House Mortgage -- Countdown

[james.hendrickson]

Mortgage Principal : $203K

Keep going Randomsaver!!! Good work!

[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?

[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]

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!

[james.hendrickson]

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

[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]

$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]

$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]

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

[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.

[crazyliblady]

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

[Jluke]

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

Jan 2023: 160,499

[skives]

Actually we decided not to use our EF to pay it off in a year. So 46 payments to go.

[LivingAlmostLarge]

Less than 1 year? How do you figure that? Can you pay off over $38K in interest bearing debt in 1 year?

I think they were considering wiping it out with EF. Plus at that number you are minimal interest depending on what rate they have. 3% is $1140, so it's principal they are paying. I think they are going to do it. You also forget that it's all principal payments on top of a mortgage.

[crazyliblady]

less than 1 year!

Less than 1 year? How do you figure that? Can you pay off over $38K in interest bearing debt in 1 year?