The Money Mustache Community
General Discussion => Throw Down the Gauntlet => Topic started by: Gardo on March 25, 2017, 08:23:01 AM
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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 *****
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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!
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Ok, this is my cohort.
Current mortgage balance, $70,390 after April payment.
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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!
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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. :)
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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.
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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
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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
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Just a bit over $101K, but on track to get below $100K in Aug... submitting my application to join this club soon!
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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
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Just a bit over $101K, but on track to get below $100K in Aug... submitting my application to join this club soon!
Application received! :)
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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.
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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.
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Welcome sneekeestache and Imma to the prestigious MPC075. Hope you enjoy your stay!
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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
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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!
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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
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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!
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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
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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.
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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.
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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...
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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.
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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.
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Please welcome our new members Bigjones and UKstu2017! Hope you enjoy your stay to the MPC075 Club!
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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!
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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
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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.
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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
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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
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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!
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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
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gypsy79 you're rockin it!
Thanks!
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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
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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
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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
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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.
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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
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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
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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.
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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
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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
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End of October update:
Beginning Mortgage Debt This Month: $82 000
Paid Mortgage Debt This Month: $3 400
Ending Mortgage Debt: $78 600
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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!
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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
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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
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Start of month £68k
End of month £67k
Slow and steady
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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
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Made the December payment today. Down to $77,000.
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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.
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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
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Beginning Mortgage Debt This Month: $90K
Paid Mortgage Debt This Month: $3K
Ending Mortgage Debt: $87K
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Only putting an extra $300 on this month.
$54,800
- 1,100
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$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.
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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
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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! :)
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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
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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.
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Exciting news! Mortgage balance now features on my banking app!
Down to £65.2k now.
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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!
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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.
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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!
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Good points. I have no appetite for mortgage debt, so maybe that is my answer. 😀 Long-term FI saving is going well.
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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"?
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Congratulations, indentured!
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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.
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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.
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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
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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.
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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
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Made my last payment for 2017 last week. $1100 on the principal which pushes our mortgage down to about $75970.
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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.
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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
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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! ;)
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Good job, Kbecks! You are super close to graduation.
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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.
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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%
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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
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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
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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.
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End of January update.
Beginning of month: $77 000
Paid Mortgage Debt This Month: $2 300
Ending Mortgage Debt: $74 700
A better month.
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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
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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
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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!
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End of March update. Slow progress
Beginning of month: $76 400
Paid Mortgage Debt This Month: $ 100
Ending Mortgage Debt: $76 300
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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.
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I graduated the other thread and my balance is now 99K. Feels good to be here!
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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.
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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
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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
-
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 ??
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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
-
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!
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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
-
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
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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
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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.
-
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.
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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. :)
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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
-
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!
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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.
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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 !
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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
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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
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^Retiring at 59. Sounds like a perfect plan. I want to do that as well. :)
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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
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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
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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
-
Beginning Mortgage Debt This Month: $71K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt: $69K
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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.
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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!
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Beginning Mortgage Debt This Month: $77K
Paid Principle This Month: $1700 (plan)
Ending Mortgage Debt: $75K (plan)
-
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
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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!
-
Previous month's principal balance: $85,254
Principal paid this month (minimum): $483
Current principal balance: $84,771
Interest rate: 2.75%
-
Beginning Mortgage Debt This Month: $75K
Paid Principle This Month: $1700 (plan)
Ending Mortgage Debt: $73k (plan)
-
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
-
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!
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Beginning Mortgage Debt This Month: $69K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt: $67K
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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? :)
-
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!
-
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
-
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
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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.
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@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.
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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
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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!
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@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!
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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!
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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
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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!
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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.
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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
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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!
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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
-
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.
-
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)
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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.
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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!!
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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
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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.
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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.
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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.
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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. :-)
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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)
-
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.
-
Beginning Mortgage Debt to start: $69163.34
Paid Mortgage Debt This Month : $5580
Ending Mortgage Debt : $61,891.52
My wife and I threw our Xmas work bonus's at the project and found out that in July of 2020 we will be getting a huge one time pay for performance bonus of roughly 11K (combined) that im also going to throw at it.
Currently throwing roughly $2000 every two weeks at the debt. (Living off one income) however its tough right now with the holiday and some medical bills coming in.
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Completely forgot to post...
Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $82,408.67
Paid Mortgage Debt This Month : $2022.68
Ending Mortgage Debt : $81,165.69
****Descriptive Text *****
$1242.98 off of principle
I project hitting $75k by April 2020
-
eginning Mortgage Debt to start: $69163.34
Paid Mortgage Debt This period : $2200
Ending Mortgage Debt : $59987.21
Feels great to have this below 60k huge strides in just a few months living on one income while using the other income for house payments.
Goal 1/1/2021 payoff!
-
Starting balance: $71,943
Princ Paid Dec: $5,238
New balance: $66,705
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Sorry I have been out of country and enjoying much needed R&R. Hey, that's part of why I save. :)
Welcome our new member Vashy to this extravagantly lavish and exclusive MP75 Club! Please make yourself feel at home!
Also, CONGRATS to our latest graduate bw_94!
Best wishes to all. And HAPPY HOLIDAYS!
MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
Pizzabrewer
AnxietyFly
Huskerfan
Need2Save
Vashy
Graduates may go to the Mortgage Payoff Club that is already existing.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
-
Beginning Mortgage Debt This Month: $63K
Paid Mortgage Debt This Month: $4K (really captures 2.5 months worth due to failure to post :))
Ending Mortgage Debt: $59K
-
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!
First off, again, congrats on this MAJOR achievement bw_94! Sorry I wasn't able to greet you earlier.
How do you feel finally getting down under $50K?
-
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.
I enjoy reading your post and it shows your drive (along with your partner). I also laughed with your last statement because all of my "real live" people also do not care of savings, hence, am here. :)
Happy saving and welcome Vashy!
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middo, Huskerfan, Need2Save - you guys are inspiring everyone here
CheapScholar - congrats on your new job! I agree, not everything is all dollars and cents and taking a pay cut for an overall better job is a great move.
-
First off, again, congrats on this MAJOR achievement bw_94! Sorry I wasn't able to greet you earlier.
How do you feel finally getting down under $50K?
Thanks, Gardo! I've been waiting patiently to hear from you. Glad you were able to enjoy your trip.
It's a really good feeling. The wife and I started off owing $84k in September of 2017, and currently owe $48k after a little over two years (27 months). So, we'll keep at it and plan to pay off about $6k per year until we decide to move. It's really nice being able to "store" some equity in something other than stocks/bonds.
Anyway, I wish continued good luck in 2020 to everyone!
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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.
1st Jan 2020 balance $84 000
Reduction this month $1800.
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Completely forgot to post...
Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $81,165.69
Paid Mortgage Debt This Month : $2322.68
Ending Mortgage Debt : $79,619.83
****Descriptive Text *****
$1545.86 off of principle
I project hitting $75k by April 2020
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This thread is really keeping me motivated by reading about everyones success. We have a very lofty goal of 12 months from now paying off our mortgage as we have been posting on here for a bit now. We are down to 59.9k and tossing on a min of 2k every other week while trying to live on one income and tossing bonuses, tax returns and a 10k anticipated bonus come this summer on it as well. I love reading about everyone working hard to rid themselves of worry.
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Thanks, Gardo and everyone else for keeping this thread going and for motivating one another.
I have my balance down to 61k. We paid off 20k in December because our checking account balance got too high for comfort. While I took a significant pay cut 18 months ago, my wife just recently received a very well earned promotion that brings her pay from 42k to 72k. We now have a household income of 152k.
I turn 40 in about 9 months. We can conceivably pay off the mortgage by then if we get really serious. Honestly though, I don’t feel rushed. Still maxing out retirement accounts and the mortgage will be gone within 9-18 months depending on how low we want to bring the checking account/emergency fund.
I’ve saved all of my monthly mortgage statements. Should provide plenty of fuel for a fire in the backyard when I finally cross the finish line.
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CheapScholar - I'm planning a nice backyard bonfire with our mortgage statements too! I had been seriously culling old statements for most of our bills and converting to e-bills, but I've been holding on to those for the enjoyment of watching them burn when we pay off the mortgage this year. It's going to be glorious. The bank keeps emailing me urging me to convert to e-bill, but I want those last few paper bills just for the satisfaction.
I also wanted to say that a promotion taking your wife from around 42K to 72K is awesome! Not many people see that kind of bump at once so good on her. I can understand you evaluating maybe taking the foot of the pedal since the end is within reach. We thought about that too, but I'm just anxious to be done with it this year. We still save easily double what we send to the mortgage so I'm not sacrificing our other saving goals.
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Thanks, Need2Save. I myself do an autopay out of my bank account but still elected to get the paper statements every month in the mail. This keeps me motivated, and I like to see how much less interest I pay each month. I keep all of the old paper statements on the lower shelf of my nightstand as a reminder that I owe people a shit ton of money.
INTERESTINGLY, I checked my mailbox a few days ago and guess what I saw? A delinquency notice from the mortgage company saying I did not make my Jan 1st payment. Yup, I made two additional principal payments online in December for a total of $20,000 and I got a fucking delinquency letter. Obviously, I was irate. My wife and I went to the credit union the next morning and got it all straightened out. The credit union, where we have our mortgage, basically outsources all of their mortgage stuff and we needed to call that company with our credit union person. Basically, the mortgage side has shitty software and the added principal payment for some reason stopped the autopayment. We got it all straightened out. Got the late fees removed and made sure all of our added payments went against the principal. It only took maybe 15 minutes but such a hassle.
At the end of the conversation, the credit union person asked me if she’d like to shred the pink colored delinquency notice. I told her I wanted to keep it and burn it at my mortgage burning party with all of my other mortgage docs this fall and that I’d be seeing her in 9 months or so to arrange the final payoff wire transfer.
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I’ve saved all of my monthly mortgage statements. Should provide plenty of fuel for a fire in the backyard when I finally cross the finish line.
ROFL
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Beginning Mortgage Debt This Month: $59K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt: $58K
Speaking of foot off the pedal, I am gingerly easing on it. Now that I reached below $60K, my goal is a simple $1K per month.
I want to enjoy some of what would otherwise be mortgage principal payments on touring - Asia, Latin America and Europe!
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CheapScholar - I'm planning a nice backyard bonfire with our mortgage statements too! I had been seriously culling old statements for most of our bills and converting to e-bills, but I've been holding on to those for the enjoyment of watching them burn when we pay off the mortgage this year. It's going to be glorious. The bank keeps emailing me urging me to convert to e-bill, but I want those last few paper bills just for the satisfaction.
Now I wish I had saved the past 10+ years' paper bills. :)
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To all, other than the bonfires, how do you plan to celebrate your mortgage jail sentence freedom?
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To all, other than the bonfires, how do you plan to celebrate your mortgage jail sentence freedom?
I’ve been thinking about this lately, as I’m 9-13 months away. Most people celebrate big accomplishments by going out to a nice dinner. But, if you’re celebrating paying off your house, doesn’t it make sense to celebrate at your HOUSE? I’m thinking some lobster, nice cuts of meat, good bottle of wine. Maybe I can have a cake made with a house design on it?
I also think about changes I’d like to make once the mortgage is gone. No matter how frugal you are, killing the mortgage frees up a ton of money. We are due for one of our big vacations in 2021, so the money will be nice. I also think I’d like to go out to eat more regularly. We almost never eat out, maybe a few times a year as a family. My wife and are both about 40, work full time jobs and raise a 10 year old together. I don’t so much mind the cooking, but the cleaning of pots and pans is just getting really old. I’d like to go out once a week to local restaurants, especially if we can get the good weekday deals that some offer.
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We just withdrew $10,000 out of ours, so it is a little further away again. It is the last significant withdrawal out of it that I forsee, as I knew we would take this out as some stage. We were basically holding some money in trust for our daughter, where she couldn't spend it and it helped us a bit with our interest payments. i'll update at the end of the month.
But celebrations for us would probably be a bottle of Aldi french champagne. And a good meal at home.
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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
Very nice!!! I don’t get bonuses, so it’s usually steady payoff on my end. Great to see chunks like this though.
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $79,619.83
Paid Mortgage Debt This Month : $2522.68
Ending Mortgage Debt : $77,869.14
****Descriptive Text *****
$1750.69 off of principle
I project hitting $75k by April 2020
Somewhat (not really) interesting story:
I don’t get to chat too often with peeps about my financial situation, and mostly I won’t go into details because I find that some start judging you for whatever reason. When they find out you pay extra on your mortgage or max your TSP account, they give you “a look”. So I don’t normally mention it. However, I am in the middle of a professional class (been here for about 4 weeks). Got into a long conversation about TSP with a few peeps and basically ended up giving a block of instruction on it for everyone when we had free time. Everyone was interested in learning more about getting your dollars to work for you.
After all of that I had someone I’ve been chatting with ask about my house, and if I’d move closer to work (just recently found out I’ll be moving work locations which is a longer drive). I told them we are close to paying off the house now, so moving isn’t really in the plans. She was taken aback a little as she remembered me buying the house a handful of years ago. She asked about that, and I admitted we’ve been tossing money at it. She looked a bit shocked that we should have it paid off in 10 years total. Then said she’ll have to chat more with me in the future about this stuff. Looks like I got through to at least a few people this time.
As for plans: the wife and I developed another plan to rearrange a bit of money so that we can go even more aggressive the final year. We are looking at making the final payment in three years rather than four. That plan will hatch likely in the final year of payment. :)
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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.
1st Jan 2020 balance $84 000
Reduction this month $1800.
We grabbed $10,000 out of the HELOC to pay for a longstanding promise to our daughter for her car.
1st Feb 2020 balance $93 500
Increase of $9500.
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PTF still ambivalent about my 60K mortgage. Might just let it ride on autopay at $65/week.
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Starting Balance: $66,705
Princ Paid jan: $7,450
New Balance: $59,254
I don't have anything creative planned when we pay it off other than stated above (burn party). But we've already allocated those dollars elsewhere for the rest of the year so it won't feel any different from a month to month cash-flow perspective.
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From Cheapscholar:
"
I’ve been thinking about this lately, as I’m 9-13 months away. Most people celebrate big accomplishments by going out to a nice dinner. But, if you’re celebrating paying off your house, doesn’t it make sense to celebrate at your HOUSE? I’m thinking some lobster, nice cuts of meat, good bottle of wine. Maybe I can have a cake made with a house design on it?
I also think about changes I’d like to make once the mortgage is gone. No matter how frugal you are, killing the mortgage frees up a ton of money. We are due for one of our big vacations in 2021, so the money will be nice. I also think I’d like to go out to eat more regularly. We almost never eat out, maybe a few times a year as a family. My wife and are both about 40, work full time jobs and raise a 10 year old together. I don’t so much mind the cooking, but the cleaning of pots and pans is just getting really old. I’d like to go out once a week to local restaurants, especially if we can get the good weekday deals that some offer."
Terrific plan! You had me at lobsters. :D
We just withdrew $10,000 out of ours, so it is a little further away again. It is the last significant withdrawal out of it that I forsee, as I knew we would take this out as some stage. We were basically holding some money in trust for our daughter, where she couldn't spend it and it helped us a bit with our interest payments. i'll update at the end of the month.
But celebrations for us would probably be a bottle of Aldi french champagne. And a good meal at home.
Hmm I've not tried that Aldi french champagne, will try it!
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Very nice!!! I don’t get bonuses, so it’s usually steady payoff on my end. Great to see chunks like this though.
I get bonus but I bake it already to my budget for vacations so it's like I don't get one. What I am hoping for is a good merit increase like minimum of $3,500. It's been 5 doggone years since I had one.
Nice share by the way re one of your classmates getting interested in paying down mortgage. Let's help spread the word! :)
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Welcome our new member Moenrexia to this blessedly bountiful MP75 Club! Please enjoy your stay, people here are nice and friendly and we prefer it that way.
Hope everyone had a nice Valentines! I believe I intimated with you all my Valentines' gift -- an extra payment. :D
MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
Pizzabrewer
AnxietyFly
Huskerfan
Need2Save
Vashy
Monerexia
Graduates may go to the Mortgage Payoff Club that is already existing but feel free to drop by and visit every now and then.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
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Beginning Mortgage Debt This Month: $58K
Paid Mortgage Debt This Month: $2K
Ending Mortgage Debt: $56K
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Hi everyone! We're excited to join this group.
Starting Mortgage Debt as of January 1, 2020: $ 99.50K
Beginning Mortgage Debt This Month: $99.25K
Paid Mortgage Debt This Month : $10.25K
Ending Mortgage Debt : $89K
We bought our 1350sq townhouse in April 2019 for $250K, with a 30 year 7/1 ARM mortgage of $125K at 3.875%. We plan to pay it off before the 7 year fixed rate period is up in Jun 2026, at the absolute latest. In a "typical" month, we pay the required minimum payment of $588. But February and March are bonus season for my husband, and we like to split the extra $$ between giving, retirement savings, and mortgage principal payments. We also chose to defer 30% of his gross income last year due to the amazing investment return opportunity as well as the forced savings. We had experienced lifestyle inflation so we used the deferral to help us return to our frugal roots. We'll be receiving that deferred income next month, so we anticipate making another big principal payment at that time.
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Starting Balance: $59,254
Princ Paid jan: $4,954
New Balance: $54,300
Should be graduating to the payoff thread next month! Woo-hoo!
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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.
1st Jan 2020 balance $84 000
Reduction this month $1800.
We grabbed $10,000 out of the HELOC to pay for a longstanding promise to our daughter for her car.
1st Feb 2020 balance $93 500
Increase of $9500.
No change this month. Many other things on our plate at the moment. Restumping the house and dealing with the bank, letting out an investment property.
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $77,869.14
Paid Mortgage Debt This Month : $2334.09
Ending Mortgage Debt : $76312.98
****Descriptive Text *****
$1556.16 off of principle
I’ll hit my goal of less than $75k next month.
A few Kung Fu ninja moves made recently; but the biggest one was was changing my insurance and saving $1200 a year. I may not see that hit the payment area for until next year, but that’s an extra $100ish a month that I’ll be adding to the principle payments.
The overall goal will still be a final payoff in 3 years. The next year will be steady payments as I’ve been doing, and then a larger amount on the second and final year.
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Paid $1,716.62 in principal this month.
Down to a balance of $57,717.83
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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.
Hello - I am now down to 69k. I have 35k in cash right now just waiting out the storm before paying down the house. My house interest is 2%. As of last year, I have been putting everything in a savings account (HSA) and bonds until I have enough to pay off the house. Expecting to have enough to pay off the house early next year (assuming I dont lose my job).
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Starting Balance: $54,300
Princ Paid March: $10,967
New Balance: $43,333
It's official - this is my last post on this thread. Good luck to the rest of you!
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Whew what a month March was!
Had to tune out from this forum for awhile as I put myself and family in center on the more important things in life like safety, health, and job.
Looks like this market drop will linger for a while. Might as well enjoy the ride and keep on buying at discounted rates. Anyways, I've been off topic.
I wish everyone is doing good.
On with the program:
Beginning Mortgage Debt This Month: $56K
Paid Mortgage Debt This Month: $4K (2 months)
Ending Mortgage Debt: $52K
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Welcome our new member fireseeker to this survivalist MP75 Club! Please enjoy your stay, people here are nice and friendly and we prefer it that way.
We are all in this together in what is happening with the world around us. Hope a cure is just around the corner.
Shoutout also to Need2Save for graduating to below $50K! Feel free to visit us when you can and we'd love to hear from you.
MPC075 Members:
Gardo
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
Pizzabrewer
AnxietyFly
Huskerfan
Vashy
Monerexia
fireseeker
Graduates may go to the Mortgage Payoff Club that is already existing but feel free to drop by and visit every now and then.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
Need2Save
-
Starting Balance: $54,300
Princ Paid March: $10,967
New Balance: $43,333
It's official - this is my last post on this thread. Good luck to the rest of you!
Dammmmmmnnnnn! Look at you. Now that's what I call going out with a BANG! Congrats friend! Hopefully to join you there soon.
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Hi everyone! We're excited to join this group.
Starting Mortgage Debt as of January 1, 2020: $ 99.50K
Beginning Mortgage Debt This Month: $99.25K
Paid Mortgage Debt This Month : $10.25K
Ending Mortgage Debt : $89K
We bought our 1350sq townhouse in April 2019 for $250K, with a 30 year 7/1 ARM mortgage of $125K at 3.875%. We plan to pay it off before the 7 year fixed rate period is up in Jun 2026, at the absolute latest. In a "typical" month, we pay the required minimum payment of $588. But February and March are bonus season for my husband, and we like to split the extra $$ between giving, retirement savings, and mortgage principal payments. We also chose to defer 30% of his gross income last year due to the amazing investment return opportunity as well as the forced savings. We had experienced lifestyle inflation so we used the deferral to help us return to our frugal roots. We'll be receiving that deferred income next month, so we anticipate making another big principal payment at that time.
Welcome and congrats on the townhouse. That's a very nice rate for 7 years! Also a very nice deb/equity ratio from the start.
To the rest, keep on chugging along! You guys are all doing a great job.
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A few updated numbers:
1st February 2020 - $ 94,500 owing
1st March 2020 - $ 93,500 owing
1st April 2020 - $ 93,000 owning.
Slow progress as we renovate the house. We had to pay for two home offices in the last month, so fairly happy. Should speed up a little in the next few months with reduced transport and other kid related costs.
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $76312.98
Paid Mortgage Debt This Month : $1334.09
Ending Mortgage Debt : $75751.96
****Descriptive Text *****
$561.02 off of principle
I’ll hit my goal of less than $75k next month. Looks like that goal will be after the May payment. Decided to save the extra in the safe for this month due to everything going on.
A few Kung Fu ninja moves made recently; but the biggest one was was changing my insurance and saving $1200 a year. I may not see that hit the payment area for until next year, but that’s an extra $100ish a month that I’ll be adding to the principle payments.
The overall goal will still be a final payoff in 3 years. The next year will be steady payments as I’ve been doing, and then a larger amount on the second and final year.
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Down to $55,994.
Thankful that my spouse and I still have our jobs.
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A few updated numbers:
1st February 2020 - $ 94,500 owing
1st March 2020 - $ 93,500 owing
1st April 2020 - $ 93,000 owning.
Slow progress as we renovate the house. We had to pay for two home offices in the last month, so fairly happy. Should speed up a little in the next few months with reduced transport and other kid related costs.
Nice. Work from home is awesome. Hope we see some pics soon.
Just wish to share my home office.
(https://i.imgur.com/aPHkvIj.jpg)
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $76312.98
Paid Mortgage Debt This Month : $1334.09
Ending Mortgage Debt : $75751.96
****Descriptive Text *****
$561.02 off of principle
I’ll hit my goal of less than $75k next month. Looks like that goal will be after the May payment. Decided to save the extra in the safe for this month due to everything going on.
A few Kung Fu ninja moves made recently; but the biggest one was was changing my insurance and saving $1200 a year. I may not see that hit the payment area for until next year, but that’s an extra $100ish a month that I’ll be adding to the principle payments.
The overall goal will still be a final payoff in 3 years. The next year will be steady payments as I’ve been doing, and then a larger amount on the second and final year.
Wow whenever you can combine Chinese Kung Fu with Japanese Ninja moves, you know you got it so congrats on the insurance!
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A few updated numbers:
1st February 2020 - $ 94,500 owing
1st March 2020 - $ 93,500 owing
1st April 2020 - $ 93,000 owning.
Slow progress as we renovate the house. We had to pay for two home offices in the last month, so fairly happy. Should speed up a little in the next few months with reduced transport and other kid related costs.
1st May 2020 - $90,500 owing. Down $2500 in the month. :)
Some costs have reduced with our youngest back home from Uni, particularly her boarding costs, which we have put into the HELOC. Hoping for another $2000 next month.
*edited. I put another $500 in today before the end of the month.
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $75751.96
Paid Mortgage Debt This Month : $3534.09
Ending Mortgage Debt : $72989.18
****Descriptive Text *****
$2762.78 off of principle.
Made a large payment. Now below $75k. Feels nice.
I’ll have to rethink my goals now.
A few Kung Fu ninja moves made recently; but the biggest one was was changing my insurance and saving $1200 a year. I may not see that hit the payment area for until next year, but that’s an extra $100ish a month that I’ll be adding to the principle payments.
The overall goal will still be a final payoff in 3 years. The next year will be steady payments as I’ve been doing, and then a larger amount on the second and final year.
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Down to $54,264. Should graduate this group in 3 months. Should have my house paid off sometime between October 2020-July 2021 depending on the market and assuming our employment situations don’t change. I’ll own my house outright at age 40. Feels good.
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Beginning Mortgage Debt This Month: $52K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt: $51K
I am close to graduation myself. :)
Hope you guys are all doing well. :)
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1st February 2020 - $ 94,500 owing
1st March 2020 - $ 93,500 owing
1st April 2020 - $ 93,000 owning.
1st May 2020 - $90,500 owing.
1st June 2020 - $87,000 owing. Down another $3500
We also spent over $8000 on the house renovations this month, so I am really happy with this result.
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $72989.18
Paid Mortgage Debt This Month : $2634.09
Ending Mortgage Debt : $71117.77
****Descriptive Text *****
$1871.41 off of principle.
A few Kung Fu ninja moves made recently; but the biggest one was was changing my insurance and saving $1200 a year. I may not see that hit the payment area for until next year, but that’s an extra $100ish a month that I’ll be adding to the principle payments.
The overall goal will still be a final payoff in 3 years. The next year will be steady payments as I’ve been doing, and then a larger amount on the second and final year.
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Down to $52,527.
Eyeing paying off the mortgage in October. This will involve selling off about $23,000 we have in mutual funds in a fidelity brokerage account. Thinking we will sell those in early fall before any serious possibility of corona spiking again and crashing the markets.
I’m really looking forward to burning my mortgage and the monthly statements I’ve been saving. Should happen on a nice crisp fall evening in late October.
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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.
Hello - I am now down to 69k. I have 35k in cash right now just waiting out the storm before paying down the house. My house interest is 2%. As of last year, I have been putting everything in a savings account (HSA) and bonds until I have enough to pay off the house. Expecting to have enough to pay off the house early next year (assuming I dont lose my job).
Correction to my last post. My house interest rate is 2.99%. As of today, I'm at $67k balance with 33k (excluding the emergency fund). I work in a field that puts me a high risk of being layed off. I'm hoping for four more paychecks before getting laid off. This will allow me to use my severance to save the remainder of the balance. I would pay off the house as soon as I get into a more stable position with work.
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Beginning Mortgage Debt This Month: $51K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt: $50K
Guys I did it. :)
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My feeling is I could lessen my additional principal payment to my monthly bill as it is low enough for me to cover it with extra savings I have should it be needed. I am instead leaning to join the Do Not Payoff Mortgage thread.
But I guess it largely depends if stock market re-tanks this year. If so, I will put more money on discounted stocks that otherwise is put on mortgage reduction.
MPC075 Members:
KBecks
sneekeestache
Imma
Bigjones
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
Pizzabrewer
AnxietyFly
Huskerfan
Vashy
Monerexia
fireseeker
Graduates may go to the Mortgage Payoff Club that is already existing but feel free to drop by and visit every now and then.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
Need2Save
Gardo
-
Beginning Mortgage Debt This Month: $51K
Paid Mortgage Debt This Month: $1K
Ending Mortgage Debt: $50K
Guys I did it. :)
Congratulations!
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Congrats, Gardo! Nice!
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1st February 2020 - $ 94,500 owing
1st March 2020 - $ 93,500 owing
1st April 2020 - $ 93,000 owning.
1st May 2020 - $90,500 owing.
1st June 2020 - $87,000 owing.
1st July 2020 - $85,000 owing. Down another $2000
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Beginning Mortgage Debt This Month: $33k
Paid Mortgage Debt This Month: $3.1k
Ending Mortgage Debt: $29900
So damn excited!,
-
June:
Beginning Mortgage Debt This Month: ~$67K
Paid Mortgage Debt This Month: ~$57K
Ending Mortgage Debt: ~$10K
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $71117.77
Paid Mortgage Debt This Month : $2,634.09
Ending Mortgage Debt : $69240.51
****Descriptive Text *****
$1877.26 off of principle.
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Major update:
Paid $1,743 in principal on July 1. Balance is now $50,783. So, I’m $783 away from graduating this thread. However, I decided a few weeks ago to sell about $22,500 in mutual funds that we had in a fidelity brokerage account (don’t worry, we still have about 400k in the market through 403(b) & IRA accounts). I was uneasy about keeping the brokerage money in the market with another possible market downturn, and would rather just pay off the house. Another issue is that our emergency fund (just our checking and savings accounts) has ballooned for a number of reasons (my wife received a promotion in January and we are still not used to the extra cash, no expensive vacation this summer, no summer camp fees for my son, etc.). I’m embarrassed to say that we have about $33,000 in checking and savings accounts as of today (this is in addition to the 22k from the brokerage account).
So, we are most likely going to pay off the mortgage next month after what should be our last regular mortgage payment on August first. I’m sure the “don’t pay off your mortgage” crowd thinks I’m nuts but I don’t care. I was raised largely by first generation grandparents who worked insanely hard to keep a home. I have a chance to own my home outright a month before my 40th birthday, and I’m taking it. I don’t fully trust this market (although, admittedly, I trust it enough to keep my 403(b) money in the market), and my interest rate on the mortgage is kind of high considering it originated almost seven years ago.
Another thought: looking at my monthly mortgage statement that came in the mail today, it’s odd that there are three separate messages embedded on the paper with information about people having trouble making monthly payments (two from HUD, and one from the credit union about if COVID is impacting my ability to pay). I realize I’m lucky to be in the situation I am in. Also, though, I worked very hard and was frugal AF for the most part (my weakness is travel) to get here. Thanks to Gardo for making this thread, and everyone else for participating and cheering each other on. I’ll give an update next month if things go as planned. I work in higher education, so I suppose it’s possible that things can go south if my school cannot open and this COVID stuff gets much worse. It’s crazy times we live in.
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June:
Beginning Mortgage Debt This Month: ~$67K
Paid Mortgage Debt This Month: ~$57K
Ending Mortgage Debt: ~$10K
You're the Man!
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We got 2 graduates ladies and gents. Congrats to Bigjones and AnxietyFly!
MPC075 Members:
KBecks
sneekeestache
Imma
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Cheap Scholar
Pizzabrewer
Huskerfan
Vashy
Monerexia
fireseeker
Graduates may go to the Mortgage Payoff Club or Don't Payoff Mortgage Club -- that are already existing but feel free to drop by and visit every now and then.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
Need2Save
Gardo
Bigjones
AnxietyFly
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Major update:
So, we are most likely going to pay off the mortgage next month after what should be our last regular mortgage payment on August first. I’m sure the “don’t pay off your mortgage” crowd thinks I’m nuts but I don’t care. I was raised largely by first generation grandparents who worked insanely hard to keep a home. I have a chance to own my home outright a month before my 40th birthday, and I’m taking it.
Thanks to Gardo for making this thread, and everyone else for participating and cheering each other on. I’ll give an update next month if things go as planned. I work in higher education, so I suppose it’s possible that things can go south if my school cannot open and this COVID stuff gets much worse. It’s crazy times we live in.
You bet Cheapscholar. I would drop in every now and then here to give support!
Yeah, I have a kid too and yesterday finally got my call returned by the assigned school counselor. She said it is still a go in August 3 start of classes. We'll see. :)
I think you are being smart either way -- to payoff the mortgage or slow down and invest more if market tanks anew.
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Thanks for all who greeted on my graduation! What a nice feeling to get to under $50K.
As I mentioned I may move to Don't Payoff Mortgage if we enter a sustained (a year or more) bear market. I am 100% cash now on my non-retirement account but going in and out just to get something from the market. Meanwhile, I stay the course 100% equity on my retirement account.
Interesting times ahead guys.
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So, we are most likely going to pay off the mortgage next month after what should be our last regular mortgage payment on August first. I’m sure the “don’t pay off your mortgage” crowd thinks I’m nuts but I don’t care. I was raised largely by first generation grandparents who worked insanely hard to keep a home. I have a chance to own my home outright a month before my 40th birthday, and I’m taking it. I don’t fully trust this market (although, admittedly, I trust it enough to keep my 403(b) money in the market), and my interest rate on the mortgage is kind of high considering it originated almost seven years ago.
Yipee! I'm celebrating with you CheapScholar. I've been paying down our mortgage since I was 24 and it's 23 years later. That sounds like a MPO fail, but we changed houses twice and significantly upgraded in size and $ both times. I'll be 47 this year and finally paying off. We also have the money sitting in cash to do it right now, but I'm practicing some patience and we only have 5 payments left to go. Even though this is not our forever home, we know have the ability to roll the equity into a free and clear forever home of our choice in the future and probably pocket some of it for retirement living.
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Beginning Mortgage Debt This Month: $29900
Paid Mortgage Debt This Month: $1k
Ending Mortgage Debt: $29306
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1st February 2020 - $ 94,500 owing
1st March 2020 - $ 93,500 owing
1st April 2020 - $ 93,000 owning.
1st May 2020 - $90,500 owing.
1st June 2020 - $87,000 owing.
1st July 2020 - $85,000 owing.
1st August 2020 - $83500 owing. Down $1500
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June:
Beginning Mortgage Debt This Month: ~$67K
Paid Mortgage Debt This Month: ~$57K
Ending Mortgage Debt: ~$10K
I paid off my mortgage.
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June:
Beginning Mortgage Debt This Month: ~$67K
Paid Mortgage Debt This Month: ~$57K
Ending Mortgage Debt: ~$10K
I paid off my mortgage.
Fantastic! Congratulations.
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June:
Beginning Mortgage Debt This Month: ~$67K
Paid Mortgage Debt This Month: ~$57K
Ending Mortgage Debt: ~$10K
I paid off my mortgage.
Fantastic! Congratulations.
Thank you. I need to grind hard on the retirement savings again. We've been very lucky. I hope the luck will continue but a lot of risk right now in my industry.
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Congrats @AnxietyFly !! Awesome for you.
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Congrats @AnxietyFly !! Awesome for you.
Thanks! Feels good right now. A lot of pressure is gone.
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I just called my credit union and was able to have a Mortgage Payoff Statement sent in the mail within 48 hours - all through punching in keys and not talking to a human being. I did have to enter a specific payoff date, which I put as 8/21.
One thing that was not lost on me as I maneuvered through the different recorded prompts was how lucky I am to be in this situation. The first prompt when you call is asking if you’re having trouble making mortgage payments due to COVID. Then I had listen to another prompt about general problems with mortgage payments and HUD assistance. The mortgage payoff is basically the last option after listening to a ton of garbage.
Hopefully all goes well and I get this mortgage payoff statement in a few days and can then work on getting a cashiers check or wire transfer set up for the 21st.
Note: I just now graduated this thread by having the balance at about $48,000. But, I have the cash on hand and am paying off.
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Congrats to Cheap Scholar for graduating!
MPC075 Members:
KBecks
sneekeestache
Imma
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Pizzabrewer
Huskerfan
Vashy
Monerexia
fireseeker
Graduates may go to the Mortgage Payoff Club or Don't Payoff Mortgage Club -- that are already existing but feel free to drop by and visit every now and then.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
Need2Save
Gardo
Bigjones
AnxietyFly
Cheap Scholar
-
Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $69240.51
Paid Mortgage Debt This Month : $2834
Ending Mortgage Debt : $67157.39
****Descriptive Text *****
$2083.12 off of principle.
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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!
I believe I missed this and time to graduate KBecks.
A much delayed but proper Congrats to KBecks!
MPC075 Members:
sneekeestache
Imma
UKstu2017
middo
allsummerlong
Greenback Reproduction Specialist
CharlesBronzee
Pizzabrewer
Huskerfan
Vashy
Monerexia
fireseeker
Graduates may go to the Mortgage Payoff Club or Don't Payoff Mortgage Club -- that are already existing but feel free to drop by and visit every now and then.
Graduates:
MangoAtPlay
indentured4now
gypsy79
Slow road to freedom
bw_94
Need2Save
Gardo
Bigjones
AnxietyFly
Cheap Scholar
KBecks
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I'm chiming in early as I won't make any more progress this month:
1st February 2020 - $ 94,500
1st March 2020 - $ 93,500
1st April 2020 - $ 93,000
1st May 2020 - $90,500
1st June 2020 - $87,000
1st July 2020 - $85,000
1st August 2020 - $83,500
1st September 2020 - $82,000 - Down $1500.
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $67157.39
Paid Mortgage Debt This Month : $2834.09
Ending Mortgage Debt : $65067.76
****Descriptive Text *****
$2089.63 off of principle.
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Update since post two months ago:
Making the final wire transfer was harder than I thought because we moved from IL to IN 7 years ago and yet still use BoA for a lot of banking, even though there is no BoA in Northern Indiana. We also had to shuffle money from our credit union account here to BoA to have enough $ in one place to make the transfer. Today we were able to travel to IL to see family and take care of the wire transfer. So, I managed to kill the mortgage about one week before my 40th birthday. I’ll post more on the general mortgage payoff thread, but wanted to mark the progress here first.
Beginning month balance: $47,274
Ending month balance: $0.00
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A good month this month as we got our tax return
1st February 2020 - $ 94,500
1st March 2020 - $ 93,500
1st April 2020 - $ 93,000
1st May 2020 - $90,500
1st June 2020 - $87,000
1st July 2020 - $85,000
1st August 2020 - $83,500
1st September 2020 - $82,000
1st October 2020 - $73,500. Down $8,500.
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November update, a little late.
1st February 2020 - $ 94,500
1st March 2020 - $ 93,500
1st April 2020 - $ 93,000
1st May 2020 - $90,500
1st June 2020 - $87,000
1st July 2020 - $85,000
1st August 2020 - $83,500
1st Sept 2020 - $82,000
1st October 2020 - $73,500.
1st November 2020 - $72500 Down $1000
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Starting Mortgage Debt (July 2019) : $90,835.26. (Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $67157.39
Paid Mortgage Debt This Month : $2834.09
Ending Mortgage Debt : $65067.76
****Descriptive Text *****
$2089.63 off of principle.
I forgot to log a few months. Here’s my current balance and I will pickup where I left off early December. Balance: $61670
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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)
We're down to £67,300 as of today. Dropped LTD trading profit into the mortgage and got Mr Vashy to match. Still overpaying.
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Starting Mortgage Debt (July 2019) : $90,835.26
(Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $61670.00
Paid Mortgage Debt This Month : $2334
Ending Mortgage Debt : $60063.67
****Descriptive Text *****
$1607 off of principle.
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December update.
1st February 2020 - $ 94,500
1st March 2020 - $ 93,500
1st April 2020 - $ 93,000
1st May 2020 - $90,500
1st June 2020 - $87,000
1st July 2020 - $85,000
1st August 2020 - $83,500
1st Sept 2020 - $82,000
1st October 2020 - $73,500.
1st November 2020 - $72500
1st December 2020 - $75000. UP 2500.
We spent $10 000 on having a tree removed and air conditioning installed this month, so some got pulled out of the HELOC.
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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)
We're down to £67,300 as of today. Dropped LTD trading profit into the mortgage and got Mr Vashy to match. Still overpaying.
£66,000 as of today - annual goal achieved.
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End of year update:
1st February 2020 - $ 94,500
1st March 2020 - $ 93,500
1st April 2020 - $ 93,000
1st May 2020 - $90,500
1st June 2020 - $87,000
1st July 2020 - $85,000
1st August 2020 - $83,500
1st Sept 2020 - $82,000
1st October 2020 - $73,500.
1st November 2020 - $72500
1st December 2020 - $75000.
1st January 2021 - $71000. Down $4000
Overall down $24000 for the year. Really happy when I see the progress like that.
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Starting Mortgage Debt (July 2019) : $90,835.26
(Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $60063
Paid Mortgage Debt This Month : $2634
Ending Mortgage Debt : $58151
****Descriptive Text *****
$1911 off of principle.
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1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
Down another $1000.
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Starting Mortgage Debt (July 2019) : $90,835.26
(Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $58151
Paid Mortgage Debt This Month : $2334
Ending Mortgage Debt : $56534
****Descriptive Text *****
$1617 off of principle.
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At 106K joining soon!
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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%
End of 2020 mortgage debt: €67.423,00
Current estimated value: €113000,00
LTV 2015: 98%
LTV 2017: 80%
LTV 2020: 59%
We haven't been paying extra on our mortgage even though that's what we planned, because our income increased fairly quickly and so did the value of our house. We've decided to invest in making our house more sustainable instead. When we bought this house, we knew that we could easily afford the payments even though our LTV was high. And we knew that we were young, would likely make more money in a few years, inflation would eat away the debt over the years etc. But we had no idea it would be so easy. Our mortgage payment is only 7% of our income now, it was 20% (on a 20k income).
Our interest rate is 2,25% so paying off the mortgage is not a priority, but our fixed-interest period is ending in 4 years. In the current economic climate we are preparing for all scenarios. Should the interest rate rise significantly over the next couple of years, we plan to pay off a large chunck of the mortgage in one go as soon as our fixed interest period is ending.
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Chiming in early for March as we won't make any more payments this month:
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
Down another $2000.
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Starting Mortgage Debt (July 2019) : $90,835.26
(Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $56534
Paid Mortgage Debt This Month : $2511
Ending Mortgage Debt : $54611
****Descriptive Text *****
$1923 off of principle
A change in insurance finally hit. The payment for the house is roughly $125 cheaper per month. But you know I won’t stand by on idle!
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At 106K joining soon!
$96,592
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April update as we won't make any more payments this month:
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
Down another $1000.
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Starting Mortgage Debt (July 2019) : $90,835.26
(Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $54611
Paid Mortgage Debt This Month : $2911
Ending Mortgage Debt : $52282
****Descriptive Text *****
$2329 off of principle
Not much more to add. I really feel like there is a light at the end of the tunnel here! $20k in payments each year on the principle... really starts to whittle away at that balance!
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At 106K joining soon!
$96,592
$10K in a month, wow! Congratulations for making it to the last 100K.
Can’t wait to join you here. Looks like it will be in November.
@Huskerfan , you’ll be out of this thread in a NY minute!
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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)
We're down to £67,300 as of today. Dropped LTD trading profit into the mortgage and got Mr Vashy to match. Still overpaying.
£66,000 as of today - annual goal achieved.
Down to £62,800 - shooting to graduate from here by the end of the year!
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At 106K joining soon!
$96,592
$10K in a month, wow! Congratulations for making it to the last 100K.
Can’t wait to join you here. Looks like it will be in November.
@Huskerfan , you’ll be out of this thread in a NY minute!
True. Another month or so and I’ll be moving on. I’ve really enjoyed the company and accountability
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May update as we won't make any more payments this month:
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
Down another $1500.
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Starting Mortgage Debt (July 2019) : $90,835.26
(Not total mortgage... that was around $179k)
Beginning Mortgage Debt This Month: $52282
Paid Mortgage Debt This Month : $3211
Ending Mortgage Debt : $49646
****Descriptive Text *****
$2636 off of principle
Well... I did it.
I graduated and went below the $50k mark.
It’s been a pleasure. Now it is time to find the final group and pay off the rest. Thank you!
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We're in this club, on the home stretch for payoff of one of our rental property loans!
Original 15 year loan from 2012, matures in early 2027
now remaining $58,000
will be under $50K in less than a year. That will be a landmark!
We have two other properties, just refinanced those, so won't be paying those off for some time.
But starting to get excited about the home stretch for this loan!
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June Update:
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
Down another $1000.
Not a spectacular month, but we had a spendy month, paying for a holiday that will now probably be canned due to a covid outbreak in Victoria (AUS), and we put a deposit on a new solar PV and hot water system. When that comes through we will go backward for a bit as I will take the 9K out of the HELOC.
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I'm looking to join this club ASAP. Right now, it looks like it will be in mid-November. Will anyone still be here then!?
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I will be here still.
July update (actually a few days into July now)
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
Up $10 000
We pulled a heap out of the mortgage for solar panels and new hot water. There have also been other chilren related costs (wisdom teeth operation). When our tax return comes in a couple of months this should be repayed.
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This has been a three year journey where we have sacrificed savings, all bonus from work and every spare nickle has gone to paying off a $73k HELOC. We have worked overtime, we have taken all money from Christmas, birthdays etc and paid everything outside of family vacations on this HELOC. Im really hoping its paid off by Xmas this year.
Beginning Mortgage Debt This Month: $10,000
Paid Mortgage Debt This Month : $3,000
Ending Mortgage Debt : $7000.00
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August update
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
1st Aug 2021 - $74 000
Down $500
Better than nothing. Lots of bills this month and next (5 lots of property rates), so we kept a bit back for them.
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We're in this club, on the home stretch for payoff of one of our rental property loans!
Original 15 year loan from 2012, matures in early 2027
now remaining $58,000
will be under $50K in less than a year. That will be a landmark!
We have two other properties, just refinanced those, so won't be paying those off for some time.
But starting to get excited about the home stretch for this loan!
August 2021 $55,900
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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)
We're down to £67,300 as of today. Dropped LTD trading profit into the mortgage and got Mr Vashy to match. Still overpaying.
£66,000 as of today - annual goal achieved.
Down to £62,800 - shooting to graduate from here by the end of the year!
Down to £57,900 as of today.
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September update
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
1st Aug 2021 - $74 000
1st Sep 2021 - $72 500
Down $1500. Now waiting for our tax return to drop it back down substantially.
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October update
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
1st Aug 2021 - $74 000
1st Sep 2021 - $72 500
1st Oct 2021 - $70 000
Down $2500. We have been advised our tax return won't be as big as last year, but still will let us pay down a bit more. It should be in our bank in a weeks time.
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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)
We're down to £67,300 as of today. Dropped LTD trading profit into the mortgage and got Mr Vashy to match. Still overpaying.
£66,000 as of today - annual goal achieved.
Down to £62,800 - shooting to graduate from here by the end of the year!
Down to £57,900 as of today.
Graduated (put in some lumps sums of cash as we were due to re-mortgage anyway). Good luck everyone!
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November update
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
1st Aug 2021 - $74 000
1st Sep 2021 - $72 500
1st Oct 2021 - $70 000
1st Nov 2021 - $65 500
Down $4500. Tax return helped to drop it a bit more than usual, but some big medical bills had to be paid. I was hoping to get under $60 000 by the end of the year, but that may be a bit too much of a stretch.
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I’m finally here! A couple of days ago, our mortgage hit $97.9K.
We are in the homestretch now!
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December update
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
1st Aug 2021 - $74 000
1st Sep 2021 - $72 500
1st Oct 2021 - $70 000
1st Nov 2021 - $65 500
1st Dec 2021 - $63 000
Down $2500
We had a big month with medical bills, but also had a small windfall which got put straight here.
$60 000 by the end of the year is still a glimmer there...
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@middo , I think it’s only you and me in here now.
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@middo , I think it’s only you and me in here now.
I thought that too. I like seeing my progress and others, so I will keep up my posting.
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I'm still here for another couple months. I just don't post regularly.
I think I'm at 53K-ish. Should be outa here before June, I think? I'm not accelerating payments, but over $700 per month is principal.
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@middo and @monarda , nice to have you as company.
Just hit $93,000.
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End of year update:
1st Jan 2021 - $71 000
1st Feb 2021 - $70 000
1st Mar 2021 - $68 000
1st Apr 2021 - $67 000
1st May 2021 - $65 500
1st Jun 2021 - $64 500
1st July 2021 - $74 500
1st Aug 2021 - $74 000
1st Sep 2021 - $72 500
1st Oct 2021 - $70 000
1st Nov 2021 - $65 500
1st Dec 2021 - $63 000
30 Dec 2021 - $61500
Down $1500
I was hoping to get to $60,000 by the end of the thread, but it wasn't to be. I probably could shuffle a few things around to hit that number, but it wouldn't be a true value.
Still, down $9500 while renovating our place isn't too bad.
Come on 2022
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Just under $88K now. It’s fun to see how much goes down now (in %), when the total amount owed is a relatively small number.
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Start of Feb update as I won't put any more in the mortgage this month:
1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
Down $1500, which I am really happy with this month. Bathroom renovations continuing, which has slowed down the repayments, but we finally hit the $60,000. Now to graduate out...
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Just made another extra payment, so will be at $79,999 once the payment goes through!
I’m loving how fast it’s going down now.
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Start of March update:
1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
1st Mar 2022 - $61 000
Up $1000. Had a few expenses this month including an air conditioner for a rental unit we own. We expected it to come out of the rent, but the real estate agent didn't manage it too well.
Also had a $2000+ rates bill.
Next month should be better.
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I'll join up since I'm in this group!
Here's this month's details from the other thread:
Previous balance:75319.42
Reg. payment principle: 493.66
Add. principle payment: 1300.00
New balance:73525.76
Original payoff date: Dec 2032
New projected payoff date: Aug 2032
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Welcome @Ambergris. I haven't done a projection out like that so I thought I would do it. At my current budgeted paydown rate of $500 per fortnight, I will pay it off in July 2026. But the last 9 months show that I have paid off slightly more than $900 per fortnight. If I continue at that rate it drops it back to August 2024.
I am going to aim for the higher rate obviously.
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Welcome @Ambergris ! Glad you found us.
On April 1st, my outstanding mortgage amount will be at $74K something.
At this rate, I should be part of this thread until late summer.
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Welcome @Ambergris. I haven't done a projection out like that so I thought I would do it. At my current budgeted paydown rate of $500 per fortnight, I will pay it off in July 2026. But the last 9 months show that I have paid off slightly more than $900 per fortnight. If I continue at that rate it drops it back to August 2024.
I am going to aim for the higher rate obviously.
Oh, it's not a calculation I did...my bank calculates it for me based on the idea that I only make regular payments going forward. The idea is to bring forward the "official" payoff date as I go on.
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Welcome @Ambergris. I haven't done a projection out like that so I thought I would do it. At my current budgeted paydown rate of $500 per fortnight, I will pay it off in July 2026. But the last 9 months show that I have paid off slightly more than $900 per fortnight. If I continue at that rate it drops it back to August 2024.
I am going to aim for the higher rate obviously.
Oh, it's not a calculation I did...my bank calculates it for me based on the idea that I only make regular payments going forward. The idea is to bring forward the "official" payoff date as I go on.
That's interesting. My loan is a HELOC - line of credit, so I can pay interest only if I want, but obviously in this thread, I want to pay it down. The calculations are my own.
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Start of April update:
1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
1st Mar 2022 - $61 000
1st Apr 2022 - $57 000
:)
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I fell behind schedule but as of last month I am mortgage FREE~ Debt Free and loving every single second of it so far. I know many will say the math doesnt add up but this FREEDOM FEELING does. LETS GO!!!!
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I fell behind schedule but as of last month I am mortgage FREE~ Debt Free and loving every single second of it so far. I know many will say the math doesnt add up but this FREEDOM FEELING does. LETS GO!!!!
Congrats! I bet that feels really good.
Sorry for not noticing earlier. It's been a really busy month here and I haven't had much time to post.
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I'm posting really late for April...life has been happening.
Here's this month's damage:
Previous balance:73525.76
Reg. payment principle: 498.52
New reg payment balance: 73027.24
Add. principle payment: 500.00
New balance:72527.24
Original payoff date: Dec 2032
New projected payoff date: Jul 2032
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Start of May 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
Another 1k off.
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Lots of new activity in here!
Today’s balance is just under $69,500!
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$49,435! (once tomorrow's payment clears)
On to the next thread. See some of you there, soon.
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Congratulations @monarda !
I hope to join you before Fall starts.
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Congratulations @monarda. I hope to join you soon.
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Here's May's update:
Previous balance:72527.24
Reg. payment principle: 501.22
New reg payment balance: 72026.02
Add. principle payment: 602.58
New balance:71423.44
Original payoff date: Dec 2032
New projected payoff date: Jun 2032
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Under $64K today!
My days in this thread are numbered and I’ve very happy about that.
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Start of June 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
Bought a car. Pulled some cash out of the HELOC for it.
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Here's June's update:
Previous balance:71423.44
Reg. payment principle: 504.21
New reg payment balance: 70919.23
Add. principle payment: 4350.00
New balance:66569.23
Original payoff date: Dec 2032
New projected payoff date: Sept 2031
I had some extra money from summer teaching and a few other things: I officially join the 60ks club today! I won't be able to do another payment this big for a while, but it sure feels good.
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Here's the July update:
Previous balance:66569.23
Reg. payment principle: 517.36
New reg payment balance: 66051.87
Add. principle payment: 800.00
New balance:65251.87
Original payoff date: Dec 2032
New projected payoff date: Aug 2031
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Start of July 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
Still going down. My wife has quit her job, so who knows where it will go over the next few months. Wish us luck.
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Good luck @middo !
In 2 days, we will be at $56,100 owed.
We now have less than 1 year to go on our amortization!
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Start of August 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
Down another $1000 Very happy with that, and a little unexpected. Next month not looking so good, but I will remain hopeful.
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This will be the last month that I will be part of this thread. We are under $54K now.
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Congratulations @LeftA. That's great news.
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August update:
Previous balance:65251.87
Reg. payment principle: 520.93
New reg payment balance: 64730.94
Add. principle payment: 750.00
New balance:63980.94
Original payoff date: Dec 2032
New projected payoff date: Jun 2031
Congrats to LeftA and good luck to Middo (hope it works out for you). I think I'll probably be the last person in this thread, though.
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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
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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.
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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
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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.
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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.
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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.
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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!!
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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!
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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.
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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!
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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.
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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.
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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
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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.
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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
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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
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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.
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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.
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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. :)
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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!
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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.
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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
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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.
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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.