amount the house gets sold for. You COULD get some cash back from your equity, but it seems unlikely. I could lump sum the rest of mine right now if I wanted to liquidate some taxable investments, but I'm using income earned to pay it down. Worst case scenario when I didn't have the lump sum what I would have received in unemployment benefits would have more than covered my mortgage + utilities + taxes + car/home insurance + food. That would get me through half a year 26 weeks before I had to touch my emergency cash which would last me ~6 months or so. I'd very likely have a job long before then and that's assuming no changes to my food budget or turning the heat or a/c down even further to save money. Being a single earner I never want to be in a situation where required outflows would be greater than inflows even in the case I got laid off and I bought a house sized to meet that goal.


This is where we are, pretty much.  I already have some money saved up (80K), and we are adding 30K a year to that pile.  Unemployment for one of us would cover our mortgage/taxes/insurance plus utilities.  We would need to cover food and health insurance plus misc things.  We would be able to cover that with our savings, but more than likely, one of us would have a job and we both would not be unemployed at the same time.  Shoot, if we were both unemployed, then we'd probably be able to live off both unemployment benefits until one of us found a job.  Benefits would be around $2500 a month for us.  That's our practically our FIRE number anyways! I think we would have 20 weeks of benefits.   

Most people here, I hope, are saving a decent sum first and then paying down the mortgage with money that could be saved but they are choosing to use it for the mortgage.  Paying down the mortgage is higher risk, I'll grant that.  But having a large (to non-MMMer's) savings stash, and low expenses overall, we are in a better position to do it.  Also, my balance is so low (95K) that it's just not going to take us long to knock it out.  Especially if we sell our rental and get our equity out of that next spring (hopeful!). 

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #978 on: August 10, 2016, 08:36:43 AM »
I'm joining the club!!  I want to be out from under the crushing debt of my mortgage.
...  Goal is to pay the mortgage down to a point that I could afford payments [through a recast] even if I'm not employed.  That might be all the way to zero, or it might not.  ... I'm still a looooong way away from retiring this debt, so I'm trying to speed that up.  I still have a long time to figure out the end result.

I'm in a HCOL city in a big house.  I'll show progress in terms of % paid off against initial home value (equity against initial sale price).

Progress (%equity against initial sale price)
  • 06/2012 - 25%  (downpayment & first monthly payment)
  • 06/2013 - 27%  (now paying a few hundred extra monthly)
  • 06/2014 - 30%  (now paying 1000 extra each month)
  • 06/2015 - 33%  (still paying 1000 extra each month)
  • 08/2015 - 46%  (big fat payment in preparation for a requested recast next quarter)
  • 03/2016 - 48%  (now paying 1400 extra each month)
  • 08/2016 - 53%  (now paying 6400 extra each month)

I'll be requesting the recast paperwork this month.  Principal balance dipped under 400k, and I feel much more comfortable with payments against that as a loan amount. 
Sometimes nothing can be a real cool hand

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #979 on: August 11, 2016, 01:06:05 AM »
I re-read a lot of arguments in this thread and since I have two mortgages I decided to stash one and pre-pay the other.  Could I have the best of both worlds, ha?! No, I'm a dumbass with two mortgages and in an industry where my friends are being laid off around me.  I will say I'm fortunate that I have renters in both properties and all my expenses in the US are FI each month.  I took a couple huge risks, refi primary home to an ARM (idea was to sell and dump equity into new home within 36 months) while self constracting my 2nd home which the construction loan converted to a 5 year balloon...then I was relocated out of the country.

ARM is five figures so I decided to dump the entire rental income on principle, and I'll stash the balloon and refi to a 30yr fixed while I still have a job!!  E-fund can cover both mortgages without renters for a year.  I'm still undecided if I'll sell or keep rental once I return to the states.  My plan has always been (since construction) to be mortgage free by 2020 and retire 2026 however I have a 2 year old and another one the way...time to read up on 529's.

Nora

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Re: Mortgage Payoff Club!!
« Reply #980 on: August 11, 2016, 01:21:57 AM »
I am in. Intending to pay it all off in four years or less. This one is a big $600000 and 5.2% interest.

Well we are done! Paid the last payment today. 3 years and 8ish months. I can thank our high incomes for the speed, and the high interest rate for the motivation. Now we just have to stash in Vanguard...

mies

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Re: Mortgage Payoff Club!!
« Reply #981 on: August 11, 2016, 03:34:35 AM »
I am in. Intending to pay it all off in four years or less. This one is a big $600000 and 5.2% interest.

Well we are done! Paid the last payment today. 3 years and 8ish months. I can thank our high incomes for the speed, and the high interest rate for the motivation. Now we just have to stash in Vanguard...

Great job! If it was a 30 year loan, 5.2% is almost usurious. I'm sure you probably saved several hundred thousand dollars paying it off early.
Less is more.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #982 on: August 11, 2016, 04:30:52 AM »
I am in. Intending to pay it all off in four years or less. This one is a big $600000 and 5.2% interest.

Well we are done! Paid the last payment today. 3 years and 8ish months. I can thank our high incomes for the speed, and the high interest rate for the motivation. Now we just have to stash in Vanguard...
Holy cow Nora!  Great job.   I also had a big starting balance of $620k. I just made it down to below $400 after 4 years and was planning to ease off, but seeing your progress, I may have to step it up and try to make a bigger dent.
That is so impressive and must be hugely satisfying.  Any feedback from anyone you've shared with in real life?  What will you be doing to celebrate? 
Sometimes nothing can be a real cool hand

Nora

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Re: Mortgage Payoff Club!!
« Reply #983 on: August 12, 2016, 03:47:31 AM »
The only people we can tell are my parents and one brother. My Dad thinks it's a huge achievement even despite our incomes so that is nice to hear. I guess we have choices, and could have chosen expensive holidays and consumer goods instead although we would have had make a serious effort  to use that kind of money. We celebrated with a glass of Lindauer Fraise which is a cheap ($10) sparkling NZ wine, strawberry flavoured. The house is in New Zealand so it seemed an appropriate choice. My husband has also 'retired' in the sense that he won't work again except as a homemaker and parent. It happened to coincide with the last payment, rather than being a planned ending. His contract was ended a month early by his employer and not extended as we had hoped it would be. So he has an extra reason ot celebrate too.

The original term was 25 years and the rate was variable but got as high as 6.5% at one stage. We could have fixed for a lower rate but I wanted to have flexibility in paying it. We were sending back Australian money to NZ so got a little kick from the currency exchange. Except at one stage when there was almost currency parity, but it didn't last long thank goodness.

The house has extra bedrooms and part of our early retirement plan when it happens, is to move into the house and have flatmates for the first few years for a bit of a buffer to our stash. Will see how it goes. It is on ten acres too so looking forward to having a big vege garden to keep me busy (one of my long lost hobbies).

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #984 on: August 12, 2016, 11:27:19 AM »
The only people we can tell are my parents and one brother. My Dad thinks it's a huge achievement even despite our incomes so that is nice to hear. I guess we have choices, and could have chosen expensive holidays and consumer goods instead although we would have had make a serious effort  to use that kind of money. We celebrated with a glass of Lindauer Fraise which is a cheap ($10) sparkling NZ wine, strawberry flavoured. The house is in New Zealand so it seemed an appropriate choice. My husband has also 'retired' in the sense that he won't work again except as a homemaker and parent. It happened to coincide with the last payment, rather than being a planned ending. His contract was ended a month early by his employer and not extended as we had hoped it would be. So he has an extra reason ot celebrate too.

The original term was 25 years and the rate was variable but got as high as 6.5% at one stage. We could have fixed for a lower rate but I wanted to have flexibility in paying it. We were sending back Australian money to NZ so got a little kick from the currency exchange. Except at one stage when there was almost currency parity, but it didn't last long thank goodness.

The house has extra bedrooms and part of our early retirement plan when it happens, is to move into the house and have flatmates for the first few years for a bit of a buffer to our stash. Will see how it goes. It is on ten acres too so looking forward to having a big vege garden to keep me busy (one of my long lost hobbies).
Gosh, that sounds even better now.  What a great story.  thank you for sharing.
Sometimes nothing can be a real cool hand

serious_pete

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Re: Mortgage Payoff Club!!
« Reply #985 on: August 24, 2016, 01:33:46 PM »
I'm in! 122,000 left to go on a 128,000 mortgage. Interest rate set at 4.99% So far made a grand total of 1000 overpayments so got quite a way to go. The plan is to overpay by 500 per month to start with and change mortgage deal in December.

Now down to 116,500 and interest rate is now down to 3.09% as of January. Still working on 500 overpay per month. Slow but steady!

As of right now mortgage is at 105, 082.

Not been on here for a while but we're now down to 5 figures! 99,500 😀
Red from Shawshank Redemption:

"He had a quiet way about him, a walk and a talk that just wasn't normal around here. He strolled, like a man in a park without a care or a worry in the world, like he had on an invisible coat that would shield him from this place."

My attempt at a journal : http://forum.mrmoneymustache.com/journals/finance-etc-pete's-journal/

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #986 on: August 24, 2016, 08:58:30 PM »
@serious_pete,   Excellent work getting to 5 figures!   Every "chunk" you pay just makes a bigger percentage impact from here.    No wonder the mortgage bankers focus on selling big mortgages...   human psychology of a big debt is "why even bother trying to pay it down"...    But small debt psychology is "I can and will totally kill this nuisance". 

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #987 on: August 24, 2016, 10:01:04 PM »
I think the term you were look for is face punch.

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #988 on: August 25, 2016, 04:25:08 AM »
We are at $8,900 now after i dropped 4k in from a sale yayayayayay!


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Neustache

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Re: Mortgage Payoff Club!!
« Reply #989 on: August 25, 2016, 07:23:50 AM »
So close DandyPandys!

Oil Patch Adams

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Re: Mortgage Payoff Club!!
« Reply #990 on: August 25, 2016, 08:45:58 AM »
So that was from almost 2 months ago...are you mortgage free dandypandys?

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #991 on: August 25, 2016, 06:03:46 PM »
So that was from almost 2 months ago...are you mortgage free dandypandys?

I sent the certified check in the other day.. just waiting to hear the good news!!! It's like it isn't done done, until it is done :)

Mrs Brave

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Re: Mortgage Payoff Club!!
« Reply #992 on: August 25, 2016, 08:06:38 PM »
Joining in here......67,500 approx on the HELOC mortgage. 5.75% interest (before you all start, we do not live in America!)

We want to pay it off in 3 years before Mr Brave turns 60. So that is approx $62/day, not counting the interest.

We have one wage coming in, Mr Brave has a take home wage of 58,000/year.

Now there are just 2 of us at home we are cutting the expenses back as much as we can. We are also considering sending me out to work too, but that is not without its snags. In the meantime we are using me being at home to save as much money as we can....I can alter clothes from thrift shops to fit us, I can garden, and cook meals that are cheap but take a long time. I can buy food that is cheap or pick it for free and freeze it or bottle it. We are also cleaning and decorating a room with a door direct to the outside that used to be ours sons and I may do after school tutoring (I am a fully qualified teacher).

Right, off to make flatbreads to have with the leftover bean stew from last night. (Dried beans, pumpkin from the garden, potatoes carrots onions and herbs....also from the garden)


couponvan

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Re: Mortgage Payoff Club!!
« Reply #993 on: August 25, 2016, 10:25:53 PM »
So that was from almost 2 months ago...are you mortgage free dandypandys?

I sent the certified check in the other day.. just waiting to hear the good news!!! It's like it isn't done done, until it is done :)
Woo hoo - congrats dandypants!!!

Side rant....OK - why is it that every other month your regular old check is just fine, but for the final check they require a certified one?  I didn't want to pay the certified check fee of $25, so I asked. They said it could take up to 7 days for your other check to clear, so you might have some interest. Hmmm. I owed like $10K at the time, and the 7 days of interest were going to be $10 max, so I technically could have written a regular check and added an additional $25 to be safe. They'd refund me a small check at the end.  I decided to play it safe and my bank actually waived the check fee when I asked. 
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 #994 on: August 26, 2016, 05:47:31 AM »
So that was from almost 2 months ago...are you mortgage free dandypandys?

I sent the certified check in the other day.. just waiting to hear the good news!!! It's like it isn't done done, until it is done :)
Woo hoo - congrats dandypants!!!

Side rant....OK - why is it that every other month your regular old check is just fine, but for the final check they require a certified one?  I didn't want to pay the certified check fee of $25, so I asked. They said it could take up to 7 days for your other check to clear, so you might have some interest. Hmmm. I owed like $10K at the time, and the 7 days of interest were going to be $10 max, so I technically could have written a regular check and added an additional $25 to be safe. They'd refund me a small check at the end.  I decided to play it safe and my bank actually waived the check fee when I asked.


I agree with your to the side rant! So annoying. Mine was wire for 25$ or do a certified/cashiers check.. which my credit union charged 3$ for.. so I went with the latter. Now I am waiting for them to get it and process. I had to google to see if sending a certified check was ok in regular mail- seemed to be a yes. (hope so)
My mortgage co had me choose a payoff date anyway.. Sept 1st, so they already calculated the interest up until that day.. not sure if i get interest back if it is a week early. All new to me!

Lmoot

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Re: Mortgage Payoff Club!!
« Reply #995 on: August 26, 2016, 10:46:34 AM »
I'll join in. I have a 15 year mortgage, 3% rate, with a balance of 198147 on a home valued by Zillow to be 335000 so I calculate 115747 in equity. For various reasons, I am no longer able to itemize on my taxes so no mortage interest deduction benefit.

House payoff fund is at 126325 today.

Remaining balance to payoff the loan is then 198147-126325 = 71822.

I am saving up the payoff money in an after tax brokerage account with the intent of paying it off lump sum style. This, to me, sounds a lot better than dumping that money into the mortgage as I go which would lock those funds away but give me no relief on monthly cashflow requirements.

I expect to payoff the house when the house payoff fund exceeds the remaining balance by 20,000 or so. This for special income taxes and to keep the brokerage account in the "admiral" class. I see paying off the mortage the same way as I see having children. Not a wise financial move but with significant emotional value.

Love to read the success stories of you folks.

I struggle with this...I'm curious what the savings calculation is, you chop off the end of the mortgage interest but that's the lowest portion.  You earn money for low fees with admiral shares...but there seems to be a middle ground in there that should reduce interest and principle and earn money and still make the same pay off date; with just less liquidity.

Paying money for not having money is the one thing that kills me!  Money making me money doesn't offset that feeling for me since I don't have enough money to offset the interest in currently paying.

the interest is the same throughout the mortgage its a percentage.  and if you're going to pay down your mortgage this is the lowest risk way to do it. making small payments over time and slowly decreasing it is a high risk decision in the event you lose your stream of income long enough that you have no way to pay your house and you get foreclosed on ... the bank doesnt care if you're paying down a 30 year loan at a 10 year pace.  if with 1 year left to pay down you lose all money and cant pay your mortgage you lose your house.  OTOH if you are doing as highbeam is doing and the same situation happens you have much more easily liquidable capital to continue paying your mortgage and living expenses for a longer time. If you really want to pay it down do it this way.  i know the math is lost on some about why you shouldnt, and i know some people understand it and choose to emotional paydown ... but the lowest risk way to pay down your mortgage is to lump sum pay it off not bit by bit.

I think it only becomes risky if you don't have adequate savings after the extra payment. It's just as risky if you keep the money in a brokerage account/stocks, for something you might need in a relatively short period of time (less than 5 years). It all just depends on how much you're paying it down, how much you have in savings/ where you're keeping the savings, and how long you expect to take. In my case I'm doing kind of a mix as I've been paying down my mortgage in $5k chunks. It's incredibly satisfying to know that with each chunk paid, I'm that much closer to my goal, not just b/c the principle is less, but because my monthly payments were working that much more against the principle. I agree that small amounts (or the famous "1 extra payment per year) is too slow for my style, and keeps me that much longer in limbo, which does increase risk IMO).

Yes it's true that you'll have less cash reserves while you're paying down that mortgage, but you're also actively reducing the length of time of that additional risk (which, if you plan things properly, it shouldn't even reach the "risk" level). I personally don't want to "risk" my cash not being there when I want it, by keeping it in stocks, and losing out on years of increasing principle directed payments. Granted my mortgage is fairly high by today's standard, at 5.375%, so I don't see me beating that by much, if any, in any other vehicle for the short term.
« Last Edit: August 26, 2016, 10:49:23 AM by Lmoot »

indentured4now

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Re: Mortgage Payoff Club!!
« Reply #996 on: August 29, 2016, 07:42:16 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.

Reclaimed $600 for stuff on Craigslist that all just went to principal and that now pays us back $3 a month so as of 9/1, we'll be down to $106,750.    So without raiding the stash, need to find another $5,500 to get to 5 digits by year end.   Have a plan for 4K of it so far...

dandypandys

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Re: Mortgage Payoff Club!!
« Reply #997 on: August 30, 2016, 05:58:18 AM »
So that was from almost 2 months ago...are you mortgage free dandypandys?

I sent the certified check in the other day.. just waiting to hear the good news!!! It's like it isn't done done, until it is done :)
Woo hoo - congrats dandypants!!!

Side rant....OK - why is it that every other month your regular old check is just fine, but for the final check they require a certified one?  I didn't want to pay the certified check fee of $25, so I asked. They said it could take up to 7 days for your other check to clear, so you might have some interest. Hmmm. I owed like $10K at the time, and the 7 days of interest were going to be $10 max, so I technically could have written a regular check and added an additional $25 to be safe. They'd refund me a small check at the end.  I decided to play it safe and my bank actually waived the check fee when I asked.


I agree with your to the side rant! So annoying. Mine was wire for 25$ or do a certified/cashiers check.. which my credit union charged 3$ for.. so I went with the latter. Now I am waiting for them to get it and process. I had to google to see if sending a certified check was ok in regular mail- seemed to be a yes. (hope so)
My mortgage co had me choose a payoff date anyway.. Sept 1st, so they already calculated the interest up until that day.. not sure if i get interest back if it is a week early. All new to me!


So no official news on the certified check or end of mortgage, BUT I looked on mint.com and it says ZERO for loans :-)
I might get a letter from them today.. will see.

BlueHouse

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Re: Mortgage Payoff Club!!
« Reply #998 on: August 30, 2016, 06:45:37 AM »
So that was from almost 2 months ago...are you mortgage free dandypandys?

I sent the certified check in the other day.. just waiting to hear the good news!!! It's like it isn't done done, until it is done :)
Woo hoo - congrats dandypants!!!

Side rant....OK - why is it that every other month your regular old check is just fine, but for the final check they require a certified one?  I didn't want to pay the certified check fee of $25, so I asked. They said it could take up to 7 days for your other check to clear, so you might have some interest. Hmmm. I owed like $10K at the time, and the 7 days of interest were going to be $10 max, so I technically could have written a regular check and added an additional $25 to be safe. They'd refund me a small check at the end.  I decided to play it safe and my bank actually waived the check fee when I asked.


I agree with your to the side rant! So annoying. Mine was wire for 25$ or do a certified/cashiers check.. which my credit union charged 3$ for.. so I went with the latter. Now I am waiting for them to get it and process. I had to google to see if sending a certified check was ok in regular mail- seemed to be a yes. (hope so)
My mortgage co had me choose a payoff date anyway.. Sept 1st, so they already calculated the interest up until that day.. not sure if i get interest back if it is a week early. All new to me!


So no official news on the certified check or end of mortgage, BUT I looked on mint.com and it says ZERO for loans :-)
I might get a letter from them today.. will see.
I didn't know they ask for certified. My strategy so far is to whittle it down and then wait for a final invoice from the bank. When it's payment in response to a bill, I hope they don't require that.
For some reason, I have it in my mind that I will enjoy a final "pay this" amount that is 100 or 200 dollars.

But that won't happen for a few more years yet :(.
Sometimes nothing can be a real cool hand

SAfAmBrit

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Re: Mortgage Payoff Club!!
« Reply #999 on: September 01, 2016, 07:45:20 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 - $48817  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

7/29 Remaining balance $60825

8/31 Remaining balance $55728

Excitement was brief, but for now I just wish it would end,