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Debt Anything to do with debt including debt reduction, debt concerns, debt consolidation and how to get out of debt.

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Old 04-24-2014, 05:52 PM
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Default House Mortgage -- Countdown

House Mortgage Debt . . . count it down.

I've a long waaaaaays to go . . 10 years including this year is my target.

Mortgage Principal : $207K
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Old 04-24-2014, 06:05 PM
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You can do it! We paid $240K in three years by using most of our savings, every extra cent we had after paying bills and the remaining $77K, we paid by selling our rental property. You will not regret it; my husband lost his job a month after we paid the house off and we've been able to pay our bills as well as save with my income alone.
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Old 04-24-2014, 10:56 PM
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Quote:
Originally Posted by Randomsaver View Post
House Mortgage Debt . . . count it down.

I've a long waaaaaays to go . . 10 years including this year is my target.

Mortgage Principal : $207K
As of today our mortgage principle is $104.5k. We'd like to pay it off in 10 years too. We'll see how it goes.

Look forward to following your journey.
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Old 04-25-2014, 08:33 AM
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Randomsaver, are you making any payments directly to principal over and above your required monthly payments? The real issue is how amotorization tables work, interest is front loaded. To make matters worse, most mortgagees seem unaware that their monthly payments also include property tax, some include mortgage insurance [PMI} and some even include ordinary house insurance. Check your documents to determine terms and conditions to add a separate payment directly to principal. Creditcardfree on SA Blogs is doing an incredible job of moving all extra sums to her relatively new mortgage principal where small bites are reducing her principal in big chunks.

It may not seem like much initially but I was gobsmacked when I discovered that intermittent, small sums applied directly to principal cause a 30 yr mortgage to be paid in full in 13 years and the real benefit was how much it saved in interest. Cost avoidance is not easy to track but it sure makes a difference in total outgo.
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Old 04-28-2014, 04:39 PM
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snafu, yes I got a direct advance payment to principal. what I'm changing now is to eliminate the house insurance from escrow and for me to pay it directly to the insurer. very interesting info you shared on 30Y becoming 13Y by advancing "small sums". good for you it worked out!

Eagle, let's do this journey! we can make it!

thanks NJDebbie and I'm glad things worked out for you!
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Old 05-19-2014, 11:38 AM
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Quote:
Originally Posted by Randomsaver View Post
House Mortgage Debt . . . count it down.

I've a long waaaaaays to go . . 10 years including this year is my target.

Mortgage Principal : $207K
Mortgage Principal : $205K
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Old 05-19-2014, 06:48 PM
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Great progress in less than a month!
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Old 05-22-2014, 05:18 PM
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Thanks!
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Old 05-22-2014, 05:40 PM
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Our balance is $54,368.64 as of today. I just scheduled our June payment so that will drop a bit in a couple of days. I haven't really figured out when we'll have it repaid. It will partly depend on college costs.
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Old 05-22-2014, 08:11 PM
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^ Awesome!
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Old 05-23-2014, 04:21 AM
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We owe about the same as you do. We have a little over 12 years left on our current mortgage. Our interest is right around 2.5%, so paying it off early isn't a huge savings.

We also have 3 kids getting closer to college age.

Dawn
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Old 05-23-2014, 05:37 AM
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$390k and no way are we paying it off anytime soon. We'll see after we move.
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Old 06-01-2014, 06:57 PM
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29 years to go for me.

I owe $130K at 3.75%. The loan is about 1.3X my W-2 income and I almost have the cash to pay it off completely. But 3.75% is a great deal and I don't like the idea of tying up too much of my net worth in real estate.
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Old 06-16-2014, 05:04 PM
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Quote:
Originally Posted by Randomsaver View Post
Mortgage Principal : $205K
Mortgage Principal : $203K
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Old 06-16-2014, 05:49 PM
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GREAT JOB RANDOMSAVER!!! I too want to payoff my mortgage early, trying to payoff student loan first, and then plan on paying off mortgage early.
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Old 06-16-2014, 10:59 PM
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Keep up the good work Random saver . I do a mortgage too, but I decided that I can make more money by investing it rather than paying my mortgage. My interest rate for personal home is 3.5% and rental is 4.5%, so I think the market will be a better option, We will see later on.
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Old 06-17-2014, 02:25 AM
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I think you are doing good work so should keep up with the good pace to remove your debt.
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Old 06-17-2014, 09:33 AM
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Quote:
Originally Posted by Randomsaver View Post
Mortgage Principal : $203K
Good job!
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Old 06-17-2014, 09:41 AM
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Quote:
Originally Posted by Randomsaver View Post
Eagle, let's do this journey! we can make it!


Mortgage Principal : $103.6K
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Last edited by Eagle; 06-17-2014 at 09:45 AM.
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Old 06-17-2014, 06:30 PM
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thanks guys! it really gladdens the heart to see and read support. that's really a big objective of this thread. we're here to back each other up.

Eagle, great job.

Debt, you're going DOWN.
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