House Mortgage -- Countdown

[Gailete]

I'm sure that will be a huge relief, plus you'll have the money from the sale to help out going forward. Good luck for a quick sale.

You said it! I felt even better when I realized that whatever it sells for, we would only owe taxes on the amount after the loan amounts, etc. not the whole amount. I had a temporary brain warp when I first thought about selling it. My stress load is going to be lightened just having that dude out. If we price it right it should sell fast I hope.

[Jluke]

September 2018: $191,291
October 2018: $190,673

Had I not made any extra payments I would be at $197,010 (difference of $6337).

However the difference in interest is only $122.

January 2019: $188,758

[disneysteve]

I haven't posted for a while.

Current balance: $22,545.00.

Balance is now $17,585.96

[Gailete]

I do not know where the time has gone for the last several months so I don't even know the last time I posted here. We sold the rental and the closing is on Wednesday about 2 hours after my Remicade IV so going to be a very long day for me. Hubby wanted more for the place than what we are getting, but heading into winter in our area means not the best time to be moving at all. But we are getting back what we paid for it and put into fixing it up - which amazingly enough some of the tenants have managed to undo! Why don't people take care of the property they are renting from someone?

Our mortgage continues to go down since my last posting. It is currently at $60,658.71 so, we have paid off $1419.73 since August and that includes paying $51 and change extra each month. What I can't understand is why the interest amount changes so much each month. I pay the mortgage the same day I get my SS check and those days vary a bit, but sometimes the difference in the interest is around $75-100 up or down from the time before.

I'm also working on getting the credit cards paid off and have really been pushing that. Rather than take the highest interest card or the biggest balance, I chose the smallest balance and have managed to pay off more than half of the balance. Lots more to be paying off, but I can see that I am making progress. It helps that my business has been having a couple of really good months for sales (the best in 4 years!). We have already passed up our total sales from 2017 in November and are about $1000 more ahead right now, so it just depends on this month how much overage it will be

The past couple months seeing how things are going, all I can think of is that I am blessed. My one and only granddaughter was born October 12, healthy and happy. Happy daddy, it is amazing to see your son as a father! My DIL had a few problems with the delivery but is doing better now that the baby sleeps basically through the night. Seeing them be such wonderful parents makes me want to cry tears of joy.

[Jluke]

Our mortgage continues to go down since my last posting. It is currently at $60,658.71 so, we have paid off $1419.73 since August and that includes paying $51 and change extra each month. What I can't understand is why the interest amount changes so much each month. I pay the mortgage the same day I get my SS check and those days vary a bit, but sometimes the difference in the interest is around $75-100 up or down from the time before.

Hi

i remember you mentioning the interest fluctuations before and that there was something different about your mortgage. Maybe in a different thread.

Do you have a fixed/conventional mortgage?

or maybe I’m just not remembering

[Gailete]

No, you remember right. I think it may be considered a HELOC or something of that ilk. It is just weird that a couple of days difference as to when it is paid and the interest can fluctuate around $75 or so. But at least it is going down.

[disneysteve]

Balance is now $17,585.96

Down to $15,921.94.

[Gailete]

Terrific Steve. We had the closing and actually made it to the bank in time to get the money deposited. I've been working at collating all the numbers so hubby and I can sit down and decide what will be the most prudent use of it. Not like we get 5 figure checks that often!

[Randomsaver]

Congrats to all for ANOTHER YEAR of COMPLETING MORTGAGE PAYMENTS!

Also, hi to all. I will be rejoining as a regular on this thread as I start payment this year of my new house. It took them some time to complete but I am settled in my new house (pending delivery of my new refrigerator which will be coming in around mid-January).

Mortgage Principal Beg Balance : $73K

[Gailete]

"Mortgage Principal Beg Balance : $73K "

Not bad for a beginning principal. No fridge doesn't sound too good until I remembered we are almost to mid-January already! Other than to take the mail out, I don't think I have left the house since December and all the days are starting to run together!

[Jluke]

Congrats to all for ANOTHER YEAR of COMPLETING MORTGAGE PAYMENTS!

Also, hi to all. I will be rejoining as a regular on this thread as I start payment this year of my new house.

Mortgage Principal Beg Balance : $73K

Congrats and welcome back to your thread.

What is your mortgage rate and term?

do you plan to accelerate payments or will you use extra money for other expenses or savings?

[Randomsaver]

Congrats and welcome back to your thread.

What is your mortgage rate and term?

do you plan to accelerate payments or will you use extra money for other expenses or savings?

Thanks Jluke! Happy to be back!

I have a 5 and 1 ARM so I plan this no later than Mar of 2024. Locked in for the 5 years at ~2.7% which is what I wanted.

It's a 15Y term with amortization calculated at ~$580 (with tax escrow). My plan is to pay $1000 each month worth of principal. Then on March, I will add extra $2000 from my bonus.

That computes to $14K a year of principal reduction which would get me to complete end Mar 2024.

Mortgage Balance:
Jan 2019 $73K
Jan 2020 $59K
Jan 2021 $45K
Jan 2022 $31K
Jan 2023 $17K
Jan 2024 $ 3K

[Gailete]

Do you know of a link to find a way to make up an amortization schedule so you know where you are at? I've been paying an extra $51 plus change for ours, but I'm not sure how fast I'm getting it paid off. I would love to be able to play around with numbers to see what an extra $25 or $50per month would do. I haven't found a good one that will print out.

[greenskeeper]

under $100k to go

at worse with ZERO additional payments (which never happens) I've got 9 years left.

[MooseBucks]

Do you know of a link to find a way to make up an amortization schedule so you know where you are at? I've been paying an extra $51 plus change for ours, but I'm not sure how fast I'm getting it paid off. I would love to be able to play around with numbers to see what an extra $25 or $50per month would do. I haven't found a good one that will print out.

The bank that holds our mortgage has one on their site. Personally I like more customization so for the past 2 years I’ve used one I built out in excel. Bankrate.com also has one.