House Mortgage -- Countdown

[disneysteve]

Made the March payment yesterday.

New balance $12,077.29. I upped the extra principal by another $500. I want to knock this thing out soon.

April payment made.

New balance: $9,902.10! We're under 10K! The end is near.

[Jluke]

Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?
.

First time around with a mortgage I went kamikaze at 94k balance. Original loan was in the 160’s.

This time I started at 200k. I think once I get to 125k to 150k I’ll be fine.

currently at 186k after just over a year using accelerated payments of course.

[disneysteve]

Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?

I don’t recall ever feeling like our mortgage was a burden. But we bought a very modest home. Purchase price was about 1.6 times income at that time and income went up soon after.

Now student loans were another issue. I always felt they were a burden.

[MooseBucks]

Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?

I still feel a bit uneasy with $70K debt, I would say if I get this down to $60K, that would be my sweet spot.

I think I would agree 50-60k. That would get it close to the point where I’d start paying it even more aggressively as the light at the end of the tunnel is close.

[Randomsaver]

Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?

I still feel a bit uneasy with $70K debt, I would say if I get this down to $60K, that would be my sweet spot.

[Randomsaver]

Mortgage Principal : $71K

Remember I was very afraid of my big debt then that I broke them up to small chunks that I called "Focused Debt" so it won't cause too much stress and fast palpitations of my heart? I think it worked successfully and I have gotten past it. Now I can take on this size of debt psychologically and physiologically.

Thank you God for getting me through the tough struggling financial times. I believe it is a necessary phase for many people that they have to go through in order to fast track the improvement of their quality of life.

Mortgage Principal : $70K

[Randomsaver]

My monthly interest expense went down from $252 on 1/1/2017 to $228 for 4/1/2017. That is $24 payment swing to the side of principal reduction.

From post #336. I believe this was my prior last post on my interest expense.

Now, my monthly interest expense is $162 on 3/1/2019.

[mumof2]

well I am watching this with envy as we want to buy a house in next couple of years...and then pay off in 5-7 years

[james.hendrickson]

For us its $332,022.55. 3.99%. I think we've got a ways to go still.

[greenskeeper]

March payment plus additional principal.....$98k left

[Randomsaver]

Mortgage Principal : $72K

Mortgage Principal : $71K

[disneysteve]

New balance $14,252.39.

Made the March payment yesterday.

New balance $12,077.29. I upped the extra principal by another $500. I want to knock this thing out soon.

[Randomsaver]

Random saver - whats your payoff goal this year? Are you going to dump all 72 of your mortgage debt?

james, thanks for the question. My target is to bring it down to $59K by year-end. Though I would be very happy if I could get it down to $58K. I am targetting to payoff hopefully end of 2023.

Mortgage Balance Targets:
Jan 2019 $73K
Jan 2020 $59K
Jan 2021 $45K
Jan 2022 $31K
Jan 2023 $17K
Jan 2024 $ 3K

[james.hendrickson]

Mortgage Principal Beg Balance : $72K

Random saver - whats your payoff goal this year? Are you going to dump all 72 of your mortgage debt?

[Randomsaver]

Congrats to all for ANOTHER YEAR of COMPLETING MORTGAGE PAYMENTS!

Also, hi to all. I will be rejoining as a regular on this thread as I start payment this year of my new house. It took them some time to complete but I am settled in my new house (pending delivery of my new refrigerator which will be coming in around mid-January).

Mortgage Principal Beg Balance : $73K

Mortgage Principal Beg Balance : $72K