Mortgage Payment Club $75K : Starting current balance of $50K- $99K

[Ambergris]

September update:

Previous balance:63980.94
 
Reg. payment principle: 524.37
New reg payment balance: 63456.57
Add. principle payment: 1100.00
New balance:62356.57

Original payoff date: Dec 2032
New projected payoff date: Apr 2031

[middo]

Start of September update:

1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
1st Mar 2022 - $61 000
1st Apr 2022  - $57 000
1st May 2022 - $56 000
1st Jun 2022 - $60 000
1st Jul 2022 - $59 000
1st Aug 2022 - $58 000
1st Sep 2022 - $62 000

Up $4000 after my wife's work had overpaid her in July and August (when she first took leave).  She had to actually tell them to stop paying her, and then a month later the bill for overpayment came through.  No apology, just pay up by a certain date.  It is another reason she is not going back.

[Ambergris]

October update:

Previous balance:63980.94
 
Reg. payment principle: 528.77
New reg payment balance: 61827.80
Add. principle payment: 950.00
New balance:60877.80

Original payoff date: Dec 2032
New projected payoff date: Feb 2031

[Ambergris]

Nov. update:

Previous balance:63980.94
 
Reg. payment principle: 532.77
New reg payment balance: 60345.03
Add. principle payment: 870.00
New balance:59475.03

Original payoff date: Dec 2032
New projected payoff date: Jan 2031

I'm finally in the $50ks, which is nice. I am hoping to have less than five years left (i.e. payoff July 2029) before I hit RE, which is less than two years hence. So far, I'm on course to do that, but of course this depends on a lot of factors continuing as they are, including how disciplined I can be about spending and no emergencies arising. Since emergencies always end up happening, I'm not holding my breath.

[ca-rn]

Hi guys,

I'm looking for folks to share mortgage payment journey with similar situation. 

To be a member of the Club, which we can shorten to MPC075, the requirement is :

YOUR CURRENT MORTGAGE PRINCIPLE BALANCE MUST BE BETWEEN $50K-$99k.   

This gives Club members a better bonding experience as we belong in the same similar range of debt VS people who either have bigger or smaller debt.

The Required First Post should follow this pattern: 


Starting Mortgage Debt :  $ (must be between $50K-$99K)

Beginning Mortgage Debt This Month: $
Paid Mortgage Debt This Month :  $
Ending Mortgage Debt : $

****Descriptive Text *****

For December
Beginning Mortgage debt: 82,515
Paid Mortgage debt: 1996
Ending Mortgage debt: 80519

Maturity date: 4/28 but will pay off remaining balance in 2025 when I plan to FIRE.

[middo]

Start of November update:

1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
1st Mar 2022 - $61 000
1st Apr 2022  - $57 000
1st May 2022 - $56 000
1st Jun 2022 - $60 000
1st Jul 2022 - $59 000
1st Aug 2022 - $58 000
1st Sep 2022 - $62 000
1st Oct 2022 - $61 000
1st Nov 2022 - $64 000

The ride with my wife working intermittently is continuing.  Not all going to (my) plan at the moment.

[LeftA]

Can I continue to post here? The “mortgage payoff club” seems to be for those imminently paying it off or those who have already done so…

In a few days, we will be at $35,800.

We can almost taste freedom!!

[middo]

Can I continue to post here? The “mortgage payoff club” seems to be for those imminently paying it off or those who have already done so…

In a few days, we will be at $35,800.

We can almost taste freedom!!

That's fantastic!

[LeftA]

Thank you @middo !

So, I just made my last extra mortgage payment ever! I will now make whatever payments are scheduled and be done in mid-June 2023.

[Ambergris]

Here's the damage for Dec:

Previous balance:59475.03
 
Reg. payment principle: 536.57
New reg payment balance: 58938.46
Add. principle payment: 950.00
New balance:57988.46

Original payoff date: Dec 2032
New projected payoff date: Nov 2030

Congrats to LeftA: that's great!

[middo]

End of 2022 update:

1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
1st Mar 2022 - $61 000
1st Apr 2022  - $57 000
1st May 2022 - $56 000
1st Jun 2022 - $60 000
1st Jul 2022 - $59 000
1st Aug 2022 - $58 000
1st Sep 2022 - $62 000
1st Oct 2022 - $61 000
1st Nov 2022 - $64 000
1st Dec 2022 - $65 000
1st Jan 2023 - $69 000

Well, that didn't end the way we expected it.  Too many expenses and nit enough income meant we pulled a lot out in the last 6 months.  Should be better next year.

Sigh.

[Ambergris]

Well, that didn't end the way we expected it.  Too many expenses and nit enough income meant we pulled a lot out in the last 6 months.  Should be better next year.

Sigh.

I'm sorry to hear that. I really hope things improve for you this coming year.

[Ambergris]

Jan update:

Previous balance:57988.46
 
Reg. payment principle: 540.60
New reg payment balance: 57447.86
Add. principle payment: 1000.00
New balance:56447.86

Original payoff date: Dec 2032
New projected payoff date: Sep 2030

[AnxietyFly]

Here's an update:
It's been a couple of years since I posted about my mortgage. Paying off my house was an extremely emotional event for me. Paying off a mortgage with a 2.99% interest rate was a bad financial decision because it takes away the compound interest superpower if the money was invested in the stock market. However, I was investing for 22 years before pulling the trigger on getting intensely motivated for mortgage payoff. Right after high school, I was saving about six thousand a year on average between ages of 18 to 30 on 401k index funds. I did not make a lot of money because the early 2000's was a different stock market environment than the last ten + years. 
Growing up in an unstable household made having financial stability an important factor in deciding to have no house payment. A lot of sacrifices were made to make things happen.  I remember my first unemployment check ever was spent on making a wire transfer to pay off the house.  it's hard to explain but my endorphins were uncontrollable after paying off the house. 
After the house was paid off, my extra cash was directed to investments. Most of the investments were in the stock market but I also invested in some other family investments. Turned out to be a very good opportunity that I wouldn't have been able to take advantage of if I had a house payment.
Lastly, my net worth average increase per year almost doubled since before I started the payoff idea. There have been a couple anomalies though with the housing and stock market, so I need to monitor for a few more years to make a better analysis on how it impacted me financially. 

[Ambergris]

Here's Feb's update:

Previous balance:56447.86
 
Reg. payment principle: 544.77
New reg payment balance: 55903.09
Add. principle payment: 1000.00
New balance:54903.09

Original payoff date: Dec 2032
New projected payoff date: July 2030

[Ambergris]

March's update. The increase in the amount I can put in tax deferred with the new limits means slightly less will be going into mortgage payments.

Previous balance:54903.09
 
Reg. payment principle: 548.95
New reg payment balance: 54354.14
Add. principle payment: 850.00
New balance:53504.14

Original payoff date: Dec 2032
New projected payoff date: Jun 2030

[LeftA]

That’s a nice update @AnxietyFly!

@Ambergris , it’s going down!

AFM, we are at $17.6K to go now. Can’t wait for it to be gone! So many big expenses happening now, so it feels quite tight to still be putting so much towards our mortgage.

[middo]

Updates for this year:

1st Jan 2023 - $69 000
1st Feb 2023 - $68 500
1st Mar 2023 - $74 000

The HELOC got raided for some significant plumbing we needed to get done before winter. 

[Ms. Frugal Lawyer]

We're working to pay off a rental property since the interest rate is much higher than on our home.  We've been throwing everything at it and are down to only $64,710!  My goal is to have it paid off in 2 years.  So I'm joining the thread to keep up motivation and celebrate the progress. :)

[Ambergris]

We're working to pay off a rental property since the interest rate is much higher than on our home.  We've been throwing everything at it and are down to only $64,710!  My goal is to have it paid off in 2 years.  So I'm joining the thread to keep up motivation and celebrate the progress. :)

Welcome! We're a little group here, so every new face is especially nice to have. Good luck with the payoff!

[middo]

April Update, as I won't make any changes in the next few days:

1st Jan 2023 - $69 000
1st Feb 2023 - $68 500
1st Mar 2023 - $74 000
1st Apr 2023 - $71 000


I'm happy it's going the right way again.  My wife working full time has helped, as has a couple of little salary bumps.

[Ambergris]

April update:

I had a lot of things come up this month and the payments to retirement accounts went up some more so the amount to throw at the mortgage was pretty small.

Previous balance:53504.14
 
Reg. payment principle: 552.74
New reg payment balance: 52951.40
Add. principle payment: 300.00
New balance:52651.40

Original payoff date: Dec 2032
New projected payoff date: May 2030

[middo]

June update, as I won't make any changes in the next few days:

1st Jan 2023 - $69 000
1st Feb 2023 - $68 500
1st Mar 2023 - $74 000
1st Apr 2023 - $71 000
1st May 2023 - $70 000
1st Jun 2023 - $71 000

Going nowhere at the moment.  We have been using the extra funds to renovate, and a new kitchen is going into a rental in a months time.  It will probably go sideways until the rental starts paying in July.

[middo]

September update:

1st Jan 2023 - $69 000
1st Feb 2023 - $68 500
1st Mar 2023 - $74 000
1st Apr 2023 - $71 000
1st May 2023 - $70 000
1st Jun 2023 - $71 000
1st Jul 2023 - $72 500
1st Aug 2023 - $83 000
1st Sep 2023 - $80 000

It got raided for the new kitchen and other things needed for the rental.  But it is now rented, and generating income when it was previously vacant and used occasionally as a holiday shack.

Back to the grindstone.