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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Wed Apr 03, 2013 7:49 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Hey peachy,

Thanks!! I had to set up an excel spreadsheet to track the weekly challenge, so don't feel bad. And good for you for being almost there with the e-fund, too. It feels funny to know it's done, after all these years...

While I'm at it, I might as well admit that I went clothes shopping with some birthday money last week. (grins sheepishly). It would be really easy to spend more, but when I got back from nephewland I hauled out all the spring/summer stuff and catalogued it. (It was a lot -- I need to do some more weeding. It's so hard to let go of some of these basics that I've owned for years but don't wear any more...why is that?) This exercise -- seeing all the stuff I have already -- totally killed the urge to shop for more. I have to remember this the next time the urge strikes. Plus now I have a catalog to help me fight the other catalogs that come in the mail!!! And a very short list of three things that do need to be picked up to fill in holes. So...onward!


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Sun Apr 21, 2013 7:58 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Tax day has come and gone, thank goodness. Now if the weather would just decide to be really springlike -- of course, I shouldn't complain. I could be living in Minneapolis, where they're apparently reliving "The Long Winter" Laura Ingalls Wilder wrote about...

Made the second mortgage prepayment for this month; the balance is now down to $51,830 (hello fifty-one-thousandses, nice to see you; sorry, I must be going now), and the payoff date on the online amortization is down to May 2026. Of course, the target payoff date is much closer than that, but I enjoy keeping the bank guessing. Like the weather, they're slowly getting a little warmer. :)

Other savings goals:

Quick Draw efund: DONE
Big Backup efund: DONE (thank you, windfall!)
Car: $2558/5758: 44% done
xmas/travel: now built back up to 500 -- next trip will be in August, I think
52-week challenge: $222 (through week 17)

The really big challenge this year, though, will be pushing myself to get work done on the house. I am really reluctant to spend large sums of money! But the house needs it -- I just have to take a deep breath and make the leap...urk. Any advice for making myself do this? After focusing so much on saving, how do I convince myself to spend?


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Mon Apr 22, 2013 11:58 am 

Joined: Thu Apr 05, 2007 3:05 pm
Posts: 1356
CecilyC wrote:
The really big challenge this year, though, will be pushing myself to get work done on the house. I am really reluctant to spend large sums of money! But the house needs it -- I just have to take a deep breath and make the leap...urk. Any advice for making myself do this? After focusing so much on saving, how do I convince myself to spend?


Same boat here. We've been procrastinating on some major structural renovations to the basement that need to be done in order to avoid having the house fall down around us, and it's going to cost almost as much as you have remaining on your mortgage. We had a contractor take a look a few weeks ago and he advised us to get it done this year...the longer we wait the bigger the risk. Oh well, so much for making major progress toward paying off our mortgage! But having a paid-off mortgage on a house that's just a pile of rubble would be a pyrrhic victory ;-)


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Mon Apr 22, 2013 3:01 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
brad wrote:
[ But having a paid-off mortgage on a house that's just a pile of rubble would be a pyrrhic victory ;-)


Yeah, that's the thing I should keep telling myself, right there. Maybe I'll post that on my fridge... :rofl:


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Sat May 04, 2013 11:19 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Work is insane again. Five more weeks of non-stop craziness! I hardly have time to think about anything else.

But I did make the first prepayment today! Now down to $51,350! At this rate, July will see me shredding the 50K barrier like my cat making spaghetti strands out of the sofa arm....


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Mon May 06, 2013 6:50 am 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
I think I'm having the same issue as Brad. We took out money when we refinanced from a 30 to a 15 year loan, to use that money for home improvement. With that fund, we have used about 8K for renovating the main bathroom, renovating main bedroom, re-doing our brick patio, and purchasing furniture). The amount we have left (14K) is not enough to even consider doing dream project of renovating the attic, so that is off the table. But we realized it may be enough to have a sunroom put on back of the house, especially if husband does some of work. But as time passes for us to actually get quotes, etc, I'm getting scared, wanting to hold onto that money "just in case." We do have an additional emergency fund, but not a big one (3 months).
So, no decisions yet. Husband and I are going to talk about it hopefully tomorrow, to try to figure out what we feel comfortable doing money-wise.
I also considered prepaying the house, but my husband feels that it is enough that we are on the 15 year mortgage and just making the house nice enough we don't feel like moving/upscaling, which starts the clock on mortgages. He feels the house is great as it is, I would like the sunroom (but don't want to pay the money).


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Sat May 18, 2013 1:58 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Time to make the second prepayment. The balance is now at $50,980! I'll be staying in the fifty-thousandses for the month of June, and then -- BLAMMO -- in July it'll be time to blast through to the 49Ks.

Work is still insane. Three weeks to go....


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Thu Jun 06, 2013 3:08 pm 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
First June update: the school year is just about over, hurray! There will be wrap-up and final grading, but the end is in sight, and I am already revving up for summer research. Woo-hoo!

What's more, I have started to get things done around the house. New, moss-free garage roof: check. New front porch roof: check. Painting the non-brick parts: in progress. New siding for garage (never paint again!): planned for next month. Got a very reasonable estimate from a reputable company recommended by folks at work -- warranty information, two single-spaced pages of references, wow! An estimate that works the way everyone says it ought to: amazing. The basement moisture issue is the next thing to tackle. Not looking forward to getting estimates there....but I should keep this momentum going. It feels good to see things improving around here! I even made an appointment to get a renovation company in to look at the bathroom and give me an estimate. That will be expensive, but at least I can get some numbers.

Time for the mortgage report. Made the first prepayment to lower the balance to $50,498.13 and the bank now thinks I'll be done in January of 2026. Really looking forward to next month when I break through to the 49K range!


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Sat Jun 15, 2013 9:48 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
End of the school year is INSANE. Just...have...to...make it...a few...more...days... *gasp*

The 49Ks are almost within reach! Made the second prepayment to bring the balance down to $50,120 -- next month, watch out!!

Exhaustedly,
CecilyC


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Mon Jun 17, 2013 10:32 am 

Joined: Fri Aug 22, 2008 11:10 am
Posts: 224
You can make it! haha. And keep thinking about the entire summer off -- paid! That is awesome.

We are hoping to reach $50k mortgage in August... we're right behind you!!! :)


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Wed Jul 10, 2013 9:34 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Well, here I am on the other side of the 50K mark! The regular payment lowered the balance to $49,865.09 and I have just (belatedly) made the first prepayment to push it down to $49,635. :party:

I am sure the amazingness of this breakthrough will sink in when I am a little less sleep-deprived. Been taking care of my sweetie, who had surgery last week and is recovering (slowly, but he will be OK). It takes a lot to make me forget to make this prepayment; usually I am champing at the bit at not being able to make the extra payment on the first of the month!

In other news, the house is looking great on the outside. Painting and porch repair done; garage re-siding coming up. Next task is still to get the moisture issue in the basement looked at. Yergh.


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Wed Jul 31, 2013 7:28 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Quote:
Well, here I am on the other side of the 50K mark! The regular payment lowered the balance to $49,865.09 and I have just (belatedly) made the first prepayment to push it down to $49,635. :party:


That is great, congratulations!!!

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Wed Jul 31, 2013 10:22 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Sam wrote:
Quote:
Well, here I am on the other side of the 50K mark! The regular payment lowered the balance to $49,865.09 and I have just (belatedly) made the first prepayment to push it down to $49,635. :party:


That is great, congratulations!!!


Thanks, Sam! Still seems a little unreal. Also unreal: Last week I got one estimate on the long-overdue bathroom renovation ($25K, ouch!!!!), and I am thinking, holy cow, that's half my mortgage.

Can't believe how fast July went, between hobby week, travel to nephewland, and caretaking, just *POOF*, tomorrow is August. I did manage to make the second July payment, though, so the balance is now $49,265.


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Mon Aug 26, 2013 9:04 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
So, here we are at the end of August -- where did the summer go???

This month has been half about vacation and half about house upkeep. I pulled the trigger on a bunch of deferred maintenance: new garage roof and front porch roof, new gutters, replacement fridge and A/C unit (hoping for some slightly lower electric bills after this), new siding on the garage, paint and repair of front and back porches, and finally finding the right shade of paint for my study. The only thing I'm doing myself is the study and boy, do I hate painting after four days of clearing and cleaning and prep and priming. It takes forever by yourself! Ungh.

Still intending to get another estimate or two on the bathroom remodel, for next year, I think.

Anyhoo, time to update the payoff numbers. This month I made both extra payments. and the balance now stands at $48,400. The bank now thinks I will be done in July 2025 -- the fools!!!


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 Post subject: Re: GOAL: burn the mortgage ($78,491.72) by 2018
PostPosted: Mon Aug 26, 2013 12:52 pm 

Joined: Sat Feb 12, 2011 5:47 pm
Posts: 90
Location: Ontario, Canada
I go in spurts on this site and it's been several months since I've been here. I always have to check in on this thread and see how you are doing. So inspiring!

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Kate


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