HELOC down to triple digits!

[Villanelle]

I just set up a payment for tonight that drops our HELOC balance down to triple digits!  We are so close.  Took out the cash in Feb 2013, with what we thought was an aggressive goal of having it paid off in 5 years.  It will be done in less than 4.   We are so close.  Definitely before year end, maybe even before October's end.  Knowing today's payment dropped us down a[nother] digit was such a light feeling.  $62,000, down to about $800.  I actually could pay it off today, but we are still settling in after a move and expenses are a bit unpredictable.

Now I need to figure out exactly where to put all those monthly soldiers when we are finished with this!  Mustachian-people problems (MMMPP)!

[jda85]

I'm curious what you used the HELOC for?

[ShortInSeattle]

Congrats!

[TomTX]

Not OP, but we got a HELOC when interest rates dropped a lot, but we couldn't justify the closing costs to refinance due to the low loan balance.

So we got a lower rate HELOC and paid off the original mortgage.

[Villanelle]

I'm curious what you used the HELOC for?

We paid off our traditional mortgage.  We couldn't re-fi because it is no longer owner occupied (we moved overseas).  My parents loaned us the money for much of it so we have a mortgage with them (official lien, paying interest to them, etc.) but dad didn't want to liquidate enough to cover all of it, so we used our HELOC for the rest.  Went from 5.125% (I think) on the  old mortgage to 2.6 (recently increased to 2.8) on the HELOC and 4.xx% (I can't recall exactly) on the parent mortgage.  If the HELOC weren't adjustable, I'd have never paid it off!