House Mortgage -- Countdown

[Jluke]

May 2019: 186,197

Nov 2019: $183,730

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

[Randomsaver]

Mortgage Principal : $61K

[Jluke]

January 2019: $188,758

May 2019: 186,197

still doing > $260+ extra per month.

[Randomsaver]

Mortgage Principal : $71K

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

[Randomsaver]

April payment made.

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

You are almost there disneysteve!

[Randomsaver]

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

This time I started at 200k. I think once I get to 125k to 150k I’ll 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.

[greenskeeper]

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.

[disneysteve]

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.

[Jluke]

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 160’s.

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

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

[disneysteve]

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 don’t 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.

[MooseBucks]

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 I’d start paying it even more aggressively as the light at the end of the tunnel is close.

[Randomsaver]

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.

[Randomsaver]

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

[Randomsaver]

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.

[mumof2]

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