House Mortgage -- Countdown

[Jluke]

Apr 2018: $194,500

May 2018: $193,827
Jun 2018: $193,193

still putting extra each month, for now. figured it's the first year of the mortgage so more bang for the buck in long term interest savings...

[JoeP]

$3871.96! Our last payment will be a partial amount due August 1 for around $600. Perfect timing, because that's when we'll have 2 in college at the same time.

[Jluke]

May 2018: $193,827
Jun 2018: $193,193

July 2018: 192,556
August 2018: 191,921

slowly scaling back extra, extra payments to where I will get to my base extra payment around June 2019. then try to stay the course to be on a 20-year payoff schedule even though I don't see this house as a forever home.

[QuarterMillionMan]

Mine's was paid off in 2017. Sorry maybe I'm in the wrong thread (lol).

[Gailete]

Currently at $62078.44 so $1425.96 paid off since March 30th. Extra paid in that time frame $165.40. One month I could only round up close to the regular payment, the other months rounded up to $700.

[greenskeeper]

bozo mortgage company has started charging $3.50 for online payments, looks like I'll be going back to the old check and stamp method.

I can't believe it saves them money paying someone to process all of the paper checks that will now be coming in...whereas before the online payment was automatic and handled by computers.

[scfr]

bozo mortgage company has started charging $3.50 for online payments, looks like I'll be going back to the old check and stamp method.

I can't believe it saves them money paying someone to process all of the paper checks that will now be coming in...whereas before the online payment was automatic and handled by computers.

Extra incentive to get that sucker paid off!

[snafu]

greenskeeper, what other options are available? automatic withdrawal? direct transfer? hand in a series of post dated cheques to the end of the year like we did last century? Is there some reason that financial institution is a Li
ddite? What does Regional Manager, Customer Service say? explain?

[Gailete]

bozo mortgage company has started charging $3.50 for online payments, looks like I'll be going back to the old check and stamp method.

I can't believe it saves them money paying someone to process all of the paper checks that will now be coming in...whereas before the online payment was automatic and handled by computers.

I doubt it saves them money. They are now going to be making money for not doing anything at all because now that people have gotten used to paying online, the convenience will be worth $3.50 to them. They will make tons of money with the 'fee'. Will the fee be tacked on to the payment, or will it be added to your payment in such a way that your mortgage will be going up? Not sure if I am phrasing that right. But sort of like the fee some places charge each year as a fee on your IRA? Unless you manually make the payment to them, they take it out of the IRA itself thus lowering the potential final amount by a HUGE amount.

Way back our garbage company instituted a fee for paying by check and we could make payments for free if we had autopayments directly taken out of our checking account. The only problem they wouldn't be making a withdrawal on a set date each quarter so it could turn into one of those 'surprise', 'gotcha' moments since my SS comes on a certain time frame and to not know when they would take a chunk out would have put us in line for NSF checks. The cost kept going up as well depending on the cost of the fuel for garbage trucks. It is one thing to make allowances for a steady payment every three months, another to not even have the amount to know what they will grab. We ended up going to the burn our garbage routine that is allowed here. I didn't think at the time it was worth $500 a year for garbage removal and still don't. Before we moved here my garbage bill also included water and sewer and for about the same price as what this other company wanted for just garbage. No Way!

[disneysteve]

bozo mortgage company has started charging $3.50 for online payments, looks like I'll be going back to the old check and stamp method.

I can't believe it saves them money paying someone to process all of the paper checks that will now be coming in...whereas before the online payment was automatic and handled by computers.

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.

[Jluke]

July 2018: 192,556
August 2018: 191,921

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.

[disneysteve]

I haven't posted for a while.

Current balance: $22,545.00.

Last month I started paying an extra $1,000/month. The mortgage will be paid off by next October, and most likely sooner. When the balance gets down to a few thousand, I'm sure I'll just pay it off. So probably around August 2019.

[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.

[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!

[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.