Author Topic: Mortgage Payoff Club!! (Read 1177169 times)

Trifle · « **Reply #2650 on:** March 06, 2025, 01:16:47 PM »

Quote from: JAYSLOL on March 05, 2025, 06:38:06 PM

Ok, I’m jumping in with our new, pretty sizeable mortgage. We bought our first place this year, and would like to pay it off sooner rather than later, though we don’t have high incomes, so we’re still going to be here a long while. We are still working on the place cash flowing repairs and maintenance, so we probably won’t be paying more towards the mortgage for a while, but we want to as soon as we can.

2025
Jan $510,000
Feb $509,071

Welcome! Congrats on buying your first place. Awesome that you already have plans to slay the mortgage as soon as you can.

JAYSLOL · « **Reply #2651 on:** March 06, 2025, 01:54:00 PM »

Quote from: Trifle on March 06, 2025, 01:16:47 PM

Quote from: JAYSLOL on March 05, 2025, 06:38:06 PM
Ok, I’m jumping in with our new, pretty sizeable mortgage. We bought our first place this year, and would like to pay it off sooner rather than later, though we don’t have high incomes, so we’re still going to be here a long while. We are still working on the place cash flowing repairs and maintenance, so we probably won’t be paying more towards the mortgage for a while, but we want to as soon as we can.

2025
Jan $510,000
Feb $509,071

Welcome! Congrats on buying your first place. Awesome that you already have plans to slay the mortgage as soon as you can.

Thanks, we definitely plan to, the house was owned by an elderly couple before we bought it so it had a lot of deferred maintenance and things that should have been replaced a long time ago, like poly-b plumbing, ancient carpet, and some diy fixes that weren’t up to code, or even remotely safe in some cases lol. So I’m hoping by the end of the year we have everything bought back up to speed, and by early next year we can put more towards the mortgage. We are in Canada, so it’s a 25 year mortgage, currently with a decent rate of just over 4%, but in Canada mortgages can’t be locked for more than 5 years, so in 5 years the rate will go up or down to whatever the going rate is. If I could lock it in for the life of the mortgage, I might not want to be aggressive about paying it down, but since that’s not an option, I’d like to avoid owing such a large amount with the possibility of a big rate-hike every 5 years.

JAYSLOL · « **Reply #2652 on:** March 15, 2025, 03:34:50 PM »

2025
Jan $510,000
Feb $509,071
Mar $507,963

Just Joe · « **Reply #2653 on:** March 24, 2025, 03:05:57 PM »

2025: ~$225,000 left

Paying it down at an accelerated pace so it is paid off before we retire in 6-7 more years.

Should we find any lottery tickets or inheritances from long lost relatives come our way it will be paid off at the first opportunity.

BiggerFishToFI · « **Reply #2654 on:** March 31, 2025, 09:46:05 AM »

Made some solid progress this quarter due to bonus season and owing less tax than estimated. Goal is to be paid off sometime in 2028.

Original amount: 300k @ 6.625
Aug 2024: 299k
Sep 2024: 299k
Oct 2024: 299k
Nov 2024: 298k
Dec 2024: 298k
Jan 2025: 289K
Feb 2025: 275k
Mar 2025: 271k

Dutch Comfort · « **Reply #2655 on:** April 01, 2025, 03:47:42 AM »

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
April 2024: EUR 27,000 repayment date 10/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

No extra payments yet this year, but we did the tax filing and a refund is coming our way, so this should help!

Trifle · « **Reply #2656 on:** April 01, 2025, 07:02:16 AM »

Quote from: Dutch Comfort on April 01, 2025, 03:47:42 AM

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
April 2024: EUR 27,000 repayment date 10/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

No extra payments yet this year, but we did the tax filing and a refund is coming our way, so this should help!

You crossed the 25% mark! Well done!

Nederstash · « **Reply #2657 on:** April 05, 2025, 11:03:49 AM »

Another 1500 thrown at the mortgage, now at 59,726.

Just Joe · « **Reply #2658 on:** April 14, 2025, 02:22:56 PM »

More reasons to aim to pay it off - surprise serious health problems...

Dutch Comfort · « **Reply #2659 on:** April 15, 2025, 03:15:25 AM »

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Managed to do an additional payment this month. So one month taken off the repayment date!

JAYSLOL · « **Reply #2660 on:** April 15, 2025, 07:14:50 AM »

2025
Jan $510,000
Feb $509,071
Mar $507,963
Apr $507,026

Money Badger · « **Reply #2661 on:** April 17, 2025, 04:36:27 PM »

Quote from: Dutch Comfort on April 15, 2025, 03:15:25 AM

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Managed to do an additional payment this month. So one month taken off the repayment date!

17K by 2027? Seriously? We’ve talked about this! ;-) Time to start using capital gains, credit card promos and cash in the sofa cushions to kill this this year!

AFrugalGuy · « **Reply #2662 on:** April 20, 2025, 06:13:15 PM »

Original loan amount: $656,000.00

December 31, 2023: $497,758.27
December 31, 2024: $409,737.04
January 31, 2025: $403,846.93
February 28, 2025: $398,865.16
March 31, 2025: $393,718.92

AFrugalGuy · « **Reply #2663 on:** May 04, 2025, 08:20:38 AM »

Original loan amount: $656,000.00

December 31, 2023: $497,758.27
December 31, 2024: $409,737.04
January 31, 2025: $403,846.93
February 28, 2025: $398,865.16
March 31, 2025: $393,718.92
April 30, 2025: $376,211.30

TyGuy · « **Reply #2664 on:** May 04, 2025, 10:20:11 AM »

Made the decision to start paying extra on my mortgage, at least until rates drop again and I am able to refinance. My goal is to pay an additional $500 towards my mortgage each month.

Initial mortgage: $428,000 @6.125%

Balance:
05/01/25: $424,964

Freedomin5 · « **Reply #2665 on:** May 04, 2025, 02:47:14 PM »

Original amount: 412k
Apr 2024: 407k
May 2024: 392k
Jun 2024: 377k
Jul 2024: 338k
Sep 2024: 333k
Dec 2024: 323k
Jan 2025: 261k - Made a lump sum payment of ~61k
Mar 2025: 253k
May 2025: 245k

Dutch Comfort · « **Reply #2666 on:** May 06, 2025, 04:22:01 AM »

Quote from: Money Badger on April 17, 2025, 04:36:27 PM

Quote from: Dutch Comfort on April 15, 2025, 03:15:25 AM
Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Managed to do an additional payment this month. So one month taken off the repayment date!

17K by 2027? Seriously? We’ve talked about this! ;-) Time to start using capital gains, credit card promos and cash in the sofa cushions to kill this this year!

I know...... I know..... but Mr DutchComfort is not completely on the same page..... I keep trying to pay off as much as possible without him starting to feel uncomfortable..... His emergency fund comfort level is way higher than mine.....

AFrugalGuy · « **Reply #2667 on:** June 01, 2025, 10:01:51 AM »

Original loan amount: $656,000.00

December 31, 2023: $497,758.27
December 31, 2024: $409,737.04
January 31, 2025: $403,846.93
February 28, 2025: $398,865.16
March 31, 2025: $393,718.92
April 30, 2025: $376,211.30
May 31, 2025: $366,562.77

Dutch Comfort · « **Reply #2668 on:** June 02, 2025, 03:30:14 AM »

Original: 120,000 repayment date 06/01/33
October 2021: 67,000 repayment date 12/01/32 - started the additional payments
April 2022: 60,000 repayment date 04/01/32 - HALFWAY MARK!!!!!
December 2022: EUR 53,000 repayment date 10/01/31
December 2023: EUR 41,000 repayment date 10/01/30
October 2024: EUR 30,000 repayment date 10/01/29 - 75% MARK!!!!!
December 2024: EUR 29,000 repayment date 10/01/29
March 2025: EUR 27,500 repayment date 10/01/29
April 2025: EUR 26,500 repayment date 09/01/29
May 2025: EUR 25,500 repayment date 08/01/29

Goal for 2025: get to EUR 17K, repayment 10/01/28
Stretch goal: full repayment in 2027!

Another month shaved off due to a refund from our insurance. Now waiting for the tax refund to shave another couple of months off the repayment date.
Slowly but surely we're getting there.....

Just Joe · « **Reply #2669 on:** June 04, 2025, 02:50:43 PM »

Down to $220K. Throwing about $3500 per month at this bear.

Trifle · « **Reply #2670 on:** June 04, 2025, 03:02:37 PM »

Quote from: Just Joe on June 04, 2025, 02:50:43 PM

Down to $220K. Throwing about $3500 per month at this bear.

Sweet! By the end of the year you'll cross the 200k mark and you'll see that number start with a "1." That's a big milestone

TyGuy · « **Reply #2671 on:** June 10, 2025, 09:10:06 AM »

Initial mortgage: $428,000 @6.125%

Balance:
05/01/25: $424,964
06/01/25: $424,031

Feels good to be adding extra principle payments!

JAYSLOL · « **Reply #2672 on:** June 15, 2025, 11:44:22 PM »

2025
Jan $510k
Feb $509k
Mar $508k
Apr $507k
May $506k
June $505k

Started just using rounded numbers, can’t be bothered to track down to the dollar or cents. Progress sure is super slow at the beginning lol. I haven’t made any extra payments yet as we are just getting through the last of the expenses from fixing up the place. Also, since it’s our first place we want to build up a bit more in savings to cover other things that might (will) come up in the coming years before we put too much more down on the house.

grantmeaname · « **Reply #2673 on:** June 16, 2025, 08:26:26 AM »

What you can do at the beginning is track your scheduled payoff date moving forward. It takes surprisingly few dollars at the beginning to move the payoff date forward a month. When you have been tracking that for a while and your extra payments are not pulling in the payoff date very much, you're ready to switch over to tracking dollars.

lcmac32 · « **Reply #2674 on:** June 17, 2025, 10:03:17 AM »

It has been a minute (6 months) since my last update. Update in bold.

Mar 24 $483,072.97 ($500.00 add. principal)
Apr 24 $482,140.83 ($500.00 add. principal)
May 24 $481,703.54 (0.00 add. principal)
Jun 24 $481,112.22 ($151.61 add. principal)
Jul 24 $480,517.64 ($151.61 add. principal)
Aug 24 $479,919.78 ($151.61 add. principal)
Sep 24 $479,318.62 ($151.61 add. principal)
Oct 24 $478,314.14 ($551.61 add. principal)
Nov 24 $476,855.72 ($1,000.00 add. principal)
Dec 24 $476,389.25 ($0.00 add. principal)

Jan 25 $474,920.21 (1,000.00 add. principal)
Feb 25 $474,443.06 ($0.00 add. principal)
Mar 25 $473,963.27 ($0.00 add. principal)
Apr 25 $473,480.83 ($0.00 add. principal)
May 25$472,495.73 ($500.00 add. principal)
Jun 25 $471.864.69 ($140.50 add. principal)

Had to slow down on additional principle payments as we had big tax bill. (newer to being self-employed). Ship is righted and now , and hopefully I will be back on regular prin. reductions.

News:

Author Topic: Mortgage Payoff Club!! (Read 1177169 times)