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  • Originally posted by Randomsaver View Post
    Putting away some money to decrease mortgage debt. There is already some groundbreaking on my reserved lot. Soon, it's contract time.

    Mortgage Principal : $66K
    Last for the year towards my next mortgage debt.

    Mortgage Principal : $65K

    Congrats to all for ANOTHER YEAR of COMPLETING MORTGAGE PAYMENTS!
    Kill the debt, before it kills you!

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    • Mortgage Balance: 200k
      Rate: 3.875%
      Term: 30 years

      Here we go again. 18 months w/o a mortgage and back at it.

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      • Took the time to write down the mortgage amounts that we have as of today as I want to track them better this year without having to go back to the bank’s website. The first two are the amounts owed for our rental property. #3 is our house mortgage. We tried to refinance, and they refused us last year.

        #1 $542.50 owed, $231.25 monthly payment, plus $50 extra each month. 6.29%. Final payment was supposed to be on 5-17-18 I think it will be in February.

        #2 $682.83 owed, 125.18 monthly payment, plus $25 extra each month. 6.25%. Final payment was supposed to be 9-16-18. When #1 is paid off that payment plus the extra $50 will go onto this loan. Can anyone figure what the payoff date will be for me?

        #3 $64,791.91 owed, $648.65 monthly payment, plus $51.35 extra each month. 6.50%. Final payment was supposed to be 3-24-30. When the above two are paid off a chunk of the payment that had gone to them will go to this payment as well as credit card payments. Can someone figure out what the payoff date will be is we continue with what we have been doing as well as if we added another $200 to the payment (so a total $900 each month). With the meds, I'm on, higher mathematics can be problematic for me.

        The rental property has been a long road with some discouraging moments for sure. We will be very happy to get those paid off. We bought the place for around $30K and then hubby worked for 3 months plus had to hire a roofer and window guy to get the place fixed up to be good enough to rent for top dollar in the area. Better to get all that done before someone was living in the house. The last owner had died in the house and hadn't been found for like 3 weeks. When hubby started working on it, he found wet clothing still in the washing machine!

        Making these extra payments this year has been a very tight sqeeze to say the least. But it sure feels good to be about to get two monkeys off our backs.
        Gailete
        http://www.MoonwishesSewingandCrafts.com

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        • Originally posted by Jluke View Post
          Mortgage Balance: 200k
          January 2017 (1st payment): $2940 ($2000 extra)
          Balance: $197,705

          Eliminates ~6 payments and $4300 in interest over 30 year loan.

          I'll probably pay it like a 20-year mortgage, which would be 1200/month. I hope to be in this home for about 15 years. we'll see.

          Comment


          • Originally posted by Jluke View Post
            January 2017 (1st payment): $2940 ($2000 extra)
            Balance: $197,705

            Eliminates ~6 payments and $4300 in interest over 30 year loan.

            I'll probably pay it like a 20-year mortgage, which would be 1200/month. I hope to be in this home for about 15 years. we'll see.
            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.
            Kill the debt, before it kills you!

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            • Originally posted by Randomsaver View Post
              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.

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

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

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                  • Originally posted by rockrv22 View Post
                    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?

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

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                      • 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)

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                        • cancel
                          Last edited by snafu; 01-03-2018, 03:44 PM.

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                          • 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.
                            Gailete
                            http://www.MoonwishesSewingandCrafts.com

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                            • 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
                              -Milly
                              Personal Finance Blogger, Mechanical Engineer, and Mother of 3 Toddlers
                              milly.savingadvice.com

                              Comment


                              • 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.
                                Gailete
                                http://www.MoonwishesSewingandCrafts.com

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