House Mortgage -- Countdown

[Jluke]

Jan 2021: 174,999
Jan 2022: 167,999

Jan 2023: 160,499

[crazyliblady]

Original amount of loan: ca. $77,000 (12 years ago)
$51,799.88

[LivingAlmostLarge]

6/2017 bought home 100% mortgage
12/2022 - 11.4% paid for mortgage (still owe 88.6%)

seems slow but the number is large. We've paid off a good chunk of our house in 5 years.

[james.hendrickson]

Mortgage principle down to $304,137.52. Slow, but steady progress.

[MonkeyMama]

$99,999

Excited to be done with six figure debt! But don't expect to pay off for another 5-10 years. Just paid down a chunk but mostly to the end of not having a mortgage for more than 30 years. Though clearly it is also psychologically satisfying. Now I am putting the mortgage on 'ignore' because we are focusing on cash flowing college. Regular payments should be ~$10K per year pay down.

[james.hendrickson]

$99,999

Excited to be done with six figure debt! But don't expect to pay off for another 5-10 years. Just paid down a chunk but mostly to the end of not having a mortgage for more than 30 years. Though clearly it is also psychologically satisfying. Now I am putting the mortgage on 'ignore' because we are focusing on cash flowing college. Regular payments should be ~$10K per year pay down.

Wow MonkeyMama, thats really good progress. It must be nice to have that debt down to a reasonable level. If you don't mind my asking, what is holding you back from getting the debt paid off entirely? Could you just write a check and get it entirely paid off?

[MonkeyMama]

If you don't mind my asking, what is holding you back from getting the debt paid off entirely? Could you just write a check and get it entirely paid off?

No, I could not just write a check and get it entirely paid off. I am about $99,999 short.

Getting the mortgage paid off is our lowest financial priority in the moment. & I don't like the idea of tying up more money in the mortgage that I can't (very easily) tap. I don't foresee doing another big chunk unless we can just pay the balance. I do think that a lump sum payoff will likely happen somewhere south of $50K.

[james.hendrickson]

Mortgage balance: $301,501.32. More slow but steady progress.

[crazyliblady]

Mortgage balance: $50,094.02. Woo-hoo!!!

In other news, I got solar panels installed on my house in March. Because there were a bunch of required inspections that took time to complete, April is the first month where we actually began using the solar panels. That began April 5th. We produced enough power that when we got our electric bill yesterday, there was a $102.69 credit. I was very excited!

[LivingAlmostLarge]

i owe 69.68% left on my house. in 7 years we have paid off 13.8% of the mortgage. makes sense we paid off that much of the mortgage and own 30% of our house. The 2% interesdt rate means i pay more in principal than interest a month.

[crazyliblady]

i owe 69.68% left on my house. in 7 years we have paid off 13.8% of the mortgage. makes sense we paid off that much of the mortgage and own 30% of our house. The 2% interesdt rate means i pay more in principal than interest a month.

How do you figure out how much of your house you own? Is it based on market value or original loan amount?

[james.hendrickson]

Mortgage Principal : $203K

Keep going Randomsaver!!! Good work!

[james.hendrickson]

Jan 2023: 160,499

Nice work Jluke, must be nice to a bigger chunk of your payment going to the principle every month.

[james.hendrickson]

No, I could not just write a check and get it entirely paid off. I am about $99,999 short.

Getting the mortgage paid off is our lowest financial priority in the moment. & I don't like the idea of tying up more money in the mortgage that I can't (very easily) tap. I don't foresee doing another big chunk unless we can just pay the balance. I do think that a lump sum payoff will likely happen somewhere south of $50K.

MonkeyMama, apologies for the late reply back on this. What if you just like put an extra $5 a month or something towards the mortgage? Or do you have bigger fish to fry?

[bjl584]

I just dipped below $161K. Sitting at around $160,599.
About 15 and a half years remaining on a 20 year note.
I've never paid any extra on it thus far.