Mortgage Payoff

Mom987 · August 2013

Is anyone else kind of obsessed with paying off their mortgage early?? I get a thrill if I can ever pay extra.........(Which is not always) lol.

MommyLiberty5013 · August 2013

Haha. Yeah a bit. But it's one of a few financial goals for us, so as long as we're doing our 13th payment and a bit extra each month toward principle, I'm not thinking too much about it. There are some more pressing goals for the short-term (saving for a new used mini van, for example).

jessica490 · August 2013

Sortof, we hope to buy a house (we have a condo now) by the end of 2015 so we are trying to save towards the DP, as well as build our E-fund. We are "underwater" in our mortgage so I hope that when 2015 comes the market goes back up and with the extra we our putting towards our mortgage now (which is a little more than 1 extra payment per year) we can make a profit off selling it. Ugg, but for now, it's save, save, save.

Mom987 · August 2013

Yep... Save save save! Thanks for the responses!

anssett · August 2013

We are still about a year from buying or first house. I insist on a 20% DP to avoid PMI. I'm also into an early payoff plan so we're looking at houses we could afford on one income (350-400 K). That way we have flexibility if my husband chose to stay home with future kids, or pay 1.5x or monthly payments and cut a decade or more off the loan. Still just a plan, but as a kid I never heard about anyone with a paid off house. We can do that and I WANT that!

vlagrl29 · August 2013

I get a thrill when I see our efund go up...i'm totally lame i know it.

anssett · August 2013

vlagrl29 said:
I get a thrill when I see our efund go up...i'm totally lame i know it.

That's not lame at all. That's the path to never worrying about money again! Rock on.

Ducktale · August 2013

We refinanced recently to a 15 year, so we do not plan to put any extra money towards the mortgage. But....I totally get the feeling. I'm that way about out other savings goals, only a few months from paying off our last student loans! It's a good thing when saving is as thrilling (or more) as spending.

HoneyBee973 · August 2013

Even if its only $10 extra, I always put extra towards the principle.

vlagrl29 · August 2013

anssett said:

I get a thrill when I see our efund go up...i'm totally lame i know it.
That's not lame at all. That's the path to never worrying about money again! Rock on.

It just feels so dang good not to worry about emergencies. It's the first time we've been able to do it in 4 years of marriage.

MommyLiberty5013 · August 2013

vlagrl29 said:

I get a thrill when I see our efund go up...i'm totally lame i know it.

Awesome! I know the feeling.

MommyLiberty5013 · August 2013

anssett said:

We are still about a year from buying or first house. I insist on a 20% DP to avoid PMI. I'm also into an early payoff plan so we're looking at houses we could afford on one income (350-400 K). That way we have flexibility if my husband chose to stay home with future kids, or pay 1.5x or monthly payments and cut a decade or more off the loan. Still just a plan, but as a kid I never heard about anyone with a paid off house. We can do that and I WANT that!

Bolded. Super smart! It's great for a future family's flexibility like you mentioned or if there is a job loss or injury/illness and someone is out of work.

Wulfgar · August 2013

Currently MW has the mortgage at least paid up a month ahead.

We have had a recent discussion when the Government has changed her manager of student loans for the second time this summer that we will focus on paying off her student loans first since the Government is trying to play some type of games with us. Then we will focus on my student loans which are through Sallie Mae and haven't been sold or moved at all.

What helps us is that our mortgage is only roughly 15% of our combined take home. We also have a decent emergency fund and another account for child related expenses and vacations.

Mom987 · August 2013

vlagrl29 said:
I get a thrill when I see our efund go up...i'm totally lame i know it.

Me too! I have an excel spreadsheet so whenever I see the number of months go up by ".1" I love it.

Mom987 · August 2013

anssett said:
We are still about a year from buying or first house. I insist on a 20% DP to avoid PMI. I'm also into an early payoff plan so we're looking at houses we could afford on one income (350-400 K). That way we have flexibility if my husband chose to stay home with future kids, or pay 1.5x or monthly payments and cut a decade or more off the loan. Still just a plan, but as a kid I never heard about anyone with a paid off house. We can do that and I WANT that!

That's really amazing!! I'm sure you're on the right track!

Mom987 · August 2013

HoneyBee973 said:
Even if its only $10 extra, I always put extra towards the principle.

It makes a difference!!

Mom987 · August 2013

Wulfgar said:
Currently MW has the mortgage at least paid up a month ahead.

We have had a recent discussion when the Government has changed her manager of student loans for the second time this summer that we will focus on paying off her student loans first since the Government is trying to play some type of games with us. Then we will focus on my student loans which are through Sallie Mae and haven't been sold or moved at all.

What helps us is that our mortgage is only roughly 15% of our combined take home. We also have a decent emergency fund and another account for child related expenses and vacations.

15% take home pay is super awesome to be able to focus on other things.

Mom987 · August 2013

Thanks everyone for the responses!

Rainzzzy · August 2013

Wulfgar said:

We have had a recent discussion when the Government has changed her manager of student loans for the second time this summer that we will focus on paying off her student loans first since the Government is trying to play some type of games with us. Then we will focus on my student loans which are through Sallie Mae and haven't been sold or moved at all.

My loans too! It's annoying and makes me worry there will be a mix-up and they will report a late payment or something. Technically my loans are deferred as I am in grad school, but I didn't request this deferment (my school did it automatically) and I have been making a payment as usual both to pay the loan off sooner, and not have any credit mishaps. I have heard of people being in deferment but the loan servicer reporting them as late on payments, and seeing as how they kept transferring my loan to new servicers I don't want to take any chances! I can understand your and your wife's frustration.

lifeonthehill · August 2013

We live in a boarding school so chances are we will never own a home. But H has $24,500 left to pay off his student loans and that is our only debt! We pay a minimum of $1,250 a month and put anything extra in with it if we can!

If we continue to stay on track we will be TTC our first child on his 26th birthday! I do a little happy dance on the last day of every month knowing we are that much closer. He laughs at me right now but I know when we get below $10,000 he is going to be bouncing off the walls.

ConstantineG · August 2013

I was pretty obsessed with it when we were on a 6.25% 30 year because the total cost of the loan was nearly twice the value of the house. Since we refinanced to a 3% 15 year, I'm not really into throwing money at the beast.

Mom987 · August 2013

ConstantineG said:
I was pretty obsessed with it when we were on a 6.25% 30 year because the total cost of the loan was nearly twice the value of the house. Since we refinanced to a 3% 15 year, I'm not really into throwing money at the beast.

That sounds like us. We are 30 year 4.5%, but once we get to a 15 year we'll be much happier with it overall. Having trouble refinancing though based on what we owe and what it'll appraise for.

short+sassy · September 2013

I have owned my home for 2 years and have a plan to pay it totally off within the next 5. I am already looking forward to that freedom!!!

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