GOAL: burn the mortgage ($78,491.72) by 2018

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peachy
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby peachy » Mon Aug 26, 2013 1:25 pm

Great job, Cecily!
I always say that I have about 5 years left on my mortgage, but as time goes on, I have to reassess if that's really true. I guess i've been saying 5 years for about two years now. I'm down to <39k, and my goal is to pay it off by Dec. 2016. Keep up the good work, and keep chasing me!

School started today around here (Bmore), and I agree, this summer sure went by quickly. I'm going to try to make it to one more Os game.

PS. I'll paint if you come over and prep for me. HA!!HA!!

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Thu Sep 05, 2013 1:54 pm

OK, the run-up to the school term has reached fever pitch, but I have still managed to finish almost everything I need to do to put my study at home back together after painting. Just a couple of details left (paint the bookshelf, put in two wall sconces, get a floor lamp). I am racing to finish because I know for sure I will not make any progress on this room once the term starts. Plus, I will need a sanctuary...

Meanwhile, mortgage payoff continues. Made the first prepayment today to lower the balance to $47,909. Yay! Hello forty-seven thousandses!

Cheers,
Cecily

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Tue Sep 24, 2013 6:57 pm

Made the second additional payment to bring the balance down to $47,530. Next month, down into the 46K range!

The bank now thinks I will finish in May 2025. Fools! Heh heh heh... [strokes purring cat with an evil genius chuckle]


CecilyC

peachy
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby peachy » Wed Sep 25, 2013 2:50 pm

Keep up the good work, chica! You're doing great.

Sam
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby Sam » Thu Sep 26, 2013 7:17 am

So exciting, since Mr. Sam has new employment, I am trying to get us back on track with our mortgage prepayment.
Sam

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

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Sun Oct 06, 2013 8:29 am

First October Update:

This year I managed to remember to mow the lawn one last time before the leaves began to fall. Raking should be a lot easier than last year....

Regular payment went through for a balance of $47,265.92. Made the first prepayment just now to bring it down to $47,035.92. Looking forward to breaking the next thousand mark later this month!

Love today's GRS reader story about paying off the mortgage and not knowing how (or whether) to celebrate publicly. When I am eventually mortgage-free, I am not sure whether I'll tell many non-forum friends about it.

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Sun Oct 06, 2013 8:31 am

Sam wrote:So exciting, since Mr. Sam has new employment, I am trying to get us back on track with our mortgage prepayment.


Glad to hear he found work again!! That must be a big relief for you both.

peachy
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby peachy » Sun Oct 06, 2013 2:55 pm

Only a few of my friends know that my house will be paid off in a couple years. I'm sure when it's done, I'll tell them, but other people won't really care, so I probably won't share. I'll just start working on additional home renovations, and that will be that. I know I'll feel good about it though.

I think others would be jealous and/or think you're bragging. They will say they're happy for you, but they would still feel bad on the inside. Know what I mean?

Either way, I'm proud of you. :)

Samantha
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby Samantha » Mon Oct 07, 2013 1:45 pm

I agree with Peachy... I am pretty reticent telling people about our financial goals. Especially with the comments I've heard along our journey, like how "lucky" we are, or how "it must be nice", or how EASY it must be since we don't have children. Everybody has an excuse about why they can't do what you are doing. Drives me crazy. A lot of people have problems just being happy for others, without being jealous or trying to belittle your success.

Will we have a mortgage burning party next year? You bet. But most people there will not know that's what it is!... It will just be a cookout, or a holiday party, or something. (Re: the party idea... my mother in law does not want us to have a party, and actually said to me "Do you expect GIFTS?") What? Seriously? Yes, I paid off my mortgage, buy me a present! haha!

/endrant

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Mon Oct 07, 2013 4:11 pm

Samantha wrote:I agree with Peachy... I am pretty reticent telling people about our financial goals. Especially with the comments I've heard along our journey, like how "lucky" we are, or how "it must be nice", or how EASY it must be since we don't have children. Everybody has an excuse about why they can't do what you are doing. Drives me crazy. A lot of people have problems just being happy for others, without being jealous or trying to belittle your success.

Will we have a mortgage burning party next year? You bet. But most people there will not know that's what it is!... It will just be a cookout, or a holiday party, or something. (Re: the party idea... my mother in law does not want us to have a party, and actually said to me "Do you expect GIFTS?") What? Seriously? Yes, I paid off my mortgage, buy me a present! haha!

/endrant


Hey, people give you gifts when you *buy* a house, right?? :D

Sam
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby Sam » Wed Oct 09, 2013 9:09 am

I say have the party, I remember when my parents had a mortgage burning party (used to be a regular thing).

I share but don't brag. When we killed Mr. Sam's MBA debt (part of our one year debt killing adventure, wherein we killed $55,500 in just over 12 mos.) I shared the journey. I think hearing people do it makes it seem possible. I had friends increase the amount they were putting towards their student loans after we killed ours, they were inspired to do more.

That year we killed the debt, 2007, it was a beans and rice year but we got it done and we've, generally, avoided debt since them.
Sam

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

mrsmob
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby mrsmob » Thu Oct 10, 2013 12:23 pm

Yes! We also can't talk about our financial situation (six figure debt with six figure income). Most of our friends are in the same boat, but we have chosen to just dig into our school loans while they have taken a different path. We're totally fine with that - you do what's best for your family - but it irks me sometimes when you hear things like "yeah I'm sure it would be easier without kids" or "wait till you have kids."

Aside from the fact that I wish I could scream "I WISH I COULD HAVE BABIES BUT I CAN'T!!" I don't see why having kids means you have to stay in debt. Neither DH or I grew up with money and we turned out just fine and above and beyond that, we'd want our kids to know that you have a personal responsibility to pay back your creditors, even at your personal expense and comfort.

End rant from me too. :D

You are doing a great job and its going to feel so, so good when your mortgage is paid off and you are debt free!

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Sat Nov 16, 2013 2:17 pm

Boy, what an absurdly crazy couple of months at work -- I even missed my last two forum updates! Been working a heavier load than usual. Trying to catch up with myself now...

Amidst the chaos, the mortgage prepay plan continues. Thanks to the chaos (including a week on my back with strep, yecch), I didn't make the payments exactly when I usually do, but I finally made them, anyway, and after the most recent one goes through I should be back on track with the balance at $45,800. This means that in December I will break through to the 44K level, and in February, if all goes well, I'll pass the halfway point for the whole mortgage, which is $43,950.

Sorry for the long radio silence! Here's looking forward to a somewhat more peaceful next few months!

mrsmob
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby mrsmob » Sun Nov 17, 2013 1:18 pm

Yay that's awesome congratulations!! Cracking into the next thousand is always so satisfying!

CecilyC
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Re: GOAL: burn the mortgage ($78,491.72) by 2018

Postby CecilyC » Tue Dec 03, 2013 4:12 pm

Happy December!! The regular payment went through, leaving the balance at $45,529.79, and I just scheduled the second-to-last prepayment of the year to push it down still further to $45,299. Before 2013 is over I will be in 44K territory!

The progress always feels good, but for some reason, this year I have become more and more aware that I could do things to my house with the money I am putting towards prepayment. Things like replacing old windows and basement upgrading and even eventually that pesky bathroom remodel. I feel quite torn. On the one hand, there are only 4 years left under the current plan (wow!) before I am mortgage-free. I still want to pay this off before I turn 50. On the other hand, I keep thinking about how much heat I am losing through these old windows, how nice it would be to fix up the basement and bathroom, etc. It's going to be tough to stay focused, I think.

Ah, well. At least I have you guys to keep me honest!


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