House Mortgage -- Countdown

[james.hendrickson]

Mortgage principle: $315,340.53. Down another $1,200. Slowly but surely paying this sucker off.

[james.hendrickson]

Mortgage principle: $316,572.63. Down a couple of k.

[Randomsaver]

You started this thread 7 years ago this month. Your balance was $207,000 and your goal was 10 years. Looks like you're ahead of schedule. That's great. Do you have a payoff date in mind?

Haha, Thanks disneysteve. Definitely feeling the 7-year itch. God willing this pays off no more than a year from now. I think a great target would be 8th anniversary of this thread.

Mortgage Principal : $14K

[disneysteve]

Mortgage Principal : $16K

You started this thread 7 years ago this month. Your balance was $207,000 and your goal was 10 years. Looks like you're ahead of schedule. That's great. Do you have a payoff date in mind?

[Randomsaver]

Mortgage Principal : $16K

[Randomsaver]

sometimes you need a little sunny thoughts. If we cashed out our taxable accounts we'd have 76% of our mortgage paid off. Sigh. It would be nice.

Exactly. I had to create my own psyche here and broke up my debt into chunks at earlier points.

Here is another sunny thought you may consider, think of your property's market value. A big mortgage is due to bigger market value.

[Randomsaver]

A year from today, sitting on my rocking chair here, without debt on my house. (Pic was taken last month though).

[Randomsaver]

Mortgage Principal : $18K

[LivingAlmostLarge]

sometimes you need a little sunny thoughts. If we cashed out our taxable accounts we'd have 76% of our mortgage paid off. Sigh. It would be nice.

[james.hendrickson]

Mortgage principal down to: $317,797.11.

[Randomsaver]

You guys are right. Safer not to borrow HELOC. Thanks guys.

Mortgage Principal : $20K

[james.hendrickson]

Mortgage balance: $318,405.44, down from $320,218.88.

I'd really like to get this thing paid off more quickly.

[LivingAlmostLarge]

I am thinking of doing a HELOC to invest in stock market, now that my mortgage is low. Anyone of you guys done it? What rates or terms did you get? I so missed last year's run up.

A better bet was just paying the mortgage and investing. If you weren't taking 100% of 401k and Roth IRA maximum then you weren't maxing out everything. Also you can save up to $47k tax deferred per person after tax so a mega backdoor roth. That's what we've been doing instead of shoveling money at our mortgage. Mostly because now we have a fixed mortgage at 2.875% and because we can't get these years back of maximizing our savings in every tax deferred vehicle once we pay off our mortgage. So just "retirement" savings alone is $47k+ $12k + $4k ESA for 2 kids is our minimum. Then above that I figure that we might be able to decide the benefit of mortgage versus investing. Personally investing or savings wins mostly because we make a lot. And DH has no plans on not working for at least 3 years more (well probably 2034).

[disneysteve]

I am thinking of doing a HELOC to invest in stock market, now that my mortgage is low.

Lousy idea. You want to put your home at risk to buy stocks. Let's say you do that and the market drops 20% or more. What then?

If you have the income to make the payments on that hypothetical HELOC, skip the HELOC and just invest that money directly each month. Figure out how much you would have borrowed and what the payment would be and start putting that much into your brokerage account monthly instead. The end result will be the same, and actually it will be considerably better because you won't be paying interest on the borrowed money.

[Jluke]

I am thinking of doing a HELOC to invest in stock market, now that my mortgage is low. Anyone of you guys done it? What rates or terms did you get? I so missed last year's run up.

So you can buy high?

i would stick with your original plan. Maybe use new money to invest more.