Author Topic: Mortgage Payoff Club!!  (Read 812052 times)

MaybeBabyMustache

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    • My Wild Ride to FI
Re: Mortgage Payoff Club!!
« Reply #2200 on: June 08, 2021, 10:19:14 AM »
@talltexan - it's a double edge sword. For us, HCOL has translated into very high salaries & is worth the additional expenses in housing. I always feel the need to add the disclaimer that our house, while completely acceptable & nice, is by no stretch of any kind a palace. I dream of one day having a bath tub. ;-)  Location is everything.

Huskerfan

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Re: Mortgage Payoff Club!!
« Reply #2201 on: July 05, 2021, 04:11:59 PM »
Just graduated from
The $75k-50k club.  Starting Mortgage Debt (July 2019) :  $90,835.26
(Not total mortgage... that was around $179k)

Beginning Mortgage Debt This Month: $47201
Paid Mortgage Debt This Month :  $2711
Ending Mortgage Debt : $45049

****Descriptive Text *****
$2152 off of principle

Well, I see this as being a December 2023 payoff, if my calculations stay the same. This will remain our goal; even if I have to submit for my retirement a bit early due to medical stuff.  Hopefully that doesn’t take place though.  I’d like a few years of good earnings beyond having a mortgage.



Nederstash

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Re: Mortgage Payoff Club!!
« Reply #2202 on: July 10, 2021, 11:46:25 AM »
I put 5000 into the mortgage last week and another 10,000 a few weeks before that. Honestly feels great! Now at 156k. Home is valued at 400k. I'd love to sell and get something with a garden but alas... can't buy a house for a normal price around here!

Dutch Comfort

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Re: Mortgage Payoff Club!!
« Reply #2203 on: July 12, 2021, 05:39:31 AM »
@Dutch Comfort   Wow!   Talk about a system of endless indenture!    Good luck paying off the 71K and hope the downsize works out soon enough.  Time to get you out of that socialized, banker-lobby-induced mess...  Take care!
Definitely a system of endless indebtness..... I totally want to decrease the amount I need to pay to the bank (I hate the obligation to pay money to anyone.....especially banks).

We redirected some refunds (tax and insurance) to our mortgage. Shaved another 3 months off!

Update on our mortgage:
   
Original: 120,000 repayment date 06/01/33
May2021: 71,000 repayment date 03/01/33
June2021: 69,000 repayment date 12/01/32

Goal: repayment in May 2027?
« Last Edit: July 21, 2021, 03:06:54 AM by Dutch Comfort »

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2204 on: July 28, 2021, 07:14:27 PM »
@Dutch,   Good progress.   To pay 69K Euro in 2 years, what savings rate would you have to have?    What if a relatively small contribution from investment accounts that are at all-time highs or relatively "toppy" prices?   A trick that worked for us...   The debt has to have a name to make it personal and it needs to leave your house!   At our house, we called it "Kill Bill!"

Dutch Comfort

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Re: Mortgage Payoff Club!!
« Reply #2205 on: Today at 12:40:37 AM »
@Money Badger, we're using tax refunds to do additional repayments. Our post-tax investment accounts are not high enough to repay. And when we pay it in full in two years, we have to pay a penalty to the bank (I definitely do not want that.....).
So currently, we're funding our pre-tax investment (retirement) fund with after tax funds. This way, we get a tax refund and use the refund to repay the mortgage (example: we put 1000 in the pre-tax investment fund (which we can only access once retired), we get a tax refund of EUR 500 and we put this towards the mortgage, leaving us with a 1000 investment fund and a 500 less mortgage). We can only fund till a max of EUR 5,000 this year, so I'm first doing this pre-tax investment fund, so I have a nice refund next year!
I just calculated the savings rate that I should have (just for fun) to pay it in 2 years..... this would be >90%..... not a real opportunity at this moment! But we stick to our plan and try to direct as much funds as possible towards the mortgage. Let's kill it!