House Mortgage -- Countdown

[Randomsaver]

House Mortgage Debt . . . count it down.

I've a long waaaaaays to go . . 10 years including this year is my target.

Mortgage Principal : $207K

[Randomsaver]

D-Day has come.

Mortgage Principal : $69K

I am being moved to a new department as the Company re-organizes. It is sickening to not know the future job-wise. It is times like this that I am happy I can look at my mortgage and take comfort that it is in a manageable state.

Mortgage Principal : $68K

[Jluke]

June payment made.

First time ever (I believe) I did not pay more than the required amount.

Sent $500 to vanguard instead. either for taxable investing or continue to accumulate for next year’s Roth contribution.

[disneysteve]

Something tells me the last 100k will be the quickest!

It will since more of each payment will go to principal.

[Jluke]

May payment.....$95k to go. Something tells me the last 100k will be the quickest!

What’s your break down of principal to interest - 80:20; 90:10?

of course this part of the amortization schedule will hit the principal amount fast now.

Enjoy the final leg of payments!

[greenskeeper]

May payment.....$95k to go. Something tells me the last 100k will be the quickest!

[Gailete]

While it isn't a mortgage, but I got a call last evening from my youngest son that has had his difficulties, but there is one thing he has to kind of quote Dave Ramsey - 'gazelle-like intensity' when it comes to money (he is a DR fan). He has been working full time for years now and because he had a student loan and a car payment to pay on he is always picking up part-time income. With the help of my folks, they paid off his last $1K on his student loans. They are so proud to see how focused he has been in getting his bills taken care of. So what did he do yesterday? With the help of his current PT job, his car payment is paid off and he has no bills to pay! I am so proud of him. Just him managing to get a job and being able to keep it is a miracle due to the autism, yet he did it and is so proud of himself. After years of working at our local grocery store and so proud of finally getting a 'normal' job (the store would hire him back today if he walked in and asked), his current PT job is Insta-cart where he does the grocery shopping and delivering of the groceries. He gets lots of 5-star reviews, tips, etc. Wonder how he got so good at grocery shopping--HMMMM! I think one of the big reasons that he focuses so hard on getting bills paid off, etc. is that experience has taught him that not every boss is willing to work with a person like him and on job apps, he refuses to say that he has a disability of any kind. He wants to compete in the same world as most others do. Oh yeah, he has full intention to keep up with the PT job as well.

[Gailete]

Haven't been posting much as I have been so busy or just not feeling well, but that doesn't mean I have financially let things go to pot. In about the last three years, I wish I had written all the numbers down and when things happened, other than trying to search posts here. We have paid off a very small cc, paid off the car, paid off the rental property and sold the rental property Thank God!!! Literally. That means we have money in savings that we can tap as needed as well as money in the tax account (even after April 15!) We will be paying estimated taxes this year, but unless something huge happens, we should get most of it back next April.

In the meantime, I pay extra on all credit cards as well as the mortgage. From a post here I can see that on 3-30-18 our mortgage was $63504 and currently it sits at $58726! We have paid a bit over $50 extra each month on it. I have also been making extra payments on all the credit cards. I definitely round up and usually to the next $25 at least. I am focusing on the smallest bill currently and the statement arrived yesterday saying I owed $690.98 with $34 due on 5-23. Nope on 5-1 along with the other two Chase cards, I paid their payments plus so I really owe on this one $540.98. Currently, the 'minimum' payment is $34. The payment I made on the 1st was for $150! At that rate, I should have it completely paid off in 3-4 months. Then onto the next lowest. While I am good with numbers and know that technically the 'best' way to pay off debt is to pay off the highest interest one first, I like the pure joy of setting a goal and hitting it. Same with all our IRAs and stock account, we are now over $51K. Some of that from two old IRA accounts and what we opened about 15-16 years ago that have grown from $7K to around $30K. With the sale of the rental property, we were able to put another $6K in the IRAs as well. Going over that $50K was like a winning a prize. Never have I had that much in savings, but I know I will feel the same way when the mortgage drops below $50K as well.

Congrats to all of you that are getting near the end of their mortgages. When ours is done hopefully we will be going out to Red Lobster to celebrate as that is the only time we can really afford to go there, for momentous occasions in our lives. But that is a way yet.

[disneysteve]

Are you going to celebrate or do anything special when it's paid off?

I'm sure I'll make a post here with a few exclamation marks.

Seriously, we haven't even discussed it. Maybe we'll go out to dinner or something. We'll have an extra $700/month to play with so we can afford a good meal .

[JoeP]

May payment made.

New balance: $7,619.67

Are you going to celebrate or do anything special when it's paid off?

[disneysteve]

April payment made.

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

May payment made.

New balance: $7,619.67

[james.hendrickson]

When this check clears our mortgage will be whittled down to $330,894.56. We still have a good 27 or so years on the note, but slow and steady wins the race.

[disneysteve]

That's great, Randomsaver. Keep at it and watch that number continue to shrink.

I haven't made our May 1 payment yet but I will this week. Since I moved some excess cash out of our checking account and an unexpected $1,100 expense came up, I'm actually a little short so I'm waiting for Thursday's paycheck rather than bothering to transfer money back into checking.

[Randomsaver]

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

D-Day has come.

Mortgage Principal : $69K

I think with this balance, I am comfortable enough psychologically to not partition a smaller amount into Focused Debt. Although I really enjoyed the partitions in the past as there is a second benefit to it apart from the psyche of seeing a smaller debt -- there is satisfaction that I derive of paying it off. Imagine a debt and paying it off. Happiness and ecstasy right? Now imagine experiencing that not once but multiple times.

[Randomsaver]

Apr 2019: $578,092

We are saving like crazy to pay it off this year. We aren't putting the savings against the mortgage yet. It's sitting in a MM account earning 2.37%.

Mortgage payoff savings: $164,734

It will be like a record of the millenium if you achieve payoff this year from 164 to 550. Go for it corn18!