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  • Jluke
    replied
    Originally posted by Jluke View Post

    May 2019: 186,197
    Nov 2019: $183,730

    in 2 years thatís about 10k extra in principal vs the normal 30-year schedule.

    Leave a comment:


  • Randomsaver
    replied
    Mortgage Principal : $61K

    Leave a comment:


  • Jluke
    replied
    Originally posted by Jluke View Post

    January 2019: $188,758
    May 2019: 186,197

    still doing > $260+ extra per month.

    Leave a comment:


  • Randomsaver
    replied
    Originally posted by Randomsaver View Post

    Mortgage Principal : $71K
    Mortgage Principal : $70K Wohoo. Next payment and I'll be in the 60s.

    Leave a comment:


  • Randomsaver
    replied
    Originally posted by disneysteve View Post

    April payment made.

    New balance: $9,902.10! We're under 10K! The end is near.
    You are almost there disneysteve!

    Leave a comment:


  • Randomsaver
    replied
    Originally posted by Jluke View Post

    First time around with a mortgage I went kamikaze at 94k balance. Original loan was in the 160ís.

    This time I started at 200k. I think once I get to 125k to 150k Iíll be fine.

    currently at 186k after just over a year using accelerated payments of course.
    You know what, there is something to be said about getting experience in paying down debt. Psychologically, a second time mortgage is less daunting as the first so I agree with you. As long as the mortgage amounts are somewhat close to each other and not like more than double of the first mortage.

    Leave a comment:


  • greenskeeper
    replied
    Originally posted by Randomsaver View Post
    Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?

    I still feel a bit uneasy with $70K debt, I would say if I get this down to $60K, that would be my sweet spot.
    Within the last year, our retirement savings surpassed the balance on our mortgage.....which is a nice feeling.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by disneysteve View Post

    Made the March payment yesterday.

    New balance $12,077.29. I upped the extra principal by another $500. I want to knock this thing out soon.
    April payment made.

    New balance: $9,902.10! We're under 10K! The end is near.

    Leave a comment:


  • Jluke
    replied
    Originally posted by Randomsaver View Post
    Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?
    .
    First time around with a mortgage I went kamikaze at 94k balance. Original loan was in the 160ís.

    This time I started at 200k. I think once I get to 125k to 150k Iíll be fine.

    currently at 186k after just over a year using accelerated payments of course.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Randomsaver View Post
    Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?
    I donít recall ever feeling like our mortgage was a burden. But we bought a very modest home. Purchase price was about 1.6 times income at that time and income went up soon after.

    Now student loans were another issue. I always felt they were a burden.

    Leave a comment:


  • MooseBucks
    replied
    Originally posted by Randomsaver View Post
    Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?

    I still feel a bit uneasy with $70K debt, I would say if I get this down to $60K, that would be my sweet spot.
    I think I would agree 50-60k. That would get it close to the point where Iíd start paying it even more aggressively as the light at the end of the tunnel is close.

    Leave a comment:


  • Randomsaver
    replied
    Here is a question for you guys? At what amount do you think you can say that the psychological burden of mortgage debt is off your shoulders?

    I still feel a bit uneasy with $70K debt, I would say if I get this down to $60K, that would be my sweet spot.

    Leave a comment:


  • Randomsaver
    replied
    Originally posted by Randomsaver View Post

    Mortgage Principal : $71K
    Remember I was very afraid of my big debt then that I broke them up to small chunks that I called "Focused Debt" so it won't cause too much stress and fast palpitations of my heart? I think it worked successfully and I have gotten past it. Now I can take on this size of debt psychologically and physiologically.

    Thank you God for getting me through the tough struggling financial times. I believe it is a necessary phase for many people that they have to go through in order to fast track the improvement of their quality of life.

    Mortgage Principal : $70K

    Leave a comment:


  • Randomsaver
    replied
    Originally posted by Randomsaver View Post

    My monthly interest expense went down from $252 on 1/1/2017 to $228 for 4/1/2017. That is $24 payment swing to the side of principal reduction.
    From post #336. I believe this was my prior last post on my interest expense.

    Now, my monthly interest expense is $162 on 3/1/2019.

    Leave a comment:


  • mumof2
    replied
    well I am watching this with envy as we want to buy a house in next couple of years...and then pay off in 5-7 years

    Leave a comment:

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