Mortgage Payoff Club!!

[Trifle]

Ok, I’m jumping in with our new, pretty sizeable mortgage. We bought our first place this year, and would like to pay it off sooner rather than later, though we don’t have high incomes, so we’re still going to be here a long while.  We are still working on the place cash flowing repairs and maintenance, so we probably won’t be paying more towards the mortgage for a while, but we want to as soon as we can.

2025
Jan $510,000
Feb $509,071

Welcome!  Congrats on buying your first place.  Awesome that you already have plans to slay the mortgage as soon as you can. 

[JAYSLOL]

Ok, I’m jumping in with our new, pretty sizeable mortgage. We bought our first place this year, and would like to pay it off sooner rather than later, though we don’t have high incomes, so we’re still going to be here a long while.  We are still working on the place cash flowing repairs and maintenance, so we probably won’t be paying more towards the mortgage for a while, but we want to as soon as we can.

2025
Jan $510,000
Feb $509,071

Welcome!  Congrats on buying your first place.  Awesome that you already have plans to slay the mortgage as soon as you can.

Thanks, we definitely plan to, the house was owned by an elderly couple before we bought it so it had a lot of deferred maintenance and things that should have been replaced a long time ago, like poly-b plumbing, ancient carpet, and some diy fixes that weren’t up to code, or even remotely safe in some cases lol. So I’m hoping by the end of the year we have everything bought back up to speed, and by early next year we can put more towards the mortgage.  We are in Canada, so it’s a 25 year mortgage, currently with a decent rate of just over 4%, but in Canada mortgages can’t be locked for more than 5 years, so in 5 years the rate will go up or down to whatever the going rate is. If I could lock it in for the life of the mortgage, I might not want to be aggressive about paying it down, but since that’s not an option, I’d like to avoid owing such a large amount with the possibility of a big rate-hike every 5 years.

[JAYSLOL]

2025
Jan $510,000
Feb $509,071
Mar $507,963

[Just Joe]

2025: ~$225,000 left

Paying it down at an accelerated pace so it is paid off before we retire in 6-7 more years.

Should we find any lottery tickets or inheritances from long lost relatives come our way it will be paid off at the first opportunity.

[BiggerFishToFI]

Made some solid progress this quarter due to bonus season and owing less tax than estimated. Goal is to be paid off sometime in 2028.

Original amount: 300k @ 6.625
Aug 2024: 299k
Sep 2024: 299k
Oct 2024: 299k
Nov 2024: 298k
Dec 2024: 298k
Jan 2025: 289K
Feb 2025: 275k
Mar 2025: 271k

[Dutch Comfort]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
April 2024: EUR 27,000 repayment date 10/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

No extra payments yet this year, but we did the tax filing and a refund is coming our way, so this should help!

[Trifle]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
April 2024: EUR 27,000 repayment date 10/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

No extra payments yet this year, but we did the tax filing and a refund is coming our way, so this should help!

You crossed the 25% mark!  Well done!

[Nederstash]

Another 1500 thrown at the mortgage, now at 59,726.

[Just Joe]

More reasons to aim to pay it off - surprise serious health problems...

[Dutch Comfort]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Managed to do an additional payment this month. So one month taken off the repayment date!

[JAYSLOL]

2025
Jan $510,000
Feb $509,071
Mar $507,963
Apr $507,026

[Money Badger]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Managed to do an additional payment this month. So one month taken off the repayment date!

17K by 2027?   Seriously?   We’ve talked about this!  ;-)   Time to start using capital gains, credit card promos and cash in the sofa cushions to kill this this year!

[AFrugalGuy]

Original loan amount: $656,000.00

December 31, 2023: $497,758.27
December 31, 2024: $409,737.04
January 31, 2025: $403,846.93
February 28, 2025: $398,865.16
March 31, 2025: $393,718.92

[AFrugalGuy]

Original loan amount: $656,000.00

December 31, 2023: $497,758.27
December 31, 2024: $409,737.04
January 31, 2025: $403,846.93
February 28, 2025: $398,865.16
March 31, 2025: $393,718.92
April 30, 2025: $376,211.30

[TyGuy]

Made the decision to start paying extra on my mortgage, at least until rates drop again and I am able to refinance. My goal is to pay an additional $500 towards my mortgage each month.

Initial mortgage: $428,000 @6.125%

Balance:
05/01/25: $424,964

[Freedomin5]

Original amount: 412k
Apr 2024: 407k
May 2024: 392k
Jun 2024: 377k
Jul 2024: 338k
Sep 2024: 333k
Dec 2024: 323k
Jan 2025: 261k - Made a lump sum payment of ~61k
Mar 2025: 253k
May 2025: 245k

[Dutch Comfort]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Managed to do an additional payment this month. So one month taken off the repayment date!

17K by 2027?   Seriously?   We’ve talked about this!  ;-)   Time to start using capital gains, credit card promos and cash in the sofa cushions to kill this this year!

I know...... I know..... but Mr DutchComfort is not completely on the same page..... I keep trying to pay off as much as possible without him starting to feel uncomfortable..... His emergency fund comfort level is way higher than mine.....

[AFrugalGuy]

Original loan amount: $656,000.00

December 31, 2023: $497,758.27
December 31, 2024: $409,737.04
January 31, 2025: $403,846.93
February 28, 2025: $398,865.16
March 31, 2025: $393,718.92
April 30, 2025: $376,211.30
May 31, 2025: $366,562.77

[Dutch Comfort]

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29
May 2025: EUR 25,500 repayment date 08/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Another month shaved off due to a refund from our insurance. Now waiting for the tax refund to shave another couple of months off the repayment date.
Slowly but surely we're getting there.....