House Mortgage -- Countdown

[Randomsaver]

I'm on 12-13 year plan to pay off our Mortgage $459,900 as of 12/1/16.

2017 plan to pay extra mortgage between 800-1300 a month.

That's a very nice extra! You can do it tripods68!

[Randomsaver]

Mortgage balance $11,350. On target for payoff in October 2016.

Very nice.

[Randomsaver]

Focused Debt : $26K

Opening 2017 Book with a BANG!

Focused Debt : $23K

[Randomsaver]

I've a long waaaaays to go . . 8 years starting Jan 1, 2016.

I've a long waaays to go . . 6 years starting Jan 1, 2017.

I like to think of my 10-year mortgage journey as 3-Phase airplane travel.

Years 10-8, which are now in the Books, comprise the Take-Off Phase.

Years 7-4, which I am now at, I would call the Cruising Phase.

Years 3-1 account for the Landing Phase.

[Nutria]

i've a long waaaaays to go . . 8 years starting jan 1, 2016.

6 years starting jan 1, 2017.

focused debt : $26k

focused debt : $23k

Good job knocking a year off the mortgage! (Is there some other debt, though? The numbers seem to indicate so.)

[Jluke]

Good job knocking a year off the mortgage! (Is there some other debt, though? The numbers seem to indicate so.)

Focused debt is a subset of the mortgage amount he will pay off this year.

Mortgage balance is now $108k, with focused debt of 23k remaining for 2017.

@randomsaver: nice work. There is definitely more excitement in the paying off phase than when the mortgage is $0 (for me at least). Afterwards it was very underwhelming. Probably because now that payment is going to 401k contributions

[Nutria]

focused debt is a subset of the mortgage amount he will pay off this year.

Mortgage balance is now $108k, with focused debt of 23k remaining for 2017.

Color me confused.

Are you just saying that your goal is to pay the balance down by $23k? If so, why the fancy phrase?

[JoeP]

Down to 21k now!

[Randomsaver]

Color me confused.

Are you just saying that your goal is to pay the balance down by $23k? If so, why the fancy phrase?

Jluke was just saying that my immediate goal is to pay around $23 K, which is a subset of my existing $108K. If that works out this year, my debt would go down to $85K.

[Randomsaver]

Down to 21k now!

It's a HYUGE accomplishment JoeP!

[Nutria]

Jluke was just saying that my immediate goal is to pay around $23 K, which is a subset of my existing $108K. If that works out this year, my debt would go down to $85K.

IOW, your target credit balance for EOY in $85k.

[Guppy Tender]

Mortgage Reduction

This thread is very encouraging to me. I am so happy to see people that have a like mind to pay off mortgage debt as soon as possible.

I have now reduced my mortgage down to 18y4w. The amount is $167,584, or there abouts, I looked at it earlier today(but forgot the exact number). Just paid down off about 15 weeks worth today.

My goal for this year, if all goes as planned, is to pay off at least 1-1/2 years worth.

I had no intention of saying the amount, but really what does it matter if you guys know how much I owe.

Truthfully, there is days were this huge debt really bugs me. Going to be a great relief to my stress level when this gets down to $0. I really hate that I am not debt free.

This is the way I feel about life, the whip is on my back to make money, so that I can pay the money owed.

[snafu]

Guppy T, I accelerated paying off my mortgage because I was shocked by how the amotorization table worked and how much of my payment went to interest, how little went to principal. I realize interest rates are far lower in the current environment but suggest you verify with your lender that the extra sum paid over and above contract is being applied directly to principal. It's important to know how sums are allocated. Do you do escrow with taxes, insurance etc? Do you set aside a sum for maintenance and future repairs/updates? [we were discussing this on another thread]

I hope you'll ease up on yourself since there is likely more long term value in your home that provides benefits like a roof overhead, a place to relax, no landlord who can raise rent or ask you to leave and potential for appreciation over time. Since you have roomies, have you assessed how much privacy you've relinquished in exchange for their contributions to your mortgage?

[Randomsaver]

Opening 2017 Book with a BANG!

Focused Debt : $23K

Focused Debt : $22K

[Randomsaver]

IOW, your target credit balance for EOY in $85k.

Yes, if I could keep the job (hopefully).

This thread is very encouraging to me. I am so happy to see people that have a like mind to pay off mortgage debt as soon as possible.

I have now reduced my mortgage down to 18y4w. The amount is $167,584, or there abouts, I looked at it earlier today(but forgot the exact number). Just paid down off about 15 weeks worth today.

My goal for this year, if all goes as planned, is to pay off at least 1-1/2 years worth.

I had no intention of saying the amount, but really what does it matter if you guys know how much I owe.

Truthfully, there is days were this huge debt really bugs me. Going to be a great relief to my stress level when this gets down to $0. I really hate that I am not debt free.

This is the way I feel about life, the whip is on my back to make money, so that I can pay the money owed.

Same here that is why having you guys here to give morale boost to one another helps a lot. The magic number I think is $80K. Once we cross that border down, life becomes easier.

I hope you'll ease up on yourself since there is likely more long term value in your home that provides benefits like a roof overhead, a place to relax, no landlord who can raise rent or ask you to leave and potential for appreciation over time.

Snafu, just wish to echo your sentiments above.

Btw guys, give yourselves a nice pat on the back for completing last year's payments.