Author Topic: Mortgage Payment Club $75K : Starting current balance of $50K- $99K (Read 62785 times)

middo · « **Reply #250 on:** April 28, 2021, 09:44:58 PM »

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.

Huskerfan · « **Reply #251 on:** May 11, 2021, 09:55:15 PM »

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!

monarda · « **Reply #252 on:** May 28, 2021, 12:56:40 PM »

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!

middo · « **Reply #253 on:** May 31, 2021, 08:54:26 PM »

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.

LeftA · « **Reply #254 on:** July 04, 2021, 10:32:29 AM »

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!?

middo · « **Reply #255 on:** July 04, 2021, 05:41:14 PM »

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.

Bigjones · « **Reply #256 on:** August 09, 2021, 01:41:49 PM »

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

middo · « **Reply #257 on:** August 09, 2021, 04:52:24 PM »

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.

monarda · « **Reply #258 on:** August 12, 2021, 07:54:07 AM »

Quote from: monarda on May 28, 2021, 12:56:40 PM

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

Vashy · « **Reply #259 on:** August 23, 2021, 02:21:55 AM »

Quote from: Vashy on April 08, 2021, 09:06:36 AM

Quote from: Vashy on December 21, 2020, 05:32:38 AM
Quote from: Vashy on November 30, 2020, 10:35:20 AM
Quote from: Vashy on October 05, 2019, 12:59:30 PM
Starting Mortgage Debt: £92,500

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

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.

middo · « **Reply #260 on:** September 05, 2021, 05:44:40 AM »

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.

middo · « **Reply #261 on:** September 29, 2021, 09:33:30 PM »

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.

Vashy · « **Reply #262 on:** October 11, 2021, 03:33:55 AM »

Quote from: Vashy on August 23, 2021, 02:21:55 AM

Quote from: Vashy on April 08, 2021, 09:06:36 AM
Quote from: Vashy on December 21, 2020, 05:32:38 AM
Quote from: Vashy on November 30, 2020, 10:35:20 AM
Quote from: Vashy on October 05, 2019, 12:59:30 PM
Starting Mortgage Debt: £92,500

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

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!

middo · « **Reply #263 on:** October 29, 2021, 03:31:40 PM »

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.

LeftA · « **Reply #264 on:** November 18, 2021, 09:27:59 PM »

I’m finally here! A couple of days ago, our mortgage hit $97.9K.

We are in the homestretch now!

middo · « **Reply #265 on:** November 30, 2021, 08:52:12 PM »

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...

LeftA · « **Reply #266 on:** December 09, 2021, 06:16:15 PM »

@middo , I think it’s only you and me in here now.

middo · « **Reply #267 on:** December 09, 2021, 06:27:01 PM »

Quote from: LeftA on December 09, 2021, 06:16:15 PM

@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.

monarda · « **Reply #268 on:** December 09, 2021, 07:29:41 PM »

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.

LeftA · « **Reply #269 on:** December 16, 2021, 07:13:37 PM »

@middo and @monarda , nice to have you as company.

Just hit $93,000.

middo · « **Reply #270 on:** December 28, 2021, 11:04:55 PM »

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

LeftA · « **Reply #271 on:** January 16, 2022, 08:53:57 AM »

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.

middo · « **Reply #272 on:** January 27, 2022, 10:45:34 PM »

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...

LeftA · « **Reply #273 on:** February 21, 2022, 01:55:43 PM »

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.

middo · « **Reply #274 on:** February 28, 2022, 11:12:01 PM »

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.

Ambergris · « **Reply #275 on:** March 28, 2022, 06:48:37 PM »

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

middo · « **Reply #276 on:** March 28, 2022, 07:22:55 PM »

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.

LeftA · « **Reply #277 on:** March 28, 2022, 08:00:12 PM »

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.

Ambergris · « **Reply #278 on:** March 29, 2022, 12:05:36 AM »

Quote from: middo on March 28, 2022, 07:22:55 PM

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.

middo · « **Reply #279 on:** March 29, 2022, 03:43:00 PM »

Quote from: Ambergris on March 29, 2022, 12:05:36 AM

Quote from: middo on March 28, 2022, 07:22:55 PM
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.

middo · « **Reply #280 on:** March 31, 2022, 03:00:22 PM »

Start of April update:

1st Jan 2022 - $61 500
1st Feb 2022 - $60 000
1st Mar 2022 - $61 000
1st Apr 2022 - $57 000

:)

Bigjones · « **Reply #281 on:** April 05, 2022, 12:47:19 PM »

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!!!!

Ambergris · « **Reply #282 on:** April 30, 2022, 11:55:45 AM »

Quote from: Bigjones on April 05, 2022, 12:47:19 PM

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.

Ambergris · « **Reply #283 on:** April 30, 2022, 12:00:43 PM »

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

middo · « **Reply #284 on:** May 01, 2022, 03:17:41 AM »

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.

LeftA · « **Reply #285 on:** May 01, 2022, 08:48:25 AM »

Lots of new activity in here!

Today’s balance is just under $69,500!

monarda · « **Reply #286 on:** May 04, 2022, 06:16:56 PM »

$49,435! (once tomorrow's payment clears)

On to the next thread. See some of you there, soon.

LeftA · « **Reply #287 on:** May 04, 2022, 06:58:32 PM »

Congratulations @monarda !

I hope to join you before Fall starts.

middo · « **Reply #288 on:** May 06, 2022, 12:04:52 AM »

Congratulations @monarda. I hope to join you soon.

Ambergris · « **Reply #289 on:** May 14, 2022, 07:39:32 PM »

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

LeftA · « **Reply #290 on:** June 01, 2022, 08:13:42 AM »

Under $64K today!

My days in this thread are numbered and I’ve very happy about that.

middo · « **Reply #291 on:** June 01, 2022, 06:17:01 PM »

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.

Ambergris · « **Reply #292 on:** June 20, 2022, 08:49:57 PM »

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.

Ambergris · « **Reply #293 on:** July 11, 2022, 07:32:37 AM »

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

middo · « **Reply #294 on:** July 13, 2022, 02:19:37 AM »

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.

LeftA · « **Reply #295 on:** July 14, 2022, 06:43:45 AM »

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!

middo · « **Reply #296 on:** July 31, 2022, 10:07:56 PM »

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.

LeftA · « **Reply #297 on:** August 01, 2022, 07:31:11 PM »

This will be the last month that I will be part of this thread. We are under $54K now.

middo · « **Reply #298 on:** August 01, 2022, 10:03:39 PM »

Congratulations @LeftA. That's great news.

Ambergris · « **Reply #299 on:** August 07, 2022, 07:18:14 AM »

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.

News:

Author Topic: Mortgage Payment Club $75K : Starting current balance of $50K- $99K (Read 62785 times)