The Money Mustache Community

General Discussion => Throw Down the Gauntlet => Topic started by: Gardo on March 25, 2017, 08:23:01 AM

Title: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on March 25, 2017, 08:23:01 AM
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 *****


Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: MangoAtPlay on March 25, 2017, 07:57:31 PM
We started 2017 owing $56,000 and pay $2,000/month.

Starting Mortgage Debt:  $56,000

Beginning Mortgage Debt This Month:  $52,000
Paid Mortgage Debt This Month:  $2,000
Ending Mortgage Debt:  $50,000       

This mortgage and our VISA ($4,400) are our only debt.  Looking forward to getting both paid off!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on March 30, 2017, 04:25:45 PM
Ok, this is my cohort.

Current mortgage balance, $70,390 after April payment.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on April 02, 2017, 10:16:00 AM
We started 2017 owing $56,000 and pay $2,000/month.

Starting Mortgage Debt:  $56,000

Beginning Mortgage Debt This Month:  $52,000
Paid Mortgage Debt This Month:  $2,000
Ending Mortgage Debt:  $50,000       

This mortgage and our VISA ($4,400) are our only debt.  Looking forward to getting both paid off!

Welcome to the Club.   Also ....
Congratulations and HAPPY Graduation!   You are our first Graduate here on this Club.    Feel free to join the Payoff club thread, if you haven't yet! 
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on April 02, 2017, 10:17:28 AM
Ok, this is my cohort.

Current mortgage balance, $70,390 after April payment.

Glad you joined the Club!  Hoping to join you in about 2 months. :)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on April 20, 2017, 11:26:18 AM
Ok, this is my cohort.

Current mortgage balance, $70,390 after April payment.
slight math error last time - here we go

BALANCE - $71,378.
Paying approx - $5,830.
NEW BALANCE approx - $65,548

**approx months to payoff -- 11**  target payoff month - March 2018.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on June 22, 2017, 08:04:46 PM
Well here I am, soon to be the NEWEST member of MPC075.  It is as privileged as we can get prior to the Payoff Club. 

Beginning Mortgage Debt This Month:  $100K
Paid Mortgage Debt This Month: $0K
Ending Mortgage Debt:  $100K


Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on June 28, 2017, 06:35:47 PM
Well here I am, soon to be the NEWEST member of MPC075.  It is as privileged as we can get prior to the Payoff Club. 

Beginning Mortgage Debt This Month:  $100K
Paid Mortgage Debt This Month: $0K
Ending Mortgage Debt:  $100K

Hi guys, MADE IT! 

It's official.  I am now a Bona Fide member of the prestigious MPC075 Club!  Hope to gain friends here.

Beginning Mortgage Debt This Month:  $100K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $99K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Money Badger on July 09, 2017, 05:53:57 AM
Just a bit over $101K, but on track to get below $100K in Aug... submitting my application to join this club soon!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on July 21, 2017, 10:21:47 AM
Hi guys, MADE IT! 

It's official.  I am now a Bona Fide member of the prestigious MPC075 Club!  Hope to gain friends here.

Beginning Mortgage Debt This Month:  $100K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $99K

Beginning Mortgage Debt This Month:  $99K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $98K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on July 21, 2017, 10:22:22 AM
Just a bit over $101K, but on track to get below $100K in Aug... submitting my application to join this club soon!

Application received! :)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: sneekeestache on July 25, 2017, 04:27:22 PM
I'd like to join.

Beginning of the year mortgage debt:  $86,309

Beginning Mortgage Debt This Month:  $81,454
Paid Mortgage Debt This Month: $728.33
Ending Mortgage Debt:  $80,726

We try to pay at least $1000 on the principal but just didn't make it for August's payment. We'll get it next month.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Imma on July 27, 2017, 03:15:28 PM
I'm in!

Starting Mortgage Debt :  € 77.900

Beginning Mortgage Debt This Month: € 74.337,79
Paid Mortgage Debt This Month :  € 158,39
Ending Mortgage Debt : € 74.179.40

Purchase price of house: €79.500 (in 2015, when the economy was still recovering from the triple dip)
Current estimated value: €88.950 (massive housing boom and we own an affordable starter home in a childfriendly area)

Right now, we are paying only the regular monthly payments, but my partner and I have decided we'll start to pay extra on our mortgage soon. While we like to invest our money as well, we don't want to put all of our eggs in the same basket. Even though the interest is low, we feel we need the security of owning our home outright (eventually). We have a lower income than most people on this forum and we're from a low-income background, we have seen people lose their homes through accidents of life because they didn't pay off the mortgage while they could. That's what we want to avoid.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on July 30, 2017, 09:25:41 PM
Welcome sneekeestache and Imma to the prestigious MPC075.  Hope you enjoy your stay!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on July 30, 2017, 09:27:09 PM
Beginning Mortgage Debt This Month:  $99K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $98K

Beginning Mortgage Debt This Month:  $99K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $97K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on July 31, 2017, 08:23:55 AM
Starting Mortgage Debt: Made it to $94k on May 1

Beginning Mortgage Debt This Month: $86k
Paid Mortgage Debt This Month: $3k
Ending Mortgage Debt: $83k

This is our only debt--can't wait to pay it off!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Imma on July 31, 2017, 09:44:07 AM
I'm in!

Starting Mortgage Debt :  € 77.900

Beginning Mortgage Debt This Month: € 74.337,79
Paid Mortgage Debt This Month :  € 158,39
Ending Mortgage Debt : € 74.179.40 

Made the regular payment for August today. We might do an extra payment later this month. 

Beginning Mortgage Debt This Month: € 74.179,40
Paid Mortgage Debt This Month :  € 158,68
Ending Mortgage Debt : € 74.020,72
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 16, 2017, 05:46:01 PM
Starting Mortgage Debt: Made it to $94k on May 1

Beginning Mortgage Debt This Month: $86k
Paid Mortgage Debt This Month: $3k
Ending Mortgage Debt: $83k

This is our only debt--can't wait to pay it off!

gypsy79, Welcome to the Club!  Enjoy your stay!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 16, 2017, 05:47:20 PM
Beginning Mortgage Debt This Month:  $99K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $97K

Beginning Mortgage Debt This Month:  $97K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $96K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Bigjones on August 23, 2017, 12:13:52 PM
Is this group very active?

Starting Mortgage Debt :  $72466.55

Beginning Mortgage Debt This Month: $72466.55
Paid Mortgage Debt This Bi Month Period :  $1495
Ending Mortgage Debt : $70991.55


Im unsure if i can keep this up by my intent is to pay $1400ish bi weekly on my mortgage and get this thing paid off ASAP.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Imma on August 24, 2017, 10:07:18 AM
Is this group very active?

Starting Mortgage Debt :  $72466.55

Beginning Mortgage Debt This Month: $72466.55
Paid Mortgage Debt This Bi Month Period :  $1495
Ending Mortgage Debt : $70991.55


Im unsure if i can keep this up by my intent is to pay $1400ish bi weekly on my mortgage and get this thing paid off ASAP.

It's not very active as of yet, but I joined last month so we can make it active again!
I think many people on here would rather put money in investments rather than paying off a relatively small mortgage (compared to their income).

$2800 a month is an ambitious target! But good luck. Even when you don't make it to that $1400 every two weeks, all the money you put in is money you'll never have to pay interest for again.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on August 24, 2017, 10:35:44 AM
How the exchange rate has equalised things, my '£' denomination is close enough, I think...

Starting mortgage debt @ now: £71,000
Payment due this month: £1,275

Balancing investment into tax free wrappers and trying to get rid of this mortgage. At present, pumping £4K+ each month into tax free savings, so this is taking a back seat...
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Bigjones on August 24, 2017, 01:52:32 PM
Very ambitious, and im not putting expectations on myself.  If i COULD keep it up, i could have this paid off in roughly 25-26months.  We will see what happens.




Is this group very active?

Starting Mortgage Debt :  $72466.55

Beginning Mortgage Debt This Month: $72466.55
Paid Mortgage Debt This Bi Month Period :  $1495
Ending Mortgage Debt : $70991.55


Im unsure if i can keep this up by my intent is to pay $1400ish bi weekly on my mortgage and get this thing paid off ASAP.

It's not very active as of yet, but I joined last month so we can make it active again!
I think many people on here would rather put money in investments rather than paying off a relatively small mortgage (compared to their income).

$2800 a month is an ambitious target! But good luck. Even when you don't make it to that $1400 every two weeks, all the money you put in is money you'll never have to pay interest for again.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on August 26, 2017, 09:05:18 AM
July balance $57, 947
August Principal paydown $1067
August balance $56,880

We are going much slower due to reduced income and higher spending at home.  Still working on it though.  Is there an under $50k club?  We might join that around the New Year.  Hoping to increase income to pay down more.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 30, 2017, 01:59:16 PM
Please welcome our new members Bigjones and UKstu2017!  Hope you enjoy your stay to the MPC075 Club!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 30, 2017, 02:00:49 PM
It's not very active as of yet, but I joined last month so we can make it active again!
I think many people on here would rather put money in investments rather than paying off a relatively small mortgage (compared to their income).

That is a great way to put it Imma!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 30, 2017, 02:03:20 PM
Beginning Mortgage Debt This Month:  $97K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $96K

Beginning Mortgage Debt This Month:  $97K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $95K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Imma on September 03, 2017, 05:31:24 AM
I'm in!

Starting Mortgage Debt :  € 77.900

Beginning Mortgage Debt This Month: € 74.337,79
Paid Mortgage Debt This Month :  € 158,39
Ending Mortgage Debt : € 74.179.40 

Made the regular payment for August today. We might do an extra payment later this month. 

Beginning Mortgage Debt This Month: € 74.179,40
Paid Mortgage Debt This Month :  € 158,68
Ending Mortgage Debt : € 74.020,72

The regular payment for September:

Beginning mortgage debt this month: €74.020.72
Paid mortgage debt this month: €158,98
Ending mortgage debt this month: €73.861.76

We didn't pay extra last month as we're in the process of refinancing our mortgage to a lower interest percentage. We currently pay 2,25% and we have an offer for 1,3%. We want to keep the monthly payment at the same level (€300) which means that we'll actually pay off about €35 more towards the principal every month. On top of that, once we've paid off a small tax debt we still have (in Dec) we'll put that money towards the mortgage too. All in all that means that from January we'll pay off double of what we pay off now.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 03, 2017, 09:28:55 AM
Beginning Mortgage Debt This Month:  $97K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $95K

Beginning Mortgage Debt This Month:  $95K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $94K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on September 07, 2017, 02:25:35 PM
Forgot to post on August 31.

Starting Mortgage Debt: Made it to $94k on May 1

Beginning Mortgage Debt This Month: $83k
Paid Mortgage Debt This Month: $4k
Ending Mortgage Debt: $79k
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 10, 2017, 09:23:26 AM
Forgot to post on August 31.

Starting Mortgage Debt: Made it to $94k on May 1

Beginning Mortgage Debt This Month: $83k
Paid Mortgage Debt This Month: $4k
Ending Mortgage Debt: $79k

gypsy79 you're rockin it!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 10, 2017, 09:25:13 AM
Beginning Mortgage Debt This Month:  $95K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $94K

Beginning Mortgage Debt This Month:  $94K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $93K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on September 11, 2017, 03:53:44 PM
gypsy79 you're rockin it!

Thanks!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Bigjones on September 17, 2017, 08:54:25 AM
Starting Mortgage Debt :  $72466.55

Beginning Mortgage Debt This Month: $70991.55
Paid Mortgage Debt This Bi Month Period :  $1272
Ending Mortgage Debt : $69719.55
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 26, 2017, 05:20:08 PM
Beginning Mortgage Debt This Month:  $94K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $93K

Beginning Mortgage Debt This Month:  $94K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $92K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on October 07, 2017, 11:31:01 AM
Beginning Mortgage Debt This Month:  $94K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $92K
Beginning Mortgage Debt This Month:  $92K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $91K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on October 07, 2017, 12:20:19 PM
Last mortgage payment takes our balance down to £68k. Making 'standard' payments to maximise amounts channelled into tax sheltered savings.

Still nice to see the number come down by £1.2k / month.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on October 08, 2017, 01:33:08 AM
Hi All,

Just joined, and we have a fairly ambitious target to pay down our mortgage on our primary residence by end of 2018.  (For those not in Australia, we get tax breaks on mortgages for investment, but not for our primary residence.)

Beginning mortgage debt this month: $82 000

Will update each month, as it will keep me honest (as will the printout of our trajectory on the fridge).


Cheers
middo
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on October 08, 2017, 10:36:14 AM
Hello middo, welcome. My partner and I have an ambitious target as well and I am finding that posting here is keeping me on track.

Starting Mortgage Debt: Made it to $94k on May 1

Beginning Mortgage Debt This Month: $72k
Paid Mortgage Debt This Month: $8k (this sounds crazier than it is--our emergency fund was higher than it needed to be, so I took care of that problem, ha!)
Ending Mortgage Debt: $64k
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on October 24, 2017, 03:27:57 PM
Hi All,

Just joined, and we have a fairly ambitious target to pay down our mortgage on our primary residence by end of 2018.  (For those not in Australia, we get tax breaks on mortgages for investment, but not for our primary residence.)

Beginning mortgage debt this month: $82 000

Will update each month, as it will keep me honest (as will the printout of our trajectory on the fridge).


Cheers
middo

Glad to have you middo and Welcome to the Club!  Hope you enjoy your stay.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on October 24, 2017, 03:29:52 PM
Beginning Mortgage Debt This Month:  $92K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $91K

Beginning Mortgage Debt This Month:  $92K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $90K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Imma on October 29, 2017, 05:10:36 AM
I'm in!

Starting Mortgage Debt :  € 77.900

Beginning Mortgage Debt This Month: € 74.337,79
Paid Mortgage Debt This Month :  € 158,39
Ending Mortgage Debt : € 74.179.40 

Made the regular payment for August today. We might do an extra payment later this month. 

Beginning Mortgage Debt This Month: € 74.179,40
Paid Mortgage Debt This Month :  € 158,68
Ending Mortgage Debt : € 74.020,72

The regular payment for September:

Beginning mortgage debt this month: €74.020.72
Paid mortgage debt this month: €158,98
Ending mortgage debt this month: €73.861.76

We didn't pay extra last month as we're in the process of refinancing our mortgage to a lower interest percentage. We currently pay 2,25% and we have an offer for 1,3%. We want to keep the monthly payment at the same level (€300) which means that we'll actually pay off about €35 more towards the principal every month. On top of that, once we've paid off a small tax debt we still have (in Dec) we'll put that money towards the mortgage too. All in all that means that from January we'll pay off double of what we pay off now.

I see I forgot October! We're still working on the refinancing thing. The offer I mentioned above expired before we could complete the paperwork and the current offer isn't that good. We're making the last payment on that tax debt this month and are still planning to put that money towards the mortgage from next month.

Beginning mortgage debt September: €73.861.76
October payment: €159,28
November payment: €159,58
Ending mortgage debt this month: €73.542,91
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on October 31, 2017, 07:28:44 PM
End of October update:

Beginning Mortgage Debt This Month:  $82 000
Paid Mortgage Debt This Month: $3 400
Ending Mortgage Debt:  $78 600
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 02, 2017, 03:58:18 AM
Hi all - Been working on paying down our mortgage quickly over the past several years... Glad to join this thread - I love the motivation of reading about others' journeys.

Beginning Mortgage Amt: $86,800 (Jan 1/2017)
Paid Mortgage Debt this Month: $3,350
Ending Mortgage Debt: $63,400 (Oct 31/17)

Our goal is to pay the whole thing off by May/June 2019, at which point I will FIRE and my DH will SWAMI. We have no other debt whatsoever. Original mortgage amount was $281,000.

Welcome to the Club allsummerlong and what a very nice impact from $281K! 
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 02, 2017, 04:00:25 AM
Beginning Mortgage Debt This Month:  $92K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $90K
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $89K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 03, 2017, 09:26:02 PM
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $89K

Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $88K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on November 04, 2017, 08:33:57 AM
Start of month £68k
End of month £67k

Slow and steady
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on November 11, 2017, 12:14:41 PM
Very nice, everyone. It is neat to watch everyone's balances go down, down, down.

I did not plan to send more than about $500 extra this time, but then got a bonus at work and was able to apply it. Things have been going so incredibly smoothly that I keep wondering when the other shoe is going to drop. Hopefully it will not drop until after the mortgage is paid off. ;-)

Starting Mortgage Debt: Made it to $94k on May 1

Beginning Mortgage Debt This Month: $64k
Paid Mortgage Debt This Month: $6k
Ending Mortgage Debt: $58k
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: sneekeestache on November 18, 2017, 04:39:25 PM
Made the December payment today. Down to $77,000.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Greenback Reproduction Specialist on November 20, 2017, 03:25:22 PM
Starting Mortgage Debt :  $101k

Beginning Mortgage Debt This Month: $60,300
Paid Mortgage Debt This Month :  $1,300
Ending Mortgage Debt : $59,000

We have had our mortgage since March 2016. At the current rate we should be paid off in ~45 months or sooner. The goal is to get it knocked out in about 36mo, then it becomes a cashflow cow of a rental.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 21, 2017, 08:57:12 PM
Starting Mortgage Debt :  $101k

Beginning Mortgage Debt This Month: $60,300
Paid Mortgage Debt This Month :  $1,300
Ending Mortgage Debt : $59,000

We have had our mortgage since March 2016. At the current rate we should be paid off in ~45 months or sooner. The goal is to get it knocked out in about 36mo, then it becomes a cashflow cow of a rental.

Everybody please welcome to the MPC075 club Greenback Reproduction Specialist!  Enjoy your stay and nice rental business you have!

MPC075 Members:
Gardo
KBeck
indentured4now
sneekeestache
Imma
gypsy79
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist


Graduates:
MangoAtPlay
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 21, 2017, 09:00:02 PM
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $3K
Ending Mortgage Debt:  $87K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on November 22, 2017, 02:26:10 PM
Only putting an extra $300 on this month.

$54,800
-  1,100
======
$53,700 balance

However, we've paid $29,500 in principal year to date.  I feel like we haven't been saving anything but we have been making progress.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 30, 2017, 09:44:49 PM
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $3K
Ending Mortgage Debt:  $87K

Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $4K
Ending Mortgage Debt:  $86K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on November 30, 2017, 09:46:04 PM
Only putting an extra $300 on this month.

$54,800
-  1,100
======
$53,700 balance

However, we've paid $29,500 in principal year to date.  I feel like we haven't been saving anything but we have been making progress.

The house is the savings!  :)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on December 02, 2017, 07:44:57 AM
Beginning Mortgage Debt This Month:  $90K
Paid Mortgage Debt This Month: $4K
Ending Mortgage Debt:  $86K

Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $85K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on December 02, 2017, 03:25:06 PM
End of October update:

Beginning Mortgage Debt This Month:  $82 000
Paid Mortgage Debt This Month: $3 400
Ending Mortgage Debt:  $78 600

End of November update. A bad month due to reduced income and one off expenses relating to my daughter.

Beginning of month: $78 600
Paid Mortgage Debt This Month: $-1 400
Ending Mortgage Debt:  $80 000

We use the mortgage as our emergency fund, and it got raided.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on December 02, 2017, 04:16:04 PM
Exciting news! Mortgage balance now features on my banking app!

Down to £65.2k now.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on December 09, 2017, 10:19:33 AM
We are at 58k and I am seriously thinking about using our still-too-high emergency fund to pay this off now. We would be left with a 3-month emergency fund and we already live on less than one income, so we likely wouldn't even use the emergency fund if one of us lost a job (unless it happened at the same time as a major household or auto repair or something, but even then, what we have would be enough...barring like 8 bad things happening at once).

I think I've just about talked myself into it. We could build the EF back to 6 months in no time. Let me know if I'm missing something!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: ACyclist on December 09, 2017, 11:37:49 AM
We owe less than 10K, and have more than that in cash.  I could pay it off, but I'm letting it ride.  We're saving the excess.  We should be debt free in about 18 months or so.  Not in a big hurry.

It is comforting knowing that we could easily pay it off.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on December 09, 2017, 03:02:17 PM
We are at 58k and I am seriously thinking about using our still-too-high emergency fund to pay this off now. We would be left with a 3-month emergency fund and we already live on less than one income, so we likely wouldn't even use the emergency fund if one of us lost a job (unless it happened at the same time as a major household or auto repair or something, but even then, what we have would be enough...barring like 8 bad things happening at once).

I think I've just about talked myself into it. We could build the EF back to 6 months in no time. Let me know if I'm missing something!

It all depends on your appetite to hold mortgage debt, the interest rate, and how your individual long-term FI saving is going - In other words, are all tax free savings vehicles used? Long conversations in other threads about whether or not to pay off mortgages, not for this thread. But this is a mortgage payoff thread, so on that basis we’re all here for a reason!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on December 10, 2017, 07:45:28 AM
Good points. I have no appetite for mortgage debt, so maybe that is my answer. 😀 Long-term FI saving is going well.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Money Badger on December 10, 2017, 09:34:12 AM
Now a proud graduate to the "Under 50K club"!   I cheated on my final exam though by using some investment equity to accelerate to $48K.   Time to start an "Under 50K short timer's club"?
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on December 11, 2017, 05:46:50 AM
Congratulations, indentured!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: CharlesBronzee on December 16, 2017, 08:01:57 PM
First time poster here.

Began 2017 with $110k in mortgage and HELOC debt.

Got it down to $96k in May.

Now currently at $67k.

Monthly mortgage payment is only $800.

Goal is to pay it off by end of 2019, at the latest.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on December 17, 2017, 10:35:23 AM
End of November update. A bad month due to reduced income and one off expenses relating to my daughter.

Beginning of month: $78 600
Paid Mortgage Debt This Month: $-1 400
Ending Mortgage Debt:  $80 000

We use the mortgage as our emergency fund, and it got raided.

You did the right thing.  Family first!  You'll get it back. 
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on December 17, 2017, 10:39:52 AM
Everybody please welcome to the MPC075 club our new members Slow road to freedom  and CharlesBronzee!  Enjoy your stay!  Congrats on your app Slow road to freedom!

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
gypsy79
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
Slow road to freedom
CharlesBronzee


Of equal note, CONGRATULATIONS to indentured4now for GRADUATING FROM THIS CLUB!  WE WISH YOU THE BEST IN YOUR NEXT ENDEAVOR.
Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on December 17, 2017, 10:53:40 AM
Good points. I have no appetite for mortgage debt, so maybe that is my answer. 😀 Long-term FI saving is going well.

If I were in your position, I would do exactly what you are doing ... the mortgage debt is already manageable and I will just let it run its course and keep my EF.  I would just adjust my decision as condition improves over time. 
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on December 17, 2017, 11:01:46 AM
Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $85K

This is my last payment for 2017! 

MERRY CHRISTMAS/HAPPY HOLIDAYS EVERYONE!  Or, as they fondly say in the 50th State, MELE KALIKIMAKA!

Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $84K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: sneekeestache on December 22, 2017, 06:03:18 AM
Made my last payment for 2017 last week. $1100 on the principal which pushes our mortgage down to about $75970.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on December 26, 2017, 05:04:55 PM
We went ahead and paid off the mortgage balance today. :-O We were left with a 4-month emergency fund, which is fine with me, and we will start work to build that higher ASAP.

Nothing shows online yet, so it doesn't feel real, but I do feel much calmer.

Long-term FI saving is going well. Assuming all continues to go well, I will "retire" in 2018. My spouse has no desire to RE.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on December 28, 2017, 01:25:28 PM
We went ahead and paid off the mortgage balance today. :-O

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
Slow road to freedom
CharlesBronzee


CONGRATULATIONS to gypsy79 for not only graduating from the MPC075 but for paying off the entire amount.  Awesome!    WE WISH YOU THE BEST IN YOUR NEXT ENDEAVOR. 

Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on December 28, 2017, 02:52:19 PM
Only putting an extra $300 on this month.

$54,800
-  1,100
======
$53,700 balance

However, we've paid $29,500 in principal year to date.  I feel like we haven't been saving anything but we have been making progress.

$53,700 balance
$  1,100 payment
======
$52,600 balance.

I need to work on graduating and getting out of this group!  ;)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: gypsy79 on December 28, 2017, 03:16:18 PM
Good job, Kbecks! You are super close to graduation.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on December 28, 2017, 09:56:49 PM
End of December update as things won't change over the next few days.

Beginning of month: $80 000
Paid Mortgage Debt This Month: $3 000
Ending Mortgage Debt:  $77 000

A better month.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Imma on December 30, 2017, 06:48:30 AM
I'm in!

Starting Mortgage Debt :  € 77.900

Beginning Mortgage Debt This Month: € 74.337,79
Paid Mortgage Debt This Month :  € 158,39
Ending Mortgage Debt : € 74.179.40

Purchase price of house: €79.500 (in 2015, when the economy was still recovering from the triple dip)
Current estimated value: €88.950 (massive housing boom and we own an affordable starter home in a childfriendly area)


End of 2017:

Starting mortgage debt in 2015: €77.900,00
Mortgage 31 December 2017:     €73.222,85

Purchase price of house: €79.500 in 2015
Current estimate value:  €92.000

LTV 2015: 98%
LTV 2017: 80%
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on January 24, 2018, 08:44:46 PM
Good job, Kbecks! You are super close to graduation.

Thanks for visiting us gypsy79!   Curious if you hit the jackpot and thus was able to go straight to paying off everything.  :D:D
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on January 24, 2018, 08:47:17 PM

This is my last payment for 2017! 

MERRY CHRISTMAS/HAPPY HOLIDAYS EVERYONE!  Or, as they fondly say in the 50th State, MELE KALIKIMAKA!

Beginning Mortgage Debt This Month:  $86K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $84K

Opening 2018!  Woo hoo!

Beginning Mortgage Debt This Month:  $84K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $82K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on January 25, 2018, 10:37:23 AM
My mortgage company seems to be having processing problems.  I received a letter saying our Jan payment was missing --- um, no, it's not.   I have not received a statement and payment slip for February, and it's not on line either so I can't print it out.  Blah.  What the heck?

But we're current. I am going to set us up for automatic payments with extra principal, and I'm just trying to figure out how much per month we should throw at it automatically -- between 500 and 800 a month extra.  The time difference is 3 years to payoff vs. 2.5 years to payoff -- is it really that big of a deal?   May go a little faster as more and more goes to principal over time.

I am not happy that my mortgage company seems to be floundering.  Our current balance is $52,576.  We will be either 50 or 51 at payoff if we accelerate payments....  more like 5 years if we don't pay extra.

It may be good to set it and forget it, although in the past year, I was scraping together as much as I could every month to throw at the beast.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on January 31, 2018, 10:22:41 PM
End of January update.

Beginning of month: $77 000
Paid Mortgage Debt This Month: $2 300
Ending Mortgage Debt:  $74 700

A better month.

Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: motiv8ed on February 06, 2018, 07:58:01 PM
A little late, but posting for January. It's been a few months since i've applied any additional money to the principal, looks like February or March will be the lucky month to kick things back off. Im hoping to be a high-achiever and graduate really quick.

Beginning Mortgage Debt This Month: $96,838.63
Paid Mortgage Debt This Month :  $ 440.95
Ending Mortgage Debt : $96,397.67
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on February 28, 2018, 10:20:33 PM
End of February update. It got raided again to pay for daughters start at university.  I think there will be slow progress for a while now.  But posting to keep myself honest:

Beginning of month: $74 700
Paid Mortgage Debt This Month: $ -1 700
Ending Mortgage Debt:  $76 400

Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: KBecks on March 08, 2018, 11:56:48 AM
Current Balance, $50,376 -- next month I'm outta here and off to the main payoff thread for the last leg of the journey.   Thanks for the support and good luck everyone!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on April 05, 2018, 10:31:46 PM
End of March update. Slow progress

Beginning of month: $76 400
Paid Mortgage Debt This Month: $ 100
Ending Mortgage Debt:  $76 300
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on June 24, 2018, 09:32:22 AM
Hey everyone.

Opportunity to pay off full mortgage has arisen (unexpected windfall). Heart says pay it down, head says save, save, save (Vanguard obviously).

Seems a bit odd to be in this position. Not sure how I’m going to feel once it’s sunk in.

Think I’m going to pay it down. I’ll miss you guys - thanks for your support, and I wish you all well in your journey to debt-freeness.

Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: CheapScholar on June 24, 2018, 03:48:14 PM
I graduated the other thread and my balance is now 99K.  Feels good to be here!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on July 30, 2018, 10:07:37 PM
End of March update. Slow progress

Beginning of month: $76 400
Paid Mortgage Debt This Month: $ 100
Ending Mortgage Debt:  $76 300

So, moving interstate hasn't helped the finances at all.  Current situation for July is:

Beginning of month: $90 900
Paid Mortgage Debt This Month: $ 3900
Ending Mortgage Debt:  $87 000

Note that this is still a loooong way above where I was.  And renovations start in 10 days time!  I'll try to report to keep myself honest.

Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on January 22, 2019, 06:45:07 AM
Opening 2018!  Woo hoo!

Beginning Mortgage Debt This Month:  $84K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $82K

Opening 2019!  Woo hoo!

Beginning Mortgage Debt This Month:  $82K
Paid Mortgage Debt This Month (and past months not reported): $7K
Ending Mortgage Debt:  $75K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on January 22, 2019, 06:47:59 AM
Welcoming Cheap Scholar to the 75K Club!!

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
Slow road to freedom
CharlesBronzee
Cheap Scholar



Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Slow road to freedom on January 23, 2019, 05:52:54 AM
Hi Everyone

Sad news .... I'm have to leave you, as I no longer have a mortgage :-(

On the plus side, do I get to graduate ??
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on January 26, 2019, 01:12:01 PM
Hi Everyone

Sad news .... I'm have to leave you, as I no longer have a mortgage :-(

On the plus side, do I get to graduate ??

Definitely!   Bittersweet to see someone leave.  Great job Slow road to freedom!


MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar


Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on January 28, 2019, 11:21:57 AM
Starting Mortgage Debt :  $ 84.0k (as of September 1st, 2017)

Beginning Mortgage Debt This Month: $ 59.9k
Paid Mortgage Debt This Month :  $ 0.9k
Ending Mortgage Debt : $ 59.0k

My wife and I purchased our first house in September of 2017 at the age of 23. We hit it hard in 2018, putting around 23k into the principal, but we now have a goal to stretch it out and pay it off in 5 more years (1-1-2024 - right before we turn 30). The plan is to hit $1k per month in principal reduction through the regular payments and then extra cash to make up the difference. We also recently became otherwise debt-free after downsizing a car and paying cash on the difference. So, the rest of our cashflow will go straight to the 'stache - it is an awesome feeling.

I think when this mortgage is paid off, we will likely roll the equity into something a little nicer, maybe put 40% down on a $250k house or 25% down on a $200k house and an investment property on the side in cash. We have time to think about that.

Good luck to everyone!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on January 29, 2019, 09:14:45 AM
Welcome bw_94 to this prestigious and highly exclusive MP75 Club!  Please enjoy your stay. 

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
bw_94


Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on February 26, 2019, 08:38:47 PM
Opening 2019!  Woo hoo!

Beginning Mortgage Debt This Month:  $82K
Paid Mortgage Debt This Month (and past months not reported): $7K
Ending Mortgage Debt:  $75K

Beginning Mortgage Debt This Month:  $75K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $74K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on March 27, 2019, 10:21:11 PM
Beginning Mortgage Debt This Month:  $75K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $74K

Beginning Mortgage Debt This Month:  $74K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $73K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Pizzabrewer on March 28, 2019, 03:04:00 AM
Starting principal balance this month:  $87,177
Principal paid this month: $479 (minimum)
Current balance:  $86,698

With a 2.75 interest rate it’d be foolish to pay this off early. Minimum payments all the way.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on March 29, 2019, 09:11:38 AM
Beginning Mortgage Debt This Month:  $58.0K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $57K

Continuing the grind - will be to $48k remaining on 1-1-2020.

Keep up the good work, all.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on April 01, 2019, 11:27:46 AM
Starting principal balance this month:  $87,177
Principal paid this month: $479 (minimum)
Current balance:  $86,698

With a 2.75 interest rate it’d be foolish to pay this off early. Minimum payments all the way.
Nice rate you got!  I have a low rate also that is still good for the next 4 years.  :)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on April 01, 2019, 11:30:00 AM
Welcome Pizzabrewer to this prestigious and immensely exclusive MP75 Club!  Please enjoy your stay. 

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
bw_94
Pizzabrewer


Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on April 01, 2019, 11:33:17 AM
Beginning Mortgage Debt This Month:  $58.0K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $57K

Continuing the grind - will be to $48k remaining on 1-1-2020.

Keep up the good work, all.

You too bw_94!  You're just rolling.  Great job!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on April 01, 2019, 11:38:34 AM
Beginning Mortgage Debt This Month:  $58.0K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt:  $57K

Continuing the grind - will be to $48k remaining on 1-1-2020.

Keep up the good work, all.

You too bw_94!  You're just rolling.  Great job!

Thanks! Keeping at it.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: esmith2039 on April 18, 2019, 12:06:36 PM
New here but here's what we're working on.. After I realized we paid $2k in interest when the insurance was $1.2k and taxes $1k decided it was time!

Starting Mortgage Debt :  $65k

Beginning Mortgage Debt This Month: $41.7k
Paid Mortgage Debt This Month :  $3k
Ending Mortgage Debt : $38.9k !
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on April 18, 2019, 04:17:36 PM
Hi esmth2039.

Feel free to join the Mortage Payoff Club since your balance of less than $50K is ripe for the payoff. 

I wonder what 2039 is about?  Retirement target year perhaps?  It seems too long to be a target mortgage completion given your balance.   :)

Cheers and congrats!
 
Gardo
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: esmith2039 on April 19, 2019, 06:39:50 PM
Hi esmth2039.

Feel free to join the Mortage Payoff Club since your balance of less than $50K is ripe for the payoff. 

I wonder what 2039 is about?  Retirement target year perhaps?  It seems too long to be a target mortgage completion given your balance.   :)

Cheers and congrats!
 
Gardo

Huh didn’t see that thread at first thanks! That username was given randomly over 20 years ago and have used it ever since. But I’ll be 59 so could be when I retire or kick the bucket... hmm
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on May 21, 2019, 02:29:17 PM
^Retiring at 59.  Sounds like a perfect plan.  I want to do that as well.  :)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on May 21, 2019, 02:32:58 PM
Beginning Mortgage Debt This Month:  $74K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $73K

Beginning Mortgage Debt This Month:  $73K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $72K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on June 03, 2019, 12:46:52 PM
Beginning Mortgage Debt This Month:  $73K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $72K

Beginning Mortgage Debt This Month:  $72K
Paid Mortgage Debt This Month (and past months not reported): $1K
Ending Mortgage Debt:  $71K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on June 04, 2019, 09:03:57 AM
Nice Gardo! Here's where I'm at:

Beginning Mortgage Debt This Month:  $56.0K
Paid Mortgage Debt This Month: $1.0K
Ending Mortgage Debt:  $55.0K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on July 02, 2019, 06:18:25 AM
Beginning Mortgage Debt This Month:  $71K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $69K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on July 02, 2019, 06:20:33 AM
Nice Gardo! Here's where I'm at:

Beginning Mortgage Debt This Month:  $56.0K
Paid Mortgage Debt This Month: $1.0K
Ending Mortgage Debt:  $55.0K

You too bw_94.   You are almost ready to graduate from this thread in 5 months or less.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on July 02, 2019, 08:13:33 AM
Gardo, had a bad month in June. We had to replace a freezer, lawn mower, and pick up tools for some projects, new tires for a car, overall poor spending habits... Didn't keep pace on the mortgage paydown.

Beginning Mortgage Debt This Month:  $55.0K
Paid Mortgage Debt This Month: $250
Ending Mortgage Debt:  $54.75K


Will hope to hit it harder in July. Good luck to you!

edit: Great job on getting into the 60,000s!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: AnxietyFly on July 10, 2019, 11:16:41 PM
Beginning Mortgage Debt This Month:  $77K
Paid Principle This Month: $1700 (plan)
Ending Mortgage Debt:  $75K (plan)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Huskerfan on July 25, 2019, 07:08:17 PM
Starting Mortgage Debt :  $90835

Beginning Mortgage Debt This Month: $90835
Paid Mortgage Debt This Month :  $2322
Ending Mortgage Debt : $89320

****Descriptive Text *****
$1500 off of principle
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Need2Save on July 26, 2019, 07:20:18 AM
Hello all. I was waiting for our July payment to clear to join this thread from the higher balance one.  I want to keep motivated to stay on our plan to pay off the remaining balance by the end of next year. 

Here is where we currently are:
Previous Mo. Balance:  $99,360
Princ Paid July: $4,778
New Mo. Balance: $94,582


We will be paying slightly more in August due to it being an extra check month for both of us.  Those are may fav. months!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Pizzabrewer on July 31, 2019, 11:30:50 AM
Previous month's principal balance:  $85,254
Principal paid this month (minimum):  $483
Current principal balance:  $84,771

Interest rate:  2.75%

Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: AnxietyFly on August 03, 2019, 09:19:53 AM
Beginning Mortgage Debt This Month:  $75K
Paid Principle This Month: $1700 (plan)
Ending Mortgage Debt:  $73k (plan)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 13, 2019, 11:11:05 AM
Welcome  to our new members AnxietyFly, Need2Save, and Huskerfan to this highly regarded exclusive MP75 Club!  Please enjoy your stay and let's keep at it!

Best wishes to all. 

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
bw_94
Pizzabrewer
AnxietyFly
Huskerfan
Need2Save


Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 13, 2019, 11:13:11 AM
Gardo, had a bad month in June. We had to replace a freezer, lawn mower, and pick up tools for some projects, new tires for a car, overall poor spending habits... Didn't keep pace on the mortgage paydown.

Beginning Mortgage Debt This Month:  $55.0K
Paid Mortgage Debt This Month: $250
Ending Mortgage Debt:  $54.75K


Will hope to hit it harder in July. Good luck to you!

edit: Great job on getting into the 60,000s!

Thanks bw_94.  I do hope things turning around for you for the better!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 13, 2019, 11:14:35 AM
Beginning Mortgage Debt This Month:  $69K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt:  $67K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 13, 2019, 11:16:27 AM
Hello all. I was waiting for our July payment to clear to join this thread from the higher balance one.  I want to keep motivated to stay on our plan to pay off the remaining balance by the end of next year. 

Here is where we currently are:
Previous Mo. Balance:  $99,360
Princ Paid July: $4,778
New Mo. Balance: $94,582


We will be paying slightly more in August due to it being an extra check month for both of us.  Those are may fav. months!

Ain't it a wonderful feeling to be in this group of less than 100K mortgage?  :)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on August 13, 2019, 11:17:12 AM
Previous month's principal balance:  $85,254
Principal paid this month (minimum):  $483
Current principal balance:  $84,771

Interest rate:  2.75%

Nice interest rate you got Pizzabrewer!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: AnxietyFly on August 13, 2019, 09:39:39 PM
Thanks!

Welcome  to our new members AnxietyFly, Need2Save, and Huskerfan to this highly regarded exclusive MP75 Club!  Please enjoy your stay and let's keep at it!

Best wishes to all. 

MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
bw_94
Pizzabrewer
AnxietyFly
Huskerfan
Need2Save


Graduates may go to the Mortgage Payoff Club that is already existing. 

Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Huskerfan on August 20, 2019, 06:52:54 PM
Starting Mortgage Debt :  $90835

Beginning Mortgage Debt This Month: $90835
Paid Mortgage Debt This Month :  $2322.68
Ending Mortgage Debt : $87,799.24

****Descriptive Text *****
$1520 off of principle
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: AnxietyFly on August 22, 2019, 05:19:00 AM
I made the hard decision to put the payoff activity on hold until 2020.  The good news is that I will be saving and accumulating the same amount. This will be placed into a savings account to hopefully make a large payment January 1st. The reason for the change is because I have some risk right now and feel like the additional amount in the savings account is a good way to mitigate the risk.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Need2Save on August 23, 2019, 06:33:28 AM
@Gardo - why yes it is wonderful, thanks!  I hope my stay is short though. Onward we go.

Previous Mo. Balance:  $94,582
Princ Paid August: $7,289*
New Mo. Balance: $87,292

*Used some extra funds from our 3rd check this month. 
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Huskerfan on September 04, 2019, 08:27:48 PM
Starting Mortgage Debt (July 2019) :  $90,835.26. (Not total mortgage... that was around $179k)

Beginning Mortgage Debt This Month: $87,799.24
Paid Mortgage Debt This Month :  $2622.68
Ending Mortgage Debt : $85,974.11

****Descriptive Text *****
$1825.13 off of principle
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 09, 2019, 10:28:53 AM
I made the hard decision to put the payoff activity on hold until 2020.  The good news is that I will be saving and accumulating the same amount. This will be placed into a savings account to hopefully make a large payment January 1st. The reason for the change is because I have some risk right now and feel like the additional amount in the savings account is a good way to mitigate the risk.

Smart decision to use savings to your advantage (mitigate risk that may lead to incur higher cost).  Great job AnxietyFly!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 09, 2019, 10:29:53 AM
@Gardo - why yes it is wonderful, thanks!  I hope my stay is short though. Onward we go.

Previous Mo. Balance:  $94,582
Princ Paid August: $7,289*
New Mo. Balance: $87,292

*Used some extra funds from our 3rd check this month.

Dang!  I'm jealous in a good way.  Keep it going Need2Save!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 09, 2019, 10:32:35 AM
Starting Mortgage Debt (July 2019) :  $90,835.26. (Not total mortgage... that was around $179k)

Beginning Mortgage Debt This Month: $87,799.24
Paid Mortgage Debt This Month :  $2622.68
Ending Mortgage Debt : $85,974.11

****Descriptive Text *****
$1825.13 off of principle

Awesome to see the amount taken off from principle and what a big amount that is!  Nice job Huskerfan!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Gardo on September 09, 2019, 10:36:56 AM
Inspired to pay additional as I take some profits off from stock market and apply to the principal.  This being the market at close to all-time high.

Beginning Mortgage Debt This Month:  $67K
Paid Mortgage Debt This Month: $4K
Ending Mortgage Debt:  $63K
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on October 01, 2019, 01:15:50 PM
Beginning Mortgage Debt This Month:  $53.0K
Paid Mortgage Debt This Month: $2.0K
Ending Mortgage Debt:  $51.0K

Caught up this month to my goal and am now on pace to hit $48.0k remaining on 1-1-2020. At that point, I'll probably slow down on the pay-off and try to invest more into the market. Maybe I'll shoot for only $6.0k in principal paydown for 2020, rather than $12.0k.

Otherwise, keep up the good work everyone!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Need2Save on October 01, 2019, 06:01:45 PM
Oh happy day!  Monthly interest is now down to just ~$200/month. Wonderful!  I remember not that long ago it was near $1,200 a month.

Starting balance: $87,293
Princ Paid Sept: $5,106
New balance:  $82,187

Three payments left this year. On target to get to around $67k by then.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Huskerfan on October 02, 2019, 06:52:50 PM
Oh happy day!  Monthly interest is now down to just ~$200/month. Wonderful!  I remember not that long ago it was near $1,200 a month.

Starting balance: $87,293
Princ Paid Sept: $5,106
New balance:  $82,187

Three payments left this year. On target to get to around $67k by then.

You are cruising!  Very nice
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on October 03, 2019, 05:46:25 AM
Oh happy day!  Monthly interest is now down to just ~$200/month. Wonderful!  I remember not that long ago it was near $1,200 a month.

Starting balance: $87,293
Princ Paid Sept: $5,106
New balance:  $82,187

Three payments left this year. On target to get to around $67k by then.

You are cruising!  Very nice


No kidding, he really is.

Good work!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Huskerfan on October 04, 2019, 08:39:08 AM
Starting Mortgage Debt (July 2019) :  $90,835.26. (Not total mortgage... that was around $179k)

Beginning Mortgage Debt This Month: $85,974.11
Paid Mortgage Debt This Month :  $2322.68
Ending Mortgage Debt : $84,443.28

****Descriptive Text *****
$1530.83 off of principle
I project hitting $75k by April 2020
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Vashy on October 04, 2019, 11:02:58 AM
Starting Mortgage Debt:  £92,500 (I didn't want to do the FX, but I figure sterling counts)

Beginning Mortgage Debt This Month: £96,850 (this is August - haven't processed my overpayment yet)
Paid Mortgage Debt This Month :  £4,350
Ending Mortgage Debt : £92,500 (as of 30 September)

Other stats: This is versus a starting balance of £109,000 in January 2019, and an original loan amount of £200,000 (house value has since doubled). Monthly payments are circa £550, circa £180 of that is interest. We can fairly comfortably sink about £1,800 into it (tax-advantaged savings are on track).

MMM lit a fire under my haunches when I discovered his blog in mid-September, and I crunched the numbers on the mortgage, which is our last outstanding debt. I crushed debt for the past three years and now can start to swim free, so while the mortgage rate is super low (2.49% on a tracker, which means once the BoE cuts the bank rate by 25bp, it'll go down further), I abhor debt in all shapes, forms and colours and want to be rid of it.

I've always made slight overpayments - we already saved seven years on this 30-year mortgage, but with both our salaries pretty good and having avoided the usual large money sinks (ie children, cars, brand fashion, alcohol, gambling or drugs), there's a lot of free cash sloshing around the household, and I figured out that we can kill this debt in 2-3 years if we keep a tight rein on incidentals and don't get stupid about quitting our jobs too soon (we're both 44 and basically at peak earnings). And MMM inspired me to really speed up the process overall, so I've run a couple scenarios and the most optimistic means we kill this in 24 months, and 36 months would account for stuff like job losses or big renovations. My partner pretty much leaves financial planning to me but he's all in after I told him we can retire in comfort at 50 if we stay focused.

So I'm glad to be here with fellow travellers and able to talk about numbers because most people in my "real life" don't care.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Vashy on October 05, 2019, 12:59:30 PM
Starting Mortgage Debt:  £92,500

Beginning Mortgage Debt This Month: £92,500
Paid Mortgage Debt This Month:  £1,200
Ending Mortgage Debt: £91,300 (as of 5 October, planning to make another overpayment on 25 October after I got paid)

Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: bw_94 on October 28, 2019, 06:08:27 AM
I have officially graduated from this club - my balance is $49,999.00 as of this morning.
I plan to keep up the original plan and pay down to $48k by the end of the year, and then slow down in 2020 and invest more in the market.

Good luck to all, I'll be sure to keep up with everyone's progress.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Need2Save on October 29, 2019, 04:52:51 PM
Starting balance: $82,187
Princ Paid Oct: $5,117
New balance:  $77,069

@bw_94  - Just give me a few more months - I'm on your tail. Congrats!!
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Huskerfan on November 05, 2019, 04:34:41 AM

Starting Mortgage Debt (July 2019) :  $90,835.26. (Not total mortgage... that was around $179k)

Beginning Mortgage Debt This Month: $84,443.28
Paid Mortgage Debt This Month :  $2822.68
Ending Mortgage Debt : $82,408.67

****Descriptive Text *****
$2035.61 off of principle
I project hitting $75k by April 2020
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: CheapScholar on November 10, 2019, 05:30:08 PM
Down to 83K.  Took a pay cut 18 months ago to take a MUCH better job so the balance isn’t going down like it used to.  DW has possibility of major promotion next month.  If it happens we can probably kill the mortgage in about 12-24 months.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Bigjones on November 11, 2019, 12:04:04 PM
Beginning Mortgage Debt This Month: $69163.34
Paid Mortgage Debt This Month :  $0
Ending Mortgage Debt : $69163.34

I just setup a second bank account for my direct deposit, we are going to attempt to live on one income while using my wifes direct deposit thats going to go directly into paying off this HELOC above.  The interest rate has steadily increased and is now currently 6.5%

The current plan is Income Tax return of about 2k will go on this HELOC
We will both get profit sharing bonus this coming summer of roughly $9k that will also go on this account.

Take home salary bi weekly after tax and 5% to 401k is  is roughly $2000 for me and $2300 for wife thats going to HELOC.   Im trying hard to make the mental commitment to try this.  Our first deposit will be in a few days.

Rough date to finish HELOC off would be end of Next January.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on November 11, 2019, 05:16:17 PM

So, moving interstate hasn't helped the finances at all.  Current situation for July is:

Beginning of month: $90 900
Paid Mortgage Debt This Month: $ 3900
Ending Mortgage Debt:  $87 000

Note that this is still a loooong way above where I was.  And renovations start in 10 days time!  I'll try to report to keep myself honest.

So, 16 month later and renovations haven't helped the pay down of our HELOC.  However, a few updated numbers:

1st September 2019 - $ 99,000 owing
1st October 2019 - $ 99,00 owing
1st November 2019 - $ 88,000 owning.

We put our tax return (mostly) into the HELOC, hence the big drop in late October.  Hoping to put about $1500 into it each month from now on.  I will try to report in to keep myself honest.  Renovations will mean that some months go backwards as we pay for larger items.
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Need2Save on November 26, 2019, 12:10:39 PM
Checking in for monthly accountability:

Starting balance: $77,069
Princ Paid Nov: $5,126
New balance:  $71,943

December payment should be similar and then a little bump in January as it's a 3 check month again. :-)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: Vashy on November 26, 2019, 12:16:48 PM
Starting Mortgage Debt:  £91,300

Beginning Mortgage Debt This Month: £91,300
Paid Mortgage Debt This Month:  £1,300
Ending Mortgage Debt: £90,000 (end-year goal is £88k)
Title: Re: Mortgage Payment Club $75K : Starting current balance of $50K- $99K
Post by: middo on November 29, 2019, 04:23:40 AM

So, moving interstate hasn't helped the finances at all.  Current situation for July is:

Beginning of month: $90 900
Paid Mortgage Debt This Month: $ 3900
Ending Mortgage Debt:  $87 000

Note that this is still a loooong way above where I was.  And renovations start in 10 days time!  I'll try to report to keep myself honest.

So, 16 month later and renovations haven't helped the pay down of our HELOC.  However, a few updated numbers:

1st September 2019 - $ 99,000 owing
1st October 2019 - $ 99,00 owing
1st November 2019 - $ 88,000 owning.

We put our tax return (mostly) into the HELOC, hence the big drop in late October.  Hoping to put about $1500 into it each month from now on.  I will try to report in to keep myself honest.  Renovations will mean that some months go backwards as we pay for larger items.

1st December will be $85,800

Reduced by $2200.