House Mortgage -- Countdown

[Jluke]

Refinanced in July to a 20-year 3.125%. 178,292

few months in
Oct: $176,680

broke my no extra payment rule and paid an extra $57 for January payment to go below $175k

Jan 2021: $174,999

[Randomsaver]

I decided to use my cash to pay down some instead of waiting for a market drop.

Mortgage Principal : $24K

[Randomsaver]

Mortgage Principal : $41K

[mo0n]

Mo0n, what have you been doing to pay off the debt? I'd love to hear which methods you think are most effective.

Oops, I completely missed this.

Simply, I'm can attack the loan in a gazelle like manner because my debt to income ratio is so low, and I also have a one-track mind when I latch on to something. I don't have a car payment, and I'm not paying rent atm, and my monthly bills are fixed for the most part. I've coupled that with putting my nose to the grindstone and trying to ferret out overtime whereever I can. I did start a sinking fund with the initial idea would be to save 10k, (at $2500 a month) and every four months I would transfer 10k over and take a bigger lop off the loan. Well I had a 10k payment coming due in April, but due to COVID, I just sat on it (in case of furlough) and kept adding to it monthly. When my immediate work future became clearer, I decided to start using the sinking loan in conjunction with a payment out of my checking, and have made huge strides on the principal. It's been hard though, because my wandering eyes really want a pickup, but that makes no sense right now, so I'm staying the course. Like everything, it's a process.

Land loan principal as of 11/17: $27,740.

[james.hendrickson]

Oh I am. I'm taking big axe swings at it until the end of December, which is when I'll run out of my sinking fund supplement. My goal was to be 19k or under by the time 12/31 rolls around, but crunching some numbers this weekend, I'm going to try to make it to 17k.

Mo0n, what have you been doing to pay off the debt? I'd love to hear which methods you think are most effective.

[mo0n]

Keep working Mo0n, I just paid off a big chunk of debt already. What I love about this is $36,000 is within striking distance of being paid off. Also, smaller payments like $5 and $10 can start to impact the bottom line of the loan.

Oh I am. I'm taking big axe swings at it until the end of December, which is when I'll run out of my sinking fund supplement. My goal was to be 19k or under by the time 12/31 rolls around, but crunching some numbers this weekend, I'm going to try to make it to 17k.

[james.hendrickson]

Land Loan principal as of 10/19: $36,000. Keepin' on, keepin' on.

Keep working Mo0n, I just paid off a big chunk of debt already. What I love about this is $36,000 is within striking distance of being paid off. Also, smaller payments like $5 and $10 can start to impact the bottom line of the loan.

[mo0n]

Land Loan principal as of 10/19: $36,000. Keepin' on, keepin' on.

[Randomsaver]

Mortgage Principal : $43K

[james.hendrickson]

Another payment done - more debt gone. Mortgage amount is now: $320,218.88.

[MooseBucks]

Moved last month - Pmt 1 of 360. Trying not to pay too much extra due to the nice interest rate.

[mo0n]

Land Loan principle as of 9/19: $43,000.00. The light at the end of the tunnel is shining a wee bit brighter.

[LivingAlmostLarge]

paid down 6.9% of my mortgage in 3 years. Chug chug chug! And we have a 27 year fixed at 2.875% now.

[Randomsaver]

Refinanced in July to a 20-year 3.125%. 178,292

few months in
Oct: $176,680

NIce rate for a 20Y!

Congrats Jluke!

[Jluke]

Mar 2020: 179,990

2300 extra YTD. Will try to hold off any more extra until December.

Refinanced in July to a 20-year 3.125%. 178,292

few months in
Oct: $176,680