House Mortgage -- Countdown

[disneysteve]

As of our current statement, our mortgage has dropped below the 30K mark.

[markr867]

November 2017
Mortgage payment: #7 of 349
Extra applied to principal: $556.96
Ending balance: $296,254.35

[Gailete]

I was part of that thread.



We've had this disagreement before... Bills (which are liabilities) are "something owed", and debts are "something owed". Thus, bills are (very short term) debts.

After all, if you don't pay your bill, the debt collector comes after you.



Thanks.

This reminds me of when I had to call the water company about the water bill for our rental. I called it a utility bill. He said it wasn't it was a service invoice or something silly like that. I said it was a bill and he disagreed. But I have the most current 'bill' in front of me, it is called a utility service invoice and then proceeds to call it a bill in several areas and talks about different billing payment options. I don't know how that guy figured his budget for paying his bills or even why he felt the need to argue with a customer about the classification of the bill to anyone but himself, but I'm sure he didn't have it in a little box away from his electric, gas, garbage bills.

If it walks like a duck, sounds like a duck, it usually is a duck.

For me utility bills are debts especially when they are as big as ours can get.

[Randomsaver]

Final payment cleared the bank last night!!

We now have a grand total of $37.67 in debt (all from CC charges yesterday).

Congratulations Nutria! Fine achievement! I wish to join your ranks in the years to come.

[Nutria]

scfr was joking about an ongoing debate around here about what constitutes a debt.

I was part of that thread.

I'm with you. The utility bills are not debts as long as they are being paid in full and on time every month.

We've had this disagreement before... Bills (which are liabilities) are "something owed", and debts are "something owed". Thus, bills are (very short term) debts.

After all, if you don't pay your bill, the debt collector comes after you.

Congrats on the mortgage!

Thanks.

[disneysteve]

It's not a debt until I get the bill. (Besides, we've got a credit balance on the electric bill from a home-rolled bill leveling.)

scfr was joking about an ongoing debate around here about what constitutes a debt. I'm with you. The utility bills are not debts as long as they are being paid in full and on time every month.

Congrats on the mortgage!

[Nutria]

But what about the electricity you used since you last paid the electric bill?

It's not a debt until I get the bill. (Besides, we've got a credit balance on the electric bill from a home-rolled bill leveling.)

[scfr]

Final payment cleared the bank last night!!

We now have a grand total of $37.67 in debt (all from CC charges yesterday).

But what about the electricity you used since you last paid the electric bill?
I'm kidding!

Congratulations!

[Gailete]

Congratulations Nutria! That is a huge accomplishment!


I bet you are part of a very small minority if you leave out seniors that have lived in their house for years and evenutally it got paid off. What I think is sad is how many people I have read about in the AARP magazine and Money magazine that had a house free and clear because it had been in the family and they got a mortgage - adjustable rate - and have been about to lose the family home for 50+ years. As well as those making $100K during the RE bubble that crashed and their bankers had allowed them to take out $500K loans! Plan logic should have told them that they couldn't afford a half million dollar home.

[Nutria]

Final payment cleared the bank last night!!

We now have a grand total of $37.67 in debt (all from CC charges yesterday).

[Nutria]

Nutria, congratulations on paying off mortgage in September. Will it seem strange to not see that repetitive sum fly out of the account in October? Have you made a specific plan is for reallocation?

Snafu, the ultimate payment will be sent this month. Nine more days, in fact!

Just as the money for auto loan payments were immediately added to the Car Fund, the mortgage payments will be added to the Home & Appliance Repair/Replacement Fund.

[snafu]

Nutria, congratulations on paying off mortgage in September. Will it seem strange to not see that repetitive sum fly out of the account in October? Have you made a specific plan is for reallocation?

[Randomsaver]

I just remembered the guy who showed his mortgage payoff by drawing an outline of his house's floorplan on graph paper. He shaded in squares to represent the amount of his mortgage that was paid off. That was such a cool way to visualize it!

Agree. That is way .

[Randomsaver]

Mortgage Principal : $68K

Mortgage Principal : $67K

[Randomsaver]

Penultimate mortgage payment just sent.

Congrats!