Author Topic: Mortgage Payment Club $125K : Starting current balance of $100K-$149K  (Read 24806 times)

CheapScholar

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #100 on: June 24, 2018, 03:45:33 PM »
Lego idea was me.  I keep the Lego model and my latest mortgage statement on my nightstand.  So every morning I wake up and I know I have business to take care of.

SwordGuy

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #101 on: November 12, 2019, 11:08:03 PM »
We've decided to finish off our current home mortgage.   


Starting Mortgage Debt :  $ 180,001


Beginning Mortgage Debt This Month: $146,890
Paid Mortgage Debt This Month     : $    885
Ending Mortgage Debt              : $146,005


$227,500 purchase with an appraised value of ~$324,000.  Current Zillow value of $345,000 (for what that's worth).

Plan is to pay off a HELOC we're using to fund some renovations on a couple of properties by April, 2020, then hit this mortgage hard.   We'll be selling a property, probably within the year, and we intend to put at least $40,000 of the equity into the mortgage.

RMDs from our 401Ks/IRAs for 2020 will be used to pay off the HELOC.   We'll put about $15,000 from them against the mortgage in 2021 and 2022.   

Our FIRE income is going up in 2020 from several sources (Social security for me and profits from two rental houses coming online).  Rather than spend it, we're planning on adding in an additional $1200 a month starting by April 2020.  That, plus the regular payments should get us paid off around September, 2022.  I just sent in the December 2019 payment, so we're talking about paying it off in 33 more payments, in just under 3 years.  Otherwise we would have just under 12 years to go.

If we end up selling the property using owner financing instead of them getting a bank loan, that will slow us down a bit.  Instead of a $40,000 lump sum in the first year, it would be  $500+ / month starting by 2021.   Those payments would only bring in $12,000 in two years, leaving a shortfall of $28,000.   We'll have another property income stream starting up in 2022 which should bring in about $850 a month, plus we can toss in the 2023 RMD of $15,000.   It would delay us 4-5 months.  Not bad!

If we have a big stock drop we'll funnel the extra payments into stocks.  If rental property drops big time we'll divert it to rental houses.   But until/unless those things happen, we're going to stomp on this mortgage.   At a fixed rate of 2.75% it doesn't make economic sense to pay it off early (assuming historically average returns),, but we're FIRED, we have enough and I'm just tired of the mortgage.

PJC74

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #102 on: November 18, 2019, 12:55:16 PM »
Joining this club :)

balance 143,685 on 240k loan  7 years in on 15yr @ 2.875 

SwordGuy

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #103 on: October 22, 2020, 10:25:45 AM »

This is a great example of "How Plans Are Worthless But Planning Is Essential"

Note my plan in Nov of 2019.

We've decided to finish off our current home mortgage.   


Starting Mortgage Debt :  $ 180,001


Beginning Mortgage Debt This Month: $146,890
Paid Mortgage Debt This Month     : $    885
Ending Mortgage Debt              : $146,005


$227,500 purchase with an appraised value of ~$324,000.  Current Zillow value of $345,000 (for what that's worth).

Plan is to pay off a HELOC we're using to fund some renovations on a couple of properties by April, 2020, then hit this mortgage hard.   We'll be selling a property, probably within the year, and we intend to put at least $40,000 of the equity into the mortgage.

RMDs from our 401Ks/IRAs for 2020 will be used to pay off the HELOC.   We'll put about $15,000 from them against the mortgage in 2021 and 2022.   

Our FIRE income is going up in 2020 from several sources (Social security for me and profits from two rental houses coming online).  Rather than spend it, we're planning on adding in an additional $1200 a month starting by April 2020.  That, plus the regular payments should get us paid off around September, 2022.  I just sent in the December 2019 payment, so we're talking about paying it off in 33 more payments, in just under 3 years.  Otherwise we would have just under 12 years to go.

If we end up selling the property using owner financing instead of them getting a bank loan, that will slow us down a bit.  Instead of a $40,000 lump sum in the first year, it would be  $500+ / month starting by 2021.   Those payments would only bring in $12,000 in two years, leaving a shortfall of $28,000.   We'll have another property income stream starting up in 2022 which should bring in about $850 a month, plus we can toss in the 2023 RMD of $15,000.   It would delay us 4-5 months.  Not bad!

If we have a big stock drop we'll funnel the extra payments into stocks.  If rental property drops big time we'll divert it to rental houses.   But until/unless those things happen, we're going to stomp on this mortgage.   At a fixed rate of 2.75% it doesn't make economic sense to pay it off early (assuming historically average returns),, but we're FIRED, we have enough and I'm just tired of the mortgage.

Found a house we fell in love with the very next month.  Pulled money from savings for the down payment, bought it and then had two mortgages.     Sold it a couple months ago and now we've paid off the new house instead.   

So, all that planning to pay off a mortgage early worked out to pay off a newer, bigger mortgage even earlier. :)

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #104 on: November 21, 2020, 09:25:00 PM »
Is anyone even part of this club anymore?

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #105 on: January 20, 2021, 08:44:02 PM »
Well, in less than 2 weeks, I will officially be part of this club...and will be singing ďAll by myselfĒ, apparently.

SwordGuy

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #106 on: January 20, 2021, 09:01:49 PM »

This is a great example of "How Plans Are Worthless But Planning Is Essential"

Note my plan in Nov of 2019.

We've decided to finish off our current home mortgage.   


Starting Mortgage Debt :  $ 180,001


Beginning Mortgage Debt This Month: $146,890
Paid Mortgage Debt This Month     : $    885
Ending Mortgage Debt              : $146,005


$227,500 purchase with an appraised value of ~$324,000.  Current Zillow value of $345,000 (for what that's worth).

Plan is to pay off a HELOC we're using to fund some renovations on a couple of properties by April, 2020, then hit this mortgage hard.   We'll be selling a property, probably within the year, and we intend to put at least $40,000 of the equity into the mortgage.

RMDs from our 401Ks/IRAs for 2020 will be used to pay off the HELOC.   We'll put about $15,000 from them against the mortgage in 2021 and 2022.   

Our FIRE income is going up in 2020 from several sources (Social security for me and profits from two rental houses coming online).  Rather than spend it, we're planning on adding in an additional $1200 a month starting by April 2020.  That, plus the regular payments should get us paid off around September, 2022.  I just sent in the December 2019 payment, so we're talking about paying it off in 33 more payments, in just under 3 years.  Otherwise we would have just under 12 years to go.

If we end up selling the property using owner financing instead of them getting a bank loan, that will slow us down a bit.  Instead of a $40,000 lump sum in the first year, it would be  $500+ / month starting by 2021.   Those payments would only bring in $12,000 in two years, leaving a shortfall of $28,000.   We'll have another property income stream starting up in 2022 which should bring in about $850 a month, plus we can toss in the 2023 RMD of $15,000.   It would delay us 4-5 months.  Not bad!

If we have a big stock drop we'll funnel the extra payments into stocks.  If rental property drops big time we'll divert it to rental houses.   But until/unless those things happen, we're going to stomp on this mortgage.   At a fixed rate of 2.75% it doesn't make economic sense to pay it off early (assuming historically average returns),, but we're FIRED, we have enough and I'm just tired of the mortgage.

Found a house we fell in love with the very next month.  Pulled money from savings for the down payment, bought it and then had two mortgages.     Sold it a couple months ago and now we've paid off the new house instead.   

So, all that planning to pay off a mortgage early worked out to pay off a newer, bigger mortgage even earlier. :)

As of last October the mortgage is gone.

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #107 on: February 01, 2021, 07:11:23 PM »
Congrats @SwordGuy ! How does it feel to be done?

I officially belong here. Just snuck it under the $150K mark, at $149,997 owed as of today.

Anyone else belong here?

SwordGuy

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #108 on: February 01, 2021, 08:48:28 PM »
Congrats @SwordGuy ! How does it feel to be done?

@LeftA , it feels GREAT!

When we closed on our new home in January, we had a mortgage on the old house and the new house, plus we had three other houses we had bought to help people out that we were scheduled to off-load that year.

Getting rid of all those costs cut well over $50k off our expenses.    Cash flow is way better now. :)

I officially belong here. Just snuck it under the $150K mark, at $149,997 owed as of today.


Congrats!    You're getting close!   How quickly do you plan to pay it down?

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #109 on: February 06, 2021, 01:20:44 PM »
@SwordGuy , thank you! Under 3 years, and hopefully closer to 2. Canít wait to have this baby gone!

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #110 on: March 28, 2021, 09:29:49 AM »
Will be in the 130s in a few days!
Since Iíll be a part of this thread for most of the year, I thought Iíd check again on whether anyone else is here too.


LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #111 on: May 01, 2021, 10:12:17 AM »
We are at $133,500 and will be in the 120s, in about a month.

Itís really starting to feel like the end is in sight now.

meandmyfamily

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #112 on: June 20, 2021, 09:11:42 AM »
Currently at $149,675.99 June 2021

LeftA  great job!

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #113 on: June 20, 2021, 12:33:31 PM »
Congrats and welcome @meandmyfamily !

Nice to have some company in this thread. Mineís now at just over $125K. I expect to hang out here for another 5 months or so.

alcon835

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #114 on: July 02, 2021, 07:58:54 AM »
I'm a month early, but hoping you'll forgive me since this thread has a bit more action in it than the previous one. My goal this year is to get my mortgage down to $142,948. I'm going a good chunk over my minimum payment each month, but not really changing the amounts I put down - any extra money is going towards investments and FIRE.

Honestly, I was this close to putting an extra $600 toward my mortgage just so I'd be below 150k in July, but I don't need it to be on track and the only reason to put extra was to feel better about posting in this thread!

2021 Goal: $143,000 remaining on the mortgage ($18,500+ paid off)
1/1/21 Balance: $161,448
5/1/21 Balance: $153,665
7/1/21 Balance: $150,521 ($7,521 to goal)


LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #115 on: July 04, 2021, 10:30:52 AM »
@alcon835 , it's only more active because I'm in it and post a lot, LOL. Happy to have company, so no worries about joining early.

AFM, I will be under $120K at next payment!

alcon835

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #116 on: August 05, 2021, 03:56:32 PM »
Okay, so I'm finally legal...

2021 Goal: $143,000 remaining on the mortgage ($18,500+ paid off)
1/1/21 Balance: $161,448
5/1/21 Balance: $153,665
7/1/21 Balance: $150,521
8/1/21 Balance: $148,942 ($5,942 to goal)

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #117 on: August 06, 2021, 07:05:22 PM »
Congratulations on making it here officially @alcon835 !

Next payment Iíll be at under $115K. Considering where this mortgage started, it feels like almost nothing!

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #118 on: October 01, 2021, 08:46:17 PM »
Well, my days in this thread are numbered. Got to just under $106K today.

Howís everyone else doing?

alcon835

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #119 on: October 13, 2021, 07:06:46 AM »
Well, my days in this thread are numbered. Got to just under $106K today.

Howís everyone else doing?

Nice!!! I look forward to you being able to drop out! As for me, I'm on track for my 2021 goal. Should hit it in December...

2021 Goal: $143,000 remaining on the mortgage by EOY 2021 ($18,500+ paid off)
1/1/21 Balance:   $161,448
5/1/21 Balance:   $153,665
7/1/21 Balance:   $150,521
8/1/21 Balance:   $148,942
9/1/21 Balance:   $147,359
10/1/21 Balance: $145,771 ($2,771 to goal)

LeftA

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Re: Mortgage Payment Club $125K : Starting current balance of $100K-$149K
« Reply #120 on: October 13, 2021, 05:51:58 PM »
Thank you @alcon835 !

I've got about 1 more month to hang out in here. Next payment is in a few days and will be at just over $103K owed then.