House Mortgage -- Countdown

[Randomsaver]

Congrats and welcome back to your thread.

What is your mortgage rate and term?

do you plan to accelerate payments or will you use extra money for other expenses or savings?

Thanks Jluke! Happy to be back!

I have a 5 and 1 ARM so I plan this no later than Mar of 2024. Locked in for the 5 years at ~2.7% which is what I wanted.

It's a 15Y term with amortization calculated at ~$580 (with tax escrow). My plan is to pay $1000 each month worth of principal. Then on March, I will add extra $2000 from my bonus.

That computes to $14K a year of principal reduction which would get me to complete end Mar 2024.

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

[Jluke]

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.

Mortgage Principal Beg Balance : $73K

Congrats and welcome back to your thread.

What is your mortgage rate and term?

do you plan to accelerate payments or will you use extra money for other expenses or savings?

[Gailete]

"Mortgage Principal Beg Balance : $73K "

Not bad for a beginning principal. No fridge doesn't sound too good until I remembered we are almost to mid-January already! Other than to take the mail out, I don't think I have left the house since December and all the days are starting to run together!

[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

[Gailete]

Terrific Steve. We had the closing and actually made it to the bank in time to get the money deposited. I've been working at collating all the numbers so hubby and I can sit down and decide what will be the most prudent use of it. Not like we get 5 figure checks that often!

[disneysteve]

Balance is now $17,585.96

Down to $15,921.94.

[Gailete]

No, you remember right. I think it may be considered a HELOC or something of that ilk. It is just weird that a couple of days difference as to when it is paid and the interest can fluctuate around $75 or so. But at least it is going down.

[Jluke]

Our mortgage continues to go down since my last posting. It is currently at $60,658.71 so, we have paid off $1419.73 since August and that includes paying $51 and change extra each month. What I can't understand is why the interest amount changes so much each month. I pay the mortgage the same day I get my SS check and those days vary a bit, but sometimes the difference in the interest is around $75-100 up or down from the time before.

Hi

i remember you mentioning the interest fluctuations before and that there was something different about your mortgage. Maybe in a different thread.

Do you have a fixed/conventional mortgage?

or maybe I’m just not remembering

[Gailete]

I do not know where the time has gone for the last several months so I don't even know the last time I posted here. We sold the rental and the closing is on Wednesday about 2 hours after my Remicade IV so going to be a very long day for me. Hubby wanted more for the place than what we are getting, but heading into winter in our area means not the best time to be moving at all. But we are getting back what we paid for it and put into fixing it up - which amazingly enough some of the tenants have managed to undo! Why don't people take care of the property they are renting from someone?

Our mortgage continues to go down since my last posting. It is currently at $60,658.71 so, we have paid off $1419.73 since August and that includes paying $51 and change extra each month. What I can't understand is why the interest amount changes so much each month. I pay the mortgage the same day I get my SS check and those days vary a bit, but sometimes the difference in the interest is around $75-100 up or down from the time before.

I'm also working on getting the credit cards paid off and have really been pushing that. Rather than take the highest interest card or the biggest balance, I chose the smallest balance and have managed to pay off more than half of the balance. Lots more to be paying off, but I can see that I am making progress. It helps that my business has been having a couple of really good months for sales (the best in 4 years!). We have already passed up our total sales from 2017 in November and are about $1000 more ahead right now, so it just depends on this month how much overage it will be

The past couple months seeing how things are going, all I can think of is that I am blessed. My one and only granddaughter was born October 12, healthy and happy. Happy daddy, it is amazing to see your son as a father! My DIL had a few problems with the delivery but is doing better now that the baby sleeps basically through the night. Seeing them be such wonderful parents makes me want to cry tears of joy.

[disneysteve]

I haven't posted for a while.

Current balance: $22,545.00.

Balance is now $17,585.96

[Jluke]

September 2018: $191,291
October 2018: $190,673

Had I not made any extra payments I would be at $197,010 (difference of $6337).

However the difference in interest is only $122.

January 2019: $188,758

[Gailete]

I'm sure that will be a huge relief, plus you'll have the money from the sale to help out going forward. Good luck for a quick sale.

You said it! I felt even better when I realized that whatever it sells for, we would only owe taxes on the amount after the loan amounts, etc. not the whole amount. I had a temporary brain warp when I first thought about selling it. My stress load is going to be lightened just having that dude out. If we price it right it should sell fast I hope.

[disneysteve]

Hubby has give the green light to sell the place

I'm sure that will be a huge relief, plus you'll have the money from the sale to help out going forward. Good luck for a quick sale.

[Gailete]

Made my latest mortgage payment on Wed. plus extra. Today I went to the web and found a place that would let me download an amortization schedule so I will know where I am at in terms of early payoff.

After this last payment, we are at $63504.40 (no taxes of insurance in the loan). Looked up how we are doing on the pay off and it looks as if we are about 3 1/2 payments ahead since I started paying extra. have less than 12 years to go, but I want it paid off if at all possible by a lot sooner. This schedule also shows what paying every two weeks can save so I may have to figure out how to do that. If I had been doing it for the whole loan, we would have saved 36 months of payments. With the schedule I can now track payments and how things are doing.

Our last mortgage payment left us at $61,687.98. I have been putting about $51 extra on it each month. Unfortunately the very same month that we got out rental property paid off, the renter stopped making full payments or on time. We finally got the keys back from the place. He told hubby that he couldn't mover some things because he had no help and was having back trouble, blah, blah, blah. So he left stuff in the house and it was a mess. Hubby has give the green light to sell the place as he is sick of dealing with people that lie to you about anything and everything especially when the rent will be paid and in our area the landlord is responsibility to pay the water bill since the water company doesn't want to be left with unpaid bills. So not only is he behind on rent he is behind on water bills and I would suppose he is behind on his gas and electric as well, but they aren't our responsibility.

All things said and done, last year we finished paying off the car and this spring the rental property. Not bad on a limited income. Also been trying to pay extra on the mortgage and the credit card bills. Feeling much less stress. about money now. Every little bit helps. Especially those little bits add up on cards that are not being used at all, I can see the difference and that is great!

[greenskeeper]

This is insane. They should be encouraging online payments as it's easier and cheaper on their end.

Can you just pay from your own home banking? That's how I paid our HELOC because their online system limited the payment amount they would accept and I was making bigger payments than that.

Nope.

First paper check I send in with the extra payment marked on the payment slip to go to principal. I get the statement and the bozos allocated the extra money towards the escrow! Another phone call and they retroactively moved the payment towards principal.