House Mortgage -- Countdown

[Randomsaver]

Lots of great updates from you guys! Keep it down (the debt)!

[Randomsaver]

Closing the 2016 Book with this last payment.

Merry Christmas / Happy Holidays to y'all!


Mortgage Principal : $111K

I'm no longer terrified.
I'm especially this is a major milestone for me as I reduced my debt by 50%!

Mortgage Principal : $104K

I'd be very thrilled when I hit my next milestone of $52K.

[tqf258]

$76,715
After making payment i noticed the balance was over 100 less then i expected it to be still not sure why, but I'll take it!

[breathemusic]

Wow, I WISH I could get a 1BR apartment for that kind of money. I pay $1900 a month plus utilities now, and that's not even the high end for a 1BR, more like mid-range. The house on the other hand, IS a 5BR, 3.5 bath house that is 4,000 square feet, so I'm definitely getting some bang for my buck (granted, the kitchen and bathrooms are original to the 1998 contraction so we'll eventually drop tens of thousands remodeling). But I expect this to be my forever home and want the space, so the upgrade is worth it to have a large basement for entertaining, 3 car garage, and lots of large bedrooms since we are multiple adults living in a home that like our space. It's frustrating to see that so many homes have tiny bedrooms and tiny to non-existent closets. So 4k square feet sounds ginormous, but all of the space is actually functional and usable. Not a McMansion with 7 rooms you'll never use.

But that's part of what seems so crazy about the apartment market here. Tiny apartment costs more than 50% of the monthly expenses on a 4,000 sq foot house. Ridiculous!

[Gailete]

Oh man... I'm about to start my first mortgage countdown from scratch. Currently in the process of closing on a house for $630k. Only putting down 5%, but not to fear, my lender doesn't require PMI as long as I put down at least 5%. I opted to only put that down because I wanted more cash free for renovations that we want to do on the home (some immediately and some in the next year or so as we save up more money).

Meanwhile, the plan will be to pay the house off faster than the 30 year mortgage anyway, and the house payment is well within my means, so I'm happy with the deal. As a bonus, my b/f and I are renting out part of the house to a good friend of his that currently is his roomie in b/f's townhouse (that he will subsequently rent out now that they're all moving in with me). So the money we get from our roomie will just make paying down mortgage debt (and rebuilding savings) that much easier!

While I'm not thrilled to take on a mortgage, I'm thrilled to now own a house where the monthly mortgage (plus taxes, etc) is still significantly cheaper than the rent I pay for my 1 bedroom apartment. And while my commute to work will be a bit longer, I can still walk to public transportation so I'm not suddenly driving to work and I can just continue to read on the metro like I do now.... just for a bit longer.

Can't even conceive of that amount of a mortgage. In our area, that kind of money would get you a 5-6 BR, 3-6Bath, jumbo house! Hope all goes will with that. I think the kicker is what you are paying for a 1 bedroom apartment. My son has a 1 bedroom apartment for $350/month. He wants to move to be closer to work as soon as he can afford it. Amazing how prices go in different parts of the country!

Good luck paying it off.