House Mortgage -- Countdown

[disneysteve]

Mortgage Principal : $16K

You started this thread 7 years ago this month. Your balance was $207,000 and your goal was 10 years. Looks like you're ahead of schedule. That's great. Do you have a payoff date in mind?

[Randomsaver]

You started this thread 7 years ago this month. Your balance was $207,000 and your goal was 10 years. Looks like you're ahead of schedule. That's great. Do you have a payoff date in mind?

Haha, Thanks disneysteve. Definitely feeling the 7-year itch. God willing this pays off no more than a year from now. I think a great target would be 8th anniversary of this thread.

Mortgage Principal : $14K

[james.hendrickson]

Mortgage principle: $316,572.63. Down a couple of k.

[james.hendrickson]

Mortgage principle: $315,340.53. Down another $1,200. Slowly but surely paying this sucker off.

[Randomsaver]

WOOHOOO!! Getting closer by the month.
Mortgage Principal : $10K

[Randomsaver]

Mortgage principle: $315,340.53. Down another $1,200. Slowly but surely paying this sucker off.

You are doing great james! As we say in this thread, keep it down.

[james.hendrickson]

Another month, another payment made. Now down to. $312,852.26.

When it gets to $298,000, PMI comes off. After I get a couple of things knocked out, I'll likely start attacking this debt more aggressively.

[Jluke]

broke my no extra payment rule and paid an extra $57 for January payment to go below $175k

Jan 2021: $174,999

One year later with only an extra $373, balance is:

Jan 2022: 167,999

[james.hendrickson]

And down the numbers go...I still owe $312,224.86. Every month the debt gets a bit lower.

At this point, I'm openly wondering how long it would take me to get this thing paid off. Four years? Five?

[Jluke]

And down the numbers go...I still owe $312,224.86. Every month the debt gets a bit lower.

At this point, I'm openly wondering how long it would take me to get this thing paid off. Four years? Five?

VERY Rough calc to include interest and not knowing the rate

4 years you would need to pay 85k per year
5 years you would need to pay 70k per year

you mentioned PMI. Homes have increased in value. Any chance yours has increased enough to request an appraisal to try to eliminate PMI? Or Refinance if you haven’t done that recently to get low rate and possibly remove PMI that way.

[bjl584]

Another month, another payment made. Now down to. $312,852.26.

When it gets to $298,000, PMI comes off. After I get a couple of things knocked out, I'll likely start attacking this debt more aggressively.

How old is this note?
Have you considered refinancing?
Rates are low and housing prices are up.
You "might" be able to lower your terms and payment all while getting rid of the PMI

[Randomsaver]

MERRY CHRISTMAS EVERYBODY!!
Mortgage Principal : $8K

[james.hendrickson]

MERRY CHRISTMAS EVERYBODY!!
Mortgage Principal : $8K

Randomsaver, you're literally just a few payments away from paying off your mortgage! What a wonderful holiday gift.

[mumof2]

MERRY CHRISTMAS EVERYBODY!!
Mortgage Principal : $8K

WOOHOO almost there congrats...

[james.hendrickson]

Principle amount owed: $309,059.47. Down from 312k. Getting there.