House Mortgage -- Countdown

[Gailete]

As of today, both loans on our rental property are paid off as well as finishing paying the fire insurance payments for the rest of the year for the rental property! Happy dance for me. Our tenant tends to be late every month with the rent so this is a huge stress reliever, as now we have more freedom to kick him out or at least, I'm not going to have to worry about when the money is coming to pay on the loans.

Paid extra on our house mortgage as well. Just was checking out the mortgage calculators to see what is a conceivable mortgage payoff. Last week I decided that I want to 'retire' when I turn 70 and was hoping to be able to have the house paid off by then, but with other bills to pay along with the mortgage (using the rent money that was going into the rental loans). I looks like it may take us a year after that to get the morgage paid off, but that depends on how things go for the next couple years of paying off other bills as well. Even so it would get the mortgage paid off 4 years early, but hope to do it quicker than that. Currently have $63885 to go.

[markr867]

February 2018
Mortgage payment: #11 of 339
Extra applied to principal: $1,056.96
Ending balance: $290,040.63

After only 11 months of payments, we've reduced our total payments from 360 to 339. We're on track to pay this 30 year mortgage in 13 years!

[Jluke]

January 2018 (1st payment): $2940 ($2000 extra)
Balance: $197,705

March 2018 (3rd payment): $196,580

Had I not put any extra (2000+260+260 so far), my balance would be $199,113 after 3 payments.

[breathemusic]

Ended up getting $1200 back from overpayment on my escrow account last year (just bought last year in April) and it adjustment my monthly mortgage payment down by almost $100. It's the little things

In other news, it was painful to see that after paying a mortgage for not even a full year, my tax documents showed that I paid $19k in interest... sigh.

[amarowsky]

Down to 57k/75K on mortgage.

[Gailete]

Nice being able to whittle these two loans for our rental property down. Unfortunately the tenant was slow paying this month and we got the rent check YESTERDAY! So I am sure that tacked on a bit of interest. I loved it when he called and said he was 'a little bit late' with the rent. I corrected him to, "no, you were a lot late" Then he had to pull the 'Christmas' excuse. Do only renters celebrate Christmas? When I was renting I made sure that I paid my rent in December on time. This week threw me bad enough with MLK day as I had forgotten that banks would be closed and deposits from my on-line sales account would be delayed a day.

Anyhow here are the stats:

Loan #1 Paid $285, Current balance $261.42 should have it paid off next month (Feb).

Loan #2 Paid $186, Current balance $501.63 should have it paid off in March by making the regular payment and extra payments with some coming from money I would have generally used for Loan #1

Of course this all assumes that the renters pay the bills. No point kicking anyone out at this time on account of the bitter cold weather and piles of snow. Next to impossible to move in and out.

[Milly]

Free Spreadsheet

Before I quit my blog and the link stops working, I thought I'd share this spreadsheet that has really helped me plan out my mortgage:
https://www.makingmilly.com/Mortgage-Calculator.xlsx

[Gailete]

After paying the latest mortgage payment, our mortgage stands at:

$64514.15
$ 1.35 extra paid by rounding up to $650.

The last few weeks were very tight financially so I just couldn't put the extra $50 on the mortgage like usual.

[snafu]

cancel

[Guppy Tender]

Good Year/Bad Year?

The good part of this year is that overall my net worth is up. Mainly because my retirement funds gained a large amount. {Interesting side note to add to this post. I have retirement accounts in both the US and Canada, with the same company(This is due to not being able to transfer retirement money out until after 65, unless willing to suffer major tax consequences.) The one in the US gained 23%, and the Canadian account gained 4.64%. I did not add any money to either account.} The other thing that added to my net worth is I paid off a good amount of mortgage debt.

I had a really good paying job, that had me living far away from where I really wanted to be. I got laid-off from that job, due the company running into financial difficulties(they were not selling enough product). Now I live where I would rather be living, but have a job that barely pays the bills(actually it does not even do that). The only thing that is actually making me able to pay the bills is the extra that I get from renting out one of the rooms in my house to a young fellow.

Now the reason that I am posting in this forum. I did manage to knock off 82 weeks worth of my mortgage during this year. My current standing is 15y26w left on this stupid thing(yes I hate having debt, but hate renting more)

[rockrv22]

Yes!! Maxing out Roth Ira and me and my wife both put in around 8% into our 401ks.

[Nutria]

We are down to $40795. Paid $3800 this month want to knock this out.

I completely understand your desire. (We paid our's off early, too.) However... since mortgage interest rates are so low, are you also investing some/most of your extra cash?

[rockrv22]

We are down to $40795. Paid $3800 this month want to knock this out.

[JoeP]

Only $9k left! Should be paid off in August 2018 at which time we'll be sending our second off to college.

[Jluke]

May I inquire if you rent out the other house that you completed payment? I myself have plans to buy yet another in the future so I can have 1 for rent.

I had to sell the other house so I had a down payment for the new one and to keep my mortgage payment “low” at 950 month (P&I) plus another 900/month for property taxes.

I did briefly consider keeping as a rental but:
The other house was a single family home and I do not believe there is much of a rental market for that type of property. I would guess 95% or more in that development are owners.