House Mortgage -- Countdown

[GeorgeEastman]

I (single father) have little by little started college savings for my 2 kids. Total saved currently is $28K.

I plan to divert the $14K for my youngest and use it to bring down my principal mortgage balance since I believe I still have time to rally for that later on in life.

I'll keep the other $14K for my eldest who is approaching 10 and continue adding to it. I should be done with the house mortgage a few good years before my youngest starts college.

Lucky kids.

[Randomsaver]

^Thanks. Trying...

[Randomsaver]

Focused Debt : $29K

Advance happy Fathers' Day!

Focused Debt : $28K

Happy Freedom Day 2015 to y'all.

[Eagle]

$97,881.51

[Jluke]

$97,881.51

May I ask what your mortgage details are (length, rate, monthly payment)?

[tqf258]

$98,050

[Randomsaver]

$97,881.51

$98,050

Nice job both of you.

[Jluke]

Jumping into the mortgage payoff game.

2006: $165,000 (30 yr)
2008: $161,500 (15 yr refi)
2013: $94,000 (10 yr refi)

January 2015: $78,792
September 2015: $57,521


Target Payoff: December 2018

Plan: $300 extra per month; option for additional 2k to 5k payments along the way to speed it up. Ending with a 20k (June) to 13k (Dec) payoff in the year 2018 IF I stay on track and no major life changes.

I will be 41 when it is paid off.

[Randomsaver]

^ Nice! You can do it!

Me, since I'm already in early 40s, my hope is to finish at 49 so I can tell myself when I turn 50 that I truly own a house.

I'm such a late bloomer.

[Eagle]

May I ask what your mortgage details are (length, rate, monthly payment)?

@Jluke

Welcome to the forums!

We have a 30 year mortgage at about 4.6%. Our monthly payments are right under $1000.

Bought the house at the end of 2013. Hope to pay it off by the time we're 41 as well. That's 8 more years.

You can read more about us here: www.eaglesoaringhigher.com/?p=1

[Jluke]

@Jluke

Welcome to the forums!

We have a 30 year mortgage at about 4.6%. Our monthly payments are right under $1000.

Bought the house at the end of 2013. Hope to pay it off by the time we're 41 as well. That's 8 more years.

Thanks for those details... I asked b/c it looked like "only" ~$300 of principal was reduced with the monthly payment? I was going to suggest a re-fi to a 10, 15 or 20-yr so you can pay more towards principal... If you're going to pay it off in 8 years, then I'm guessing you will pay a lump sum at some point.

[Randomsaver]

Focused Debt : $28K

Happy Freedom Day 2015 to y'all.

Focused Debt : $27K

[Randomsaver]

Focused Debt : $27K

Focused Debt : $26K

[Randomsaver]

Focused Debt : $26K

Focused Debt : $25K

[Jluke]

August 2015: $57,521

Target Payoff: December 2018

September payment of $1200: $56,460