Mortgage Killer

[Blu-Ray 3D President]

I have $160,000 of mortgage and I plan to slay this evil thing in 10 years starting next year.

[Blu-Ray 3D President]

Who else wants to join the Brotherhood of Mortgage Slayers?

I am starting the New Year and this thread with a big Bang for the bucks.

Mortgage Principal slayed : $15,000
Mortgage Principal balance : $145,000

[Blu-Ray 3D President]

This is the best time to lower 401K contributions and increase mortgage payments. I have decreased mine to 8% contribution and will switch the benjies to mortgage slaying.

[atlantajoseph]

I slayed a 30-year in 10 years. You can do it. Tips from experience:

1. GET ONLINE ACCESS to your mortgage account and check your balance there frequently.
2. Make extra principal payments ONLINE to your bank. Specify that these extra payments are for principal and confirm they are being applied that way!
3. Throw any and all extra money toward the principal. Because you hopefully have online access, you can do this as whims strike.
4. IMPORTANT: Bear in mind that this is part of a larger puzzle. If you have high interest credit card debts, lack of emergency savings, etc., consider those things seriously as they may need to take first priority. You really need to have things in order before going this route. The last thing you want is to have paid off half your principal and then some emergency strikes and you are stuck with some equity but can't eat, pay important bills, etc. THE MORTGAGE WILL KEEP until you are fully prepared and ready to take action to SLAY it.

(Edited to add: I am not a professional advisor, please do your own research, yada yada)

GOOD LUCK!

[Blu-Ray 3D President]

^All awesome tips. Congrats for slaying your mortgage monster and in 10 years at that! Wow!

Also targeting for 10 years.

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Who else wants to join the Brotherhood of Mortgage Slayers?

I am starting the New Year and this thread with a big Bang for the bucks.

Mortgage Principal slayed : $15,000
Mortgage Principal balance : $145,000

Happy Hearts Day!!

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $144,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Happy Hearts Day!!

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $144,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $143,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $143,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $142,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $142,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $141,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $141,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $140,000

[Evil]

I think you should take a week or two off to reward yourself. Imagine all the cool BDs you could buy...

[Blu-Ray 3D President]

Originally Posted by Evil

I think you should take a week or two off to reward yourself. Imagine all the cool BDs you could buy...

Oh wow the rare smile. Thanks for sharing.

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $140,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $139,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $139,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $138,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $138,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $137,000

[Louisville Slugger]

I see no reason to pay off my mortgage extremely early. My rate is so low that it would make more sense to invest the difference. You would need to be disciplined enough to do this. With that said, I am still paying an additional $115 towards the principle of my mortgage which shaves off 6 years, 8 months.

Everything in moderation I guess.

Congrats to those who have paid off their mortgage already and those who are prepaying additional amounts towards the principle,

[The Great Owl]

I bought my first home exactly a year ago. My monthly payment, with mortgage, property tax, and insurance, comes out to $781. From the beginning, though, I've been paying $900 each month, with the money taken automatically out of my bank account and the extra $119 going to principle.

$900 is a simpler number than $781, and it's usually not a stretch for me to pay that extra amount, so I decided just to get used to it and to think of it as the required amount.

This will enable me to have my mortgage paid off in 21 years or so, instead of in 30, and it gets me more equity in the place.

[Blu-Ray 3D President]

Since stock market is at their peak right now, there is higher propensity to deliver less than the average 8% annual ROI so concentrating on debt interest payment reduction makes more sense now.

The Dow in 2015 yielded 0 growth, so to average 8% the Dow must hit a growth of 16% in 2016. The jury is still out there for end of 2016 but right now it doesn't look good.

That is why I want to take advantage of putting my extra money towards debt reduction.

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $137,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $136,000

[Blu-Ray 3D President]

Originally Posted by Blu-Ray 3D President

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $136,000

Mortgage Principal slayed : $1,000
Mortgage Principal balance : $135,000