Author Topic: Mortgage Payoff Club!!  (Read 793942 times)

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2100 on: September 30, 2020, 01:29:38 PM »
Before August Payment $19,958
Principle Paid this month: $5,252
New Balance: $14,706

Down to $9444.  Will call for payoff balance next week! Almost there.

Congrats!   

We should be down to < $4,000 next week when a house sells.   We'll be paying it off within a week afterwards, so I have a pretty good idea how good you're feeling about your situation!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2101 on: October 06, 2020, 12:02:40 PM »
Sold a house, picked up the check and deposited it today.   We'll be sending the final payment in tomorrow.     We'll be mortgage free again!

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2102 on: October 06, 2020, 04:13:06 PM »
Congrats!! Such a great feeling!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2103 on: October 07, 2020, 09:40:06 AM »
It is done.   We are free!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #2104 on: October 07, 2020, 10:21:18 AM »
Congrats @SwordGuy!

Zamboni

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Re: Mortgage Payoff Club!!
« Reply #2105 on: October 09, 2020, 10:06:22 PM »
Belated Congrats, @SwordGuy!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2106 on: October 09, 2020, 10:12:12 PM »
Thanks everyone!    It feels so good to be free of those payments!

Finntastic

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Re: Mortgage Payoff Club!!
« Reply #2107 on: October 10, 2020, 01:05:56 AM »
Mortgage finally paid off. First time since 1994 I'm debt free!

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2108 on: October 10, 2020, 12:37:05 PM »
Congrats @Finntastic ! Woohoo:)

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2109 on: October 10, 2020, 02:36:12 PM »
Mortgage finally paid off. First time since 1994 I'm debt free!

Congrats @Finntastic !

couponvan

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Re: Mortgage Payoff Club!!
« Reply #2110 on: October 12, 2020, 11:29:05 AM »
Mortgage finally paid off. First time since 1994 I'm debt free!

Congrats @Finntastic !

Congratulations!  It must feel amazing!

Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2111 on: October 17, 2020, 06:35:55 PM »
I can't believe it took me almost a week to post this news.....we are also done, done, done!  Paid in Full.  Mortgage free for the first time since 1995 (granted that was two houses ago).

Just waiting for our little paid off letter to arrive and return of our Escrow funds to seal the deal.

F E E L S   A M A Z I N G!

Congrats to @SwordGuy and @Finntastic

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2112 on: October 17, 2020, 07:47:47 PM »
I can't believe it took me almost a week to post this news.....we are also done, done, done!  Paid in Full.  Mortgage free for the first time since 1995 (granted that was two houses ago).

Just waiting for our little paid off letter to arrive and return of our Escrow funds to seal the deal.

F E E L S   A M A Z I N G!

Congrats to @SwordGuy and @Finntastic

@Congrats right back at you, @Need2Save !

I'm setting up my accounts in Quicken so (hopefully) I'll be more organized with my finances. 

Everytime I added an asset (our home, 4 rental properties, 2 cars, and parts of 2 farms), I got to answer "Nope!!!!" to the question, "Is there a loan associated with this asset?"

Damn, but that was a good feeling!

Trifele

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Re: Mortgage Payoff Club!!
« Reply #2113 on: October 18, 2020, 02:22:27 AM »
I can't believe it took me almost a week to post this news.....we are also done, done, done!  Paid in Full.  Mortgage free for the first time since 1995 (granted that was two houses ago).

Just waiting for our little paid off letter to arrive and return of our Escrow funds to seal the deal.

F E E L S   A M A Z I N G!


Congratulations @Need2Save!   Well done!

jordanfromcanada

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Re: Mortgage Payoff Club!!
« Reply #2114 on: October 19, 2020, 02:33:58 PM »
Kicking off my first post here (long time lurker) with an official 'We've Officially Paid Off Our Mortgage!'.

Purchased our house in 2015 with my SO and set out on a mission to clear the mortgage. We consciously directed more % of our funds to the mortgage vs. investing. It was a choice we made and are happy with the result. We still have a good chunk in the market and will amp up the allocation going forward. We are both 30 years old, engineers, working in the Energy sector.

Coles Notes ($CAD)

Start
House Purchase Date: August 2015
House Purchase Amount: $650k
Downpayment: $225k
Mortgage Owing: $425k
Payments: $2,880 Bi-Weekly Accelerated (initially 5 Year Fixed @ 2.54%)

End Result
Mortgage Owing: $0
Time Elapsed: 5 Years 2 Months
Paid to Lender: $425k Principal + $40.2k Interest = 465.2k Total
Lender Annual Return: 1.79% (lower than original rate - we hit the mortgage with big lump sum payments)

It feels great to finally say we actually own our house. We made a rule that we'd do zero renos until the house was paid off - a little bit of delayed gratification. Time to paint!

-jordan
« Last Edit: November 17, 2020, 09:15:35 PM by jordanfromcanada »

Trifele

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Re: Mortgage Payoff Club!!
« Reply #2115 on: October 20, 2020, 03:09:31 AM »
Kicking off my first post here (long time lurker) with an official 'We've Officially Paid Off Our Mortgage!'.

Welcome to the forum @jordanfromcanada!  And huge congratulations on the milestone.  You two are killing it!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2116 on: October 22, 2020, 05:53:19 PM »
Wow, 4 paid off mortgages on one page!   Where have I been?

CONGRATS on killing those mortgages @SwordGuy, @Need2Save, @Finntastic, and @jordanfromcanada !!!!

Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2117 on: October 24, 2020, 10:52:47 AM »
Wow, 4 paid off mortgages on one page!   Where have I been?

CONGRATS on killing those mortgages @SwordGuy, @Need2Save, @Finntastic, and @jordanfromcanada !!!!

Thank you!  Yeah I like to see so many forum members joining in all at once.  It really has me considering knocking off about 10-12 months from my RE date.  I'm still cheering for the rest of you though!

Segare

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Re: Mortgage Payoff Club!!
« Reply #2118 on: October 28, 2020, 06:59:55 AM »
Hello all, we only owe on our house. We bought it in 2016. We are more than half way done, less than two years to go.  Recently we decided to put more into investments while still keeping the same extra principle payment. So here we are staying the course.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2119 on: November 03, 2020, 02:38:26 PM »
Refinanced last month. Just got a notice in the mail that the lien on my old loan had been removed.

No notice about my escrow balance, surely they're not going to think I've forgotten it?

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2120 on: November 03, 2020, 05:26:27 PM »
Refinanced last month. Just got a notice in the mail that the lien on my old loan had been removed.

No notice about my escrow balance, surely they're not going to think I've forgotten it?

My understanding is they wait about 20 days from the pay off of the loan before disbursing the escrow amount to the consumer.  That way, they account for payments received after closing, etc.

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2121 on: November 08, 2020, 03:18:52 PM »
Congrats, @Need2Save and @jordanfromcanada ! Enjoy being unburdened by a looming mortgage :) @Segare sounds like you'll be paid off soon enough, good on you for allocating your funds where they work best for you.

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2122 on: November 10, 2020, 08:24:55 AM »
Got a nice, phat check in the mail that was our escrow account...will be satisfying to deposit that sucker!

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2123 on: November 10, 2020, 08:29:17 AM »
Got a nice, phat check in the mail that was our escrow account...will be satisfying to deposit that sucker!

Yeah, just got one of those too!    But the property tax is due now and the home insurance is due in December, so it's easy come, easy go!

talltexan

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Re: Mortgage Payoff Club!!
« Reply #2124 on: November 12, 2020, 09:19:54 AM »
Update: deposited it, had my mother call and tell me all sorts of bad things about the bank that took that check. I replied that they "cheat the other guy and pass the savings on to me!"

alcon835

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Re: Mortgage Payoff Club!!
« Reply #2125 on: November 14, 2020, 09:32:18 AM »
Joining the thread to keep me motivated! While I 100% understand the financial benefits of paying the minimum on the mortgage and investing everything else, there's something so emotionally satisfying about not having a house payment. The freedom that brings is...other worldly. Plus, I'd like to be debt free!

Right now I've got 32% equity in my home. There are a few potential windfalls in about 3 years  that I'm hoping to use to pay off my house, but if that doesn't work I should have it done in the next 7 years.

Here's to celebrating with you all as you pay off your mortgages and looking forward to that glorious day when mortgage payments will be part of my past!

couponvan

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Re: Mortgage Payoff Club!!
« Reply #2126 on: November 16, 2020, 07:40:58 AM »
Joining the thread to keep me motivated! While I 100% understand the financial benefits of paying the minimum on the mortgage and investing everything else, there's something so emotionally satisfying about not having a house payment. The freedom that brings is...other worldly. Plus, I'd like to be debt free!

Right now I've got 32% equity in my home. There are a few potential windfalls in about 3 years  that I'm hoping to use to pay off my house, but if that doesn't work I should have it done in the next 7 years.

Here's to celebrating with you all as you pay off your mortgages and looking forward to that glorious day when mortgage payments will be part of my past!

I recommend you pay the minimum, while adding the maximum to a separate investment account that is the "house account". Once it has at least enough to payoff the mortgage, you can decided whether you want to actually do that.  You have the "house payoff" on the side you can look at whenever you want.  Just don't spend it on cars and vacations! This is what we'll be doing once we refi our current house.

paulkots

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Re: Mortgage Payoff Club!!
« Reply #2127 on: November 16, 2020, 08:29:37 PM »
Coming close to celebrating  1 year of paid-off mortgage. It is still one of the best things I have done.

Took 1 month off this year since expenses are lower with no mortgage. Even with 2020 being the whirlwind that it is, I can sit back and relax.


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alcon835

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Re: Mortgage Payoff Club!!
« Reply #2128 on: November 17, 2020, 08:44:13 AM »
Joining the thread to keep me motivated! While I 100% understand the financial benefits of paying the minimum on the mortgage and investing everything else, there's something so emotionally satisfying about not having a house payment. The freedom that brings is...other worldly. Plus, I'd like to be debt free!

Right now I've got 32% equity in my home. There are a few potential windfalls in about 3 years  that I'm hoping to use to pay off my house, but if that doesn't work I should have it done in the next 7 years.

Here's to celebrating with you all as you pay off your mortgages and looking forward to that glorious day when mortgage payments will be part of my past!

I recommend you pay the minimum, while adding the maximum to a separate investment account that is the "house account". Once it has at least enough to payoff the mortgage, you can decided whether you want to actually do that.  You have the "house payoff" on the side you can look at whenever you want.  Just don't spend it on cars and vacations! This is what we'll be doing once we refi our current house.

Hrm, that's something I hadn't considered. I need to think through what would make me happier and what the meaningful financial benefits are of contributing my current extra payments into the market for the next few years.

moneypitfeeder

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Re: Mortgage Payoff Club!!
« Reply #2129 on: December 04, 2020, 03:59:13 PM »
Awesome @paulkots, glad you got to take some time off! To @alcon835, this probably is already understood, but if you do decide to set money aside in an investment account, I would make sure that it at least will make enough in interest to equal what you would have saved accounting for compounding interest on your mortgage.

Calvin

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Re: Mortgage Payoff Club!!
« Reply #2130 on: December 06, 2020, 09:34:29 AM »
I didn't join this earlier, but I paid off my mortgage a couple months ago! It's so nice to not have any monthly mortgage payment.

Congrats to everyone who's paid it off!

Lilium

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Re: Mortgage Payoff Club!!
« Reply #2131 on: December 06, 2020, 04:39:19 PM »
In the process of refinancing at the moment - but am trying to get this paid off as fast as I can (which won't be crazy fast, but much better than the 25yr refinance).

Bought in 2016 for 196k.  Loan was for 186k and currently owe 158400.  Earlier this year I was able to start putting extra money to it with the thought that I'd try hard to at least get the PMI off. 

Right now, if I keep going like this, I think it should take about 10 years to pay it off but I'm not sure I'll be able to continue with the pace of overtime I'm currently in.


Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2132 on: December 29, 2020, 05:46:55 PM »
Rock on @Calvin for killing that sucka debt!   

@Lilium,  How'd it go with the refi?   It's nice to kill the PMI to get the loan holder to stop charging you for the honor of doing business with them...    Instead of OT, look at how to build monthly cash flow margin... 10 years is too long... you can do it in 7.    Or less.    Work the plan for the win!   

swaneesr

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Re: Mortgage Payoff Club!!
« Reply #2133 on: December 30, 2020, 06:01:20 AM »
Great job those who are in this club. DW and I have been hammering away at our mortgage and have celebrated each $10k drop with a bottle of sparkling wine.

I understand the math of investing versus paying off the mortgage debt. We do both. Getting finished with this mortgage will give us an even bigger $$$ stream for saving up for a few upgrades we want to make before retirement.

My wife’s spreadsheet says we may be done in THREE payments......

Swanee


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Need2Save

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Re: Mortgage Payoff Club!!
« Reply #2134 on: December 30, 2020, 12:12:35 PM »
We paid off our balance in October as you can tell upthread.  Still really, really enjoying this very much even with crazy low interest rates available right now.

In November we anxiously awaited our confirmation letter that our title was ours free and clear, and wouldn't you know it.....they misspelled our names!  Now we have to wait another six weeks for them to fix this and refile with our county.  A little annoying that neither the bank who has serviced our loan for 8 years or the county could tell our last name was spelled wrong.  Really?

For those anticipating paying off soon, the bank told us up to 6 weeks for our Escrow to be returned to us but it was closer to 3 weeks.  We got it in plenty of time to pay taxes and insurance in December. 

GOOD LUCK TO YOU ALL!

v8rx7guy

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Re: Mortgage Payoff Club!!
« Reply #2135 on: January 01, 2021, 10:15:54 AM »
Dropped a substantial amount of money (for us) and paid our rental duplex off before the new year!  Hello additional income!  Units rent out for $1250 a side and expenses are about $600/more now the the mortgage is gone.  So happy, never thought this day would actually come!

Lilium

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Re: Mortgage Payoff Club!!
« Reply #2136 on: January 01, 2021, 04:54:35 PM »
@Money Badger,  I think the refi finally closed on Dec 28th, it seemed like it took a really long time.  168,090 at 2.875%.  I haven't received any bills or anything just yet.  The first payment has to be by check in the mail.  The last time I paid through USPS, it took 20 days to get there.  So I'm thinking of just using the money I have for the Jan and Feb payment at first.  After that, I think I can pay online and I'm planning on putting back in whatever extra funds come back (1908 so far and at least 4200 from the old escrow acct).

I didn't realize there were different threads for mortgage payoff - I'll head over to the proper thread and come back when I'm under 50$!!

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2137 on: January 06, 2021, 05:44:01 PM »
@Lilium,  Nice!   That $168K is now $162K with that escrow kicker.   While the threads for various amounts are nice, the method is the same all the way to zero...   Treat every item in your budget like an employee that needs to "re-interview" for it's job to stay there OR put that money each month to the debt.   Do the math, make the choices and kill $162K in 7 years with this mindset and make it mathematically certain.   Once it is done, the whole game of work and investing changes and you are in control to a FAR greater level than you'd imagine.   

AK

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Re: Mortgage Payoff Club!!
« Reply #2138 on: January 09, 2021, 06:31:04 AM »
After months of deciding between investing or paying off the mortgage, I have decided to pay it off this coming week. The cash was sitting in a rental property fund but none have come up yet and it kept growing.

I hope it feels better than the meh / indifference after paying off my student loans. Anyone else feel like that?

Bird In Hand

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Re: Mortgage Payoff Club!!
« Reply #2139 on: January 10, 2021, 09:49:11 AM »
I hope it feels better than the meh / indifference after paying off my student loans. Anyone else feel like that?

I wasn't super pumped in the last year or so leading up to paying ours off.  What made it exciting for me was when I realized we could scrounge up enough cash to pay it off about 6 months ahead of schedule.  That spontaneous decision, and the series of transactions immediately afterward (requesting the payoff letter, scheduling the wire transfer from our bank, seeing the $0 balance on the mortgage) was quite a rush.

We basked in the afterglow of that excitement for quite some time.  Naturally it fades after a while, but 11 months later it's still a very pleasant memory to relive.  Not having the mortgage during all the fear and uncertainty during the early days of COVID did give us palpable peace of mind.

paulkots

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Re: Mortgage Payoff Club!!
« Reply #2140 on: January 12, 2021, 07:48:59 PM »
I hope it feels better than the meh / indifference after paying off my student loans. Anyone else feel like that?

Paying off the mortgage felt like an achievement and it was a reason to celebrate.

The real bonus for me kicked in a few months later, it felt like I received a raise. Then covid happened and nobody knew what the future would bring, having no payments gave me a peace of mind. Now I see businesses closing down around me and I have worries about my own but I know that if necessary I can take less profits from the business to help it weather the storm, paid off house allows me to do this.

Money Badger

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Re: Mortgage Payoff Club!!
« Reply #2141 on: January 14, 2021, 07:38:02 PM »
It'll be 2 years to the day Jan 19th that I paid the mortgage off AND we downsized.   It's completely changed the pace of net worth growth (skyrocketing with cashflow investment vs. the old mortgage days).  And during a pandemic and my job loss, our net worth increased because I didn't have to raid our investments to live AND could take risks when the market tanked last March instead of hiding in cash to be safe and liquid.   Best thing we ever did.

SwordGuy

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Re: Mortgage Payoff Club!!
« Reply #2142 on: January 14, 2021, 07:46:16 PM »
It'll be 2 years to the day Jan 19th that I paid the mortgage off AND we downsized.   It's completely changed the pace of net worth growth (skyrocketing with cashflow investment vs. the old mortgage days).  And during a pandemic and my job loss, our net worth increased because I didn't have to raid our investments to live AND could take risks when the market tanked last March instead of hiding in cash to be safe and liquid.   Best thing we ever did.

I love it when a plan comes together!


mastrr

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Re: Mortgage Payoff Club!!
« Reply #2143 on: January 14, 2021, 07:55:05 PM »
after listening to Dave Ramsey for a week I decided to pay off my mortgage and did it today.  Purchased residence Jan 2015 so it was a large amount relative to the original principal on the loan.

before I was all about creating positive leverage with debt
« Last Edit: January 14, 2021, 08:01:49 PM by mastrr »

alcon835

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Re: Mortgage Payoff Club!!
« Reply #2144 on: January 15, 2021, 06:43:58 AM »
after listening to Dave Ramsey for a week I decided to pay off my mortgage and did it today.  Purchased residence Jan 2015 so it was a large amount relative to the original principal on the loan.

before I was all about creating positive leverage with debt

Congratulations!!!!!

How does it feel knowing you'll never have another mortgage payment?

couponvan

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Re: Mortgage Payoff Club!!
« Reply #2145 on: January 15, 2021, 08:37:14 AM »
after listening to Dave Ramsey for a week I decided to pay off my mortgage and did it today.  Purchased residence Jan 2015 so it was a large amount relative to the original principal on the loan.

before I was all about creating positive leverage with debt

Congratulations!!!!!

How does it feel knowing you'll never have another mortgage payment?

Congrats!  Dave must really work if in a week you could already pay off the mortgage! LOL.   I've read one of his books and listened to him off and on.  We've been "debt free" except the house, and then went back on the optimize investible assets until retirement bandwagon.  Frankly the "debt free" life is way more relaxing.

mastrr

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Re: Mortgage Payoff Club!!
« Reply #2146 on: January 15, 2021, 08:55:55 AM »
after listening to Dave Ramsey for a week I decided to pay off my mortgage and did it today.  Purchased residence Jan 2015 so it was a large amount relative to the original principal on the loan.

before I was all about creating positive leverage with debt

Congratulations!!!!!

How does it feel knowing you'll never have another mortgage payment?

Thank you, feels good!  That is my goal, no more debt

mastrr

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Re: Mortgage Payoff Club!!
« Reply #2147 on: January 15, 2021, 09:05:50 AM »
after listening to Dave Ramsey for a week I decided to pay off my mortgage and did it today.  Purchased residence Jan 2015 so it was a large amount relative to the original principal on the loan.

before I was all about creating positive leverage with debt

Congratulations!!!!!

How does it feel knowing you'll never have another mortgage payment?

Congrats!  Dave must really work if in a week you could already pay off the mortgage! LOL.   I've read one of his books and listened to him off and on.  We've been "debt free" except the house, and then went back on the optimize investible assets until retirement bandwagon.  Frankly the "debt free" life is way more relaxing.

It did work quick and had just enough liquid in savings + non-retirement investments to cover the mortgage (not including emergency fund).  I've always heard of Dave Ramsey but dismissed him because I saw the critics.  I liked his points about lessening the risk especially in times like these.  I've always had the thought the back of my mind to work on paying off the mortgage but always wanted as much invested as possible which stopped me from sinking cash into equity.  It's like listening to him validated some thoughts I had and gave me the "green light" to make it happen.

alcon835

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Re: Mortgage Payoff Club!!
« Reply #2148 on: January 15, 2021, 11:10:03 AM »
after listening to Dave Ramsey for a week I decided to pay off my mortgage and did it today.  Purchased residence Jan 2015 so it was a large amount relative to the original principal on the loan.

before I was all about creating positive leverage with debt

Congratulations!!!!!

How does it feel knowing you'll never have another mortgage payment?

Congrats!  Dave must really work if in a week you could already pay off the mortgage! LOL.   I've read one of his books and listened to him off and on.  We've been "debt free" except the house, and then went back on the optimize investible assets until retirement bandwagon.  Frankly the "debt free" life is way more relaxing.

It did work quick and had just enough liquid in savings + non-retirement investments to cover the mortgage (not including emergency fund).  I've always heard of Dave Ramsey but dismissed him because I saw the critics.  I liked his points about lessening the risk especially in times like these.  I've always had the thought the back of my mind to work on paying off the mortgage but always wanted as much invested as possible which stopped me from sinking cash into equity.  It's like listening to him validated some thoughts I had and gave me the "green light" to make it happen.

Dave is significantly more solid than folks around here give him credit for. Eat the meat, spit out the bones.

Congrats again on paying off your mortgage! I'm jealous...

SwordGuy

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  • Location: Fayetteville, NC
Re: Mortgage Payoff Club!!
« Reply #2149 on: January 15, 2021, 11:34:36 AM »
Dave is significantly more solid than folks around here give him credit for.

I think he's awesome at connecting with his audience and convincing them to change their behavior for the better.
He gives great advice for getting out of debt, particularly for people who have had problems controlling their spending.

His investing advice seems suspect and designed to funnel people to high fee investments.