Second mortgage paid off!

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Cely
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Second mortgage paid off!

Postby Cely » Thu Jan 27, 2011 10:30 am

The check cleared today and my second mortgage is paid off! This is the second major financial milestone I've achieved since being a GRS reader - the first was hitting 6 months of income in my emergency fund. This was a 30-year loan but I paid it off in 4 years, 7 months. WHEW.

I have been aggressively paying down this loan for the past year. An unexpected windfall in December put me within reach...I pulled cash out of my travel fund and now I can cross this 7.5% interest loan off my list!

Now to decide where to put that payment...I think I will increase my payment on my primary, and put the rest into an IRA and money market fund. (I already max out my 401(k).)

Thanks to GRS for...being here! It helps keep me on track.

Tightwad
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Re: Second mortgage paid off!

Postby Tightwad » Thu Jan 27, 2011 11:33 am

WooHoo. Way to go Cely. :D

DoingHomework
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Re: Second mortgage paid off!

Postby DoingHomework » Thu Jan 27, 2011 11:41 am

Awesome! Paying off a 30 year loan in under 5 years is a major accomplishment!

fantasma
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Re: Second mortgage paid off!

Postby fantasma » Thu Jan 27, 2011 12:20 pm

wooohooo! :rofl: :rofl: :rofl: :clap: :rock:

Congrats!
Be what you want to attract.

peachy
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Re: Second mortgage paid off!

Postby peachy » Fri Jan 28, 2011 7:11 am

That is impressive. Congratulations!

suzwantstobefree
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Re: Second mortgage paid off!

Postby suzwantstobefree » Sat Jan 29, 2011 7:57 am

That is quite impressive - congratulations.

therealstory
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Re: Second mortgage paid off!

Postby therealstory » Sat May 21, 2011 10:59 am

That's awesome! My wife and I decided that was the right move for us in March since we have about 4 years until our loan balloons and have decided eradicate the $35k remaining balance on our second that was 8.25%. Here's how we're attacking it:

-Spend down savings to $5k ($14K)
-Sell ESPP Share's, ($9k)
-Stop ESPP now that there is a 1 yr holding period: ($2k to date)$500 bi-weekly
-Received annual bonus ($1.5k)
-Received pay raise in May, $50 more per pay period; stretch to do $50 more from per paycheck and make it an even $100
-All of the above is on top of the regular $290 payment


We have just $8670 left with a plan to pay.

Every two weeks I'll be putting in $600, plus making our regularly scheduled payments of $290 which should have us paid off by November and we'll save $10k by doing so.

Once that's done, we'll have about $500 left on my wife's student loans, we'll pay that off in Nov/Dec and then we'll have $5k left on my student loans, which if we roll with the $1500+ a month into that, we'll have paid by next April.

That would leave us with $1.5k a month or more to reallocate to other goals!

I'm just so excited about having a plan to eradicate all of our debt with exception of our 1rst mortgage and do so within a year. All while doubling what we're putting into our 401(k). Exciting stuff!

MC

saro
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Re: Second mortgage paid off!

Postby saro » Sat May 21, 2011 9:43 pm

That's awesome! Congratulations!

Kate1
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Location: Ontario, Canada
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Re: Second mortgage paid off!

Postby Kate1 » Fri Jul 01, 2011 8:03 am

Great job, Cely!!!! That is so awesome.
Kate

therealstory
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Re: Second mortgage paid off!

Postby therealstory » Sat Feb 04, 2012 6:05 am

We did just finish paying the second mortgage! My wife had to take a leave from work, so we slowed our pace a bit and have decided not to pursue paying off the student loans aggressively. But the 2nd Mortgage is gone!


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