House Mortgage -- Countdown

[james.hendrickson]

Mortgage Principal : $49K

Here it is guys, the pic as promised.

Great job Randomsaver, I'm a bit jealous.

[Jluke]

Initiated a refinance this week.

original loan: 3.875% for 30 years. Dec 2017. $940/month. 24 years left (extra payments)

refinance: locked 3.125% for 20 years. $1000/month. $3700 closing costs.

About 30k savings in interest and knocks off 4 years on existing mortgage.

[breathemusic]

I also initiated a refinance.... back in march when interest rates tanked and my credit union is just now finally getting to mine in the pile and doing the paperwork. But they knew about the backlog and extended validity dates so my offer rate was locked in!

Original loan $585K 30 year jumbo @ 5% fixed interest and no PMI, payment was around $3,200 plus another roughly $600 into escrow for taxes and insurance, total of $3,800, with 27 years left on the mortgage.
New Loan is for around $570K, restarting a 30 year jumbo, new interest rate is fixed at 3.375%, still no PMI and I'm taking over the payments to taxes and insurance so that I don't go through escrow anymore. New payment will drop down to about $2,530 plus I'll still set aside $600 each month into savings for taxes and insurance, so the monthly expense will still be around $3,130. A HUGE savings!!

I don't plan to make any extra payments now, because I'm saving up for a massive kitchen remodel next year and anticipate future projects after that. But I do expect that in the next few years I'll start tacking on some extra payments to ultimately pay off the loan early!

[Randomsaver]

Great updates on refinances here! It's all about the savings.

[Randomsaver]

Mortgage Principal : $48K

Businesses starting to open up...hope a vaccine won't be too long.

[scfr]

Mortgage Principal : $48K

Businesses starting to open up...hope a vaccine won't be too long.

Almost $200K in a little over 6 years. Way to go!

[breathemusic]

Just closed on my refinance on Monday of this week! New mortgage is now for $573K (original was $585k) that I'll pay off in 30 years if I don't pay it off early (which I'm sure I will). The biggest savings is that the monthly payment was reduced by $650 a month just on the interest reduction alone!! (ok, technically a small bit of that is the re-amortization over 3 more years from the restarted clock). I'm SO EXCITED to be saving that much money and reducing my cash flow by that much every month!!

[kork13]

Mortgage Principle: $0.00 !!!!!

We just closed on selling our previous house yesterday afternoon, and we're under contract to buy our next home in cash. I'm stoked.

[james.hendrickson]

Mortgage Principle: $0.00 !!!!!

We just closed on selling our previous house yesterday afternoon, and we're under contract to buy our next home in cash. I'm stoked.

Kork, whats the size of the place? I've heard that people are going to want more single family homes with extra bedrooms so they can work from home.

[disneysteve]

Mortgage Principle: $0.00 !!!!!

We just closed on selling our previous house yesterday afternoon, and we're under contract to buy our next home in cash. I'm stoked.

Congrats. It's a nice feeling to not have that mortgage payment anymore.

[kork13]

Kork, whats the size of the place? I've heard that people are going to want more single family homes with extra bedrooms so they can work from home.

Both our previous & next homes were 4 bedrooms, 2100-2200 sqft. We only sleep in 2 of them, but use the others for a guest bedroom & play room for our young boys (3 & 5 y/o). If today's trend of WFH continues into the future, I can totally see a broader desire for extra bedrooms for a home office.

[Randomsaver]

Mortgage Principal : $47K

[Randomsaver]

With people working from home and doing their busiiness from home, I wonder if it is going to be a trend now for clients coming up to people's home office to transact business? Can people put business signage now in front of their homes, especially for sole proprietorrship/small LLCs. I'm thinking businesses like tax preparing, legal counselling, dentistry, financial advisory, etc.

[disneysteve]

With people working from home and doing their busiiness from home, I wonder if it is going to be a trend now for clients coming up to people's home office to transact business? Can people put business signage now in front of their homes, especially for sole proprietorrship/small LLCs. I'm thinking businesses like tax preparing, legal counselling, dentistry, financial advisory, etc.

That would be regulated by local zoning laws. I suspect most places won't allow that. If you have an HOA, there may even be rules against you running a business out of your home like that.

There are also insurance issues for anyone doing this. Your home owner's insurance probably won't cover incidents that occur in the course of conducting business in your home.

[mo0n]

Land loan as of 7/1: $60,500
Land loan as of 8/1: $57,000

I've waited to start posting because I've only been chipping away at the loan incrementally, and have been saving all my extra cash in a sinking fund dedicated solely to the loan. That said, I got a pretty decent OT check this month, and pushed it towards the loan. My original plan was to have this paid off this year (with the help of selling a travel trailer), but I figured out if I stay on my course, it'll be paid off in May of 2021, and I can use the funds from a sold travel trailer to assist with building a house. Ohhh the possibilities.