The Money Mustache Community

General Discussion => Share Your Badassity => Topic started by: Teachstache on August 12, 2017, 04:38:07 PM

Title: Mortgage less than $3k
Post by: Teachstache on August 12, 2017, 04:38:07 PM
Spouse and I had a large amount of money sitting in a checking account, earning nothing, so we decided to put it toward our mortgage a month ago. We took out our mortgage in August 2012, now we owe $2,800 on it 5 years later. Very close to paying it off. This is our only debt. Sharing it here since we can't share it with anyone IRL.
Title: Re: Mortgage less than $3k
Post by: Megma on August 12, 2017, 05:53:04 PM
Badass!
Title: Re: Mortgage less than $3k
Post by: DapperD123 on August 12, 2017, 06:36:49 PM
Sweet!!!!!
Title: Re: Mortgage less than $3k
Post by: Capt j-rod on August 14, 2017, 04:21:10 PM
FREEDOM!!!!!!!!!!!! Congrats, I'm more than a little jealous
Title: Re: Mortgage less than $3k
Post by: Teachstache on August 15, 2017, 07:44:24 PM
Thanks, all, for the positive wishes. We can't share with anyone IRL, do I appreciate the props from the MMM community.
Title: Re: Mortgage less than $3k
Post by: meandmyfamily on August 15, 2017, 10:10:02 PM
So awesome!!
Title: Re: Mortgage less than $3k
Post by: HPstache on August 15, 2017, 10:15:47 PM
Jealous!  One step closer to freedom...
Title: Re: Mortgage less than $3k
Post by: ImCheap on August 16, 2017, 06:37:33 AM
That's Mustastic,

Enojoy your freedom.
Title: Re: Mortgage less than $3k
Post by: Dictator_Mars on August 16, 2017, 07:01:57 AM
Congrats, in RL they would not understand your paying it off so fast.
Title: Re: Mortgage less than $3k
Post by: Teachstache on August 16, 2017, 03:56:21 PM
Quote from: Dictator_Mars on August 16, 2017, 07:01:57 AM
Congrats, in RL they would not understand your paying it off so fast.

Yep. I ran the numbers for the "mortgage interest tax deduction" and it's more beneficial for us to just take the standard anyway. Plus that assumes that I'd invest the full $113k of our loan amount. I just wasn't willing to do that.

Summary: $2,800 in mortgage debt, 35 & 36 years old, maxing out 2 403bs, 1 457 (only 1 available), a defined benefit pension for 80% of my salary at 55.

Gross joint salary is $115k with another $5k in side hustle from me, spouse earns 2 ETHERIUM crypto currency per month.

Question: do we count house value in our net worth?