Mortgage under $10K

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Kate
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Mortgage under $10K

Postby Kate » Sun Jan 20, 2008 5:46 pm

We bought our house 9.5 years ago and took a mortgage of $90,000. We are now down to $9,800 and hope to be paid off in June. We have four kids and were a one income family until a little more than two years ago.

Kate

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jdroth
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Postby jdroth » Sun Jan 20, 2008 8:04 pm

Rock on, Kate! I'm jealous. I really, really am. But I'm also proud of you. Great work.

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kmull
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Postby kmull » Mon Jan 21, 2008 6:13 am

How awesome will it feel to write that last check!?

Great job!
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Postby Daedala » Mon Jan 21, 2008 8:53 am

That's awesome!

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Postby Patrick » Mon Feb 04, 2008 9:08 am

I am looking forward to the day I write my last check to the mortgage company! :)
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Postby consultantjournal » Mon Feb 04, 2008 11:02 am

Awesome. I wish I could do that. It's nice to know that, in some places, houses are still affordable.

Lastely, I've been toying with moving back to my hometown. With our current equity, we could have an oceanview home for a mortgage of about $50k-$120k. My husband would have to give up his career, though. Fortunately, my career is portable. But I don't think it's a good idea to give up your career. Downshifting is one thing. Ending it is another.
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Kate
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Postby Kate » Mon Feb 04, 2008 5:37 pm

consultantjournal wrote:Awesome. I wish I could do that. It's nice to know that, in some places, houses are still affordable.


Yeah, we were definitely lucky to get in when we did. We bought the house for $121K. Now it would probably be $220K or so.
Not abnormal growth, but it would be pretty tight to start at $180K on the mortgage and pay it down in the same time. There's no way we could live in Vancouver and buy a house. We're a family of six so really need at least a 4 bedroom. I do feel for you living in BC.

Kate

consultantjournal
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Postby consultantjournal » Mon Feb 04, 2008 7:43 pm

I lived in Ottawa for a while. Perhaps I should move back there!
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Kate
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Postby Kate » Wed Feb 06, 2008 6:40 pm

It's way more affordable than Vancouver. Some magazine does a ranking based on cost, job availability, recreational activities etc and Ottawa actually places fairly high. Of course, you might not be used to the snow anymore..... :)

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Postby singleguymoney » Wed Feb 13, 2008 8:43 am

Wow, that is awesome Kate. Congratulations.
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Postby sandy » Mon Mar 03, 2008 1:59 pm

Such an awesome feeling! In our life, we decided to try really hard to pay off our mortgage within the next 2 years. We bought the house in 1999, and hope to have it paid off by early 2010. We live in an affordable area, and we've also been a 1 income family. As my husband's pay increased over the years, we'd splurge more, take better vacations, did some really expensive things. Then, last August, I had an epiphany, and I told my husband that it would really feel secure to have a house that was ours, free and clear, and that it would be great if we could just start throwing any extra money at it (the mortgage) and fortunately, we have an emergency fund, retirement, and college savings started. So, he agreed, and we've put nearly $35,000 toward it in 8 months. We still have $52,000 to go. And belt tightening hasn't been all that hard...just applied a little more effort into things like not eating out like we were (saving around $200 per month) my husband started packing his lunch and bringing coffee from home (saving about $200 per month) and I stay away from Target like the plague! (saving several hundred per month!) We have said "no" to things that would have been fun, like some shows or concerts or getaways, that before, we would have said yes to without a thought. Also, I've said "no" to our children more often, but with the explaination that we are all working together to pay our mortgage down, and that if we do this as a team, we'll have more money to help them when they go to college. Which will start in 4 1/2 years. It feels really good to be working toward something constructive like this, and being more frugal is a great way to come up with the extra cash to put toward something concrete.

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Postby consultantjournal » Mon Mar 03, 2008 6:30 pm

I'm currently entertaining a 40-year mortgage as an idea. LOL. This thread makes me wonder what is wrong with BC!
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Postby racheldarcy » Sun Mar 09, 2008 4:26 am

Wow that is fantastic. It is my goal to have our mortgage paid off in 5 years. We still owe £91800 and the interest is nearly £500 a month. My husbands salary covers the interest and our bills as well as some savings so I am working as hard as I can so that I can put every penny I earn towards paying it off. I have been on or above target this year so far so I am hoping that this trend can continue. It is hard worrk but very satisfying.
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