Deleted
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Post by Deleted on Feb 1, 2020 11:25:30 GMT -5
Definitely not a savings one after last week's stock market dive, but as of this morning, my mortgage is now only five figures for the first time in 20 years!! $99,328! This is such a huge psychological boost to me. My mortgage has always been, by far, the biggest financial thorn in my side, and just 10 years ago it was still over 200K. So I'm feeling really good today! The sun even peeked out this morning.
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finnime
Junior Associate
Be kind. Everyone you meet is fighting a great battle.
Joined: Dec 23, 2010 7:14:35 GMT -5
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Post by finnime on Feb 1, 2020 13:00:16 GMT -5
Awesome!
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Rukh O'Rorke
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Post by Rukh O'Rorke on Feb 1, 2020 13:34:23 GMT -5
Fantastic MPL!!
I didn't know about the dive.....I was going to check balances this weekend, I think I will ignore that right now.....
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busymom
Distinguished Associate
Why is the rum always gone? Oh...that's why.
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Post by busymom on Feb 1, 2020 13:43:02 GMT -5
Hooray! I'm with you. I celebrate every time the mortgage drops another $10,000. (God Willing, in about 8 months we should be below $60,000.)
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Deleted
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Post by Deleted on Feb 1, 2020 14:00:14 GMT -5
I get the same thrill. Mine will go under $50k this month, but I started with a much lower loan than you did because the property is much cheaper. I also pay $200 a month extra toward principal. Remember I don't have kids. I know phil5185 would disapprove, but my house is on track to be paid off in six more years. I will be 72. And it isn't like I still don't save.
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Deleted
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Post by Deleted on Feb 1, 2020 16:02:55 GMT -5
I have 84 months left. But who's counting? I won't make it that long though. I'll need to figure out some alternative because right now child support from older son pays most of my mortgage and that ends in July.
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Deleted
Joined: Mar 28, 2024 19:32:51 GMT -5
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Post by Deleted on Feb 1, 2020 16:45:27 GMT -5
I have 84 months left. But who's counting? I won't make it that long though. I'll need to figure out some alternative because right now child support from older son pays most of my mortgage and that ends in July. Chase offered me something called a "recast." I would owe the same amount, but it would be spread out a longer period. There were no closing fees, etc., but that has been a year or so ago. Maybe you could talk to your lender about something like that? I wasn't interested, but I am trying to pay my house off. Like I said, I don't have kids, etc.
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mcsangel2
Junior Member
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Post by mcsangel2 on Feb 1, 2020 19:49:50 GMT -5
Me too! Paid the February mortgage payment today and now I'm under $100k!
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ners
Junior Associate
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Post by ners on Feb 1, 2020 22:52:00 GMT -5
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Deleted
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Post by Deleted on Feb 3, 2020 9:56:20 GMT -5
Now that you mention it, my mortgage balance is the lowest I've ever had on any mortgage- $73,500 after this month's payment. When DH and I downsized a year after I retired, I wanted to borrow $150K- a no-brainer when the interest rate would be 3% on a 15-year mortgage. I swear they fixated only on DH's SS and my $900/month pension and totally ignored our assets, and would loan us only $100K. It's kind of nice to have that low balance, though, and the manageable payment. I have to laugh (and also get annoyed) at the occasional mail solicitations I get showing me how much lower my payment would be if I refinanced. Turns out the interest rate would be higher but they're looking at a 30-year mortgage- which would be paid off when I'm 97.
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jd2005
Established Member
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Post by jd2005 on Feb 3, 2020 16:33:01 GMT -5
Congratulations! Any milestone is worth celebrating.
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Miss Tequila
Distinguished Associate
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Post by Miss Tequila on Feb 3, 2020 20:31:25 GMT -5
Awesome!!
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NastyWoman
Senior Associate
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Post by NastyWoman on Feb 4, 2020 19:18:43 GMT -5
I get the same thrill. Mine will go under $50k this month, but I started with a much lower loan than you did because the property is much cheaper. I also pay $200 a month extra toward principal. Remember I don't have kids. I know phil5185 would disapprove, but my house is on track to be paid off in six more years. I will be 72. And it isn't like I still don't save. Meh, I have been in Phil's bad money management book since I paid off my mortgage in July 2014. Exactly 10 years and 9 months after I took out my 30 year loan . I am happy every month that I don't have to worry about that debt anymore. And guess what? With a paid off mortgage living in one of the most expensive areas in the country really isn't all that expensive
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lynnerself
Senior Member
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Post by lynnerself on Feb 4, 2020 22:53:39 GMT -5
I think that for the first time the amount on my HELOC is more than the amount left on my primary mortgage.
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LlamaLlamaDuck
Junior Member
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Posts: 169
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Post by LlamaLlamaDuck on Feb 6, 2020 12:17:36 GMT -5
Yay, that is encouraging! We just dropped under 30K on the house note so it will not be long before that sucka is GONE.
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catsareme
Familiar Member
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Post by catsareme on Feb 6, 2020 17:13:06 GMT -5
Congratulations minnesotapaintlady!
I have 35 months left if I continue doing accelerated payments. Also putting any extra $$ into additional principal-only payments. I want this monkey off my back.
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Deleted
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Post by Deleted on Feb 6, 2020 20:22:33 GMT -5
Yay, that is encouraging! We just dropped under 30K on the house note so it will not be long before that sucka is GONE. At that level I could really be tempted to just pay it off, especially if the market is as great as it is now. (My reasoning would be that a crash would be likely in the near future and I could load up on cheap equities.) I'd then make payments into the investment funds. I have awhile to decide- it will be 6 years before it's paid down that low.
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