cdub's Mortgage Payoff Diary... (update - a little thrown into the pot)

Discussion in 'Mortgage Payoff Diaries' started by cdub, Oct 15, 2015.

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  1. cdub

    cdub Club Founder Staff Member

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    Mortgage Debt:
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    Interest Saved:
    $20028
    Principal Pre-Paid:
    $10377
    Okay so I'm restarting up this project after some time off... due to Murphy's law hitting the family BIG time in 2014.

    But I'm ready to get this going again and start getting the financial house secure once again.

    So the goal is to start paying extra down on the mortgage again... but first I'm going to need to get our e-fund back up.

    Here's the stats:

    1. Main checking account is fully buffered (one months of living expenses in advance using YNAB)
    2. Business checking (I'm self employed) is getting there at being fully buffered - probably a quarter of the way there.
    3. E-fund is only $3,617.91. Ouch. I need to get that back up to $20k to feel comfortable.
    I'm self employed and I'm usually searching for a new gig every couple of months so a nice round $20k sounds nice and satisfying and will make me feel more secure.

    Once my business checking is fully buffered which should take 4 months... I'll be able to get the e-fund to $20k relatively quickly. I think.

    For October I've been able to budget $652.31 to the e-fund bringing it's balance up to $4270.22.

    In November I should hopefully be able to throw double or triple that to the e-fund. We'll see. Wish me luck.

    I want Murpy to stay away. No more.
     
  2. cdub

    cdub Club Founder Staff Member

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    Paid the mortgage today. My normal payment is $1,374.31. Even though my main focus is building back up the e-fund I threw an extra $25.63 to make it an even $1,400. Baby steps. One step at a time.

    Plus I live nice even numbers. :) When the e-fund is completely restocked I'd like to move that decimal payment of the extra payment over 2 places.
     
  3. cdub

    cdub Club Founder Staff Member

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  4. cdub

    cdub Club Founder Staff Member

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    My business account should be halfway buffered this week. At the current rate of savings on my business end I should be fully buffered by December or January. That's awesome.
     
  5. cdub

    cdub Club Founder Staff Member

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    Paid the mortgage today - I threw in an extra $25.63 to make it an even $1400. Due to holiday expenses I won't be sending any more money to the emergency fund this month - but that's mainly because I'm saving the heck out of things on the business side of my account on YNAB. I'm about 75% the way to being fully buffered.
     
  6. cdub

    cdub Club Founder Staff Member

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    Put another $25.63 into the pot this month to make it an even $1400 mortgage payment. I'm fully buffered on my business side which is great. I'm thinking of redoing my YNAB categories and budget in the new year because we've gotten a little lax on overspending... and we're not saving as much as we used to. I'm thinking of going back to the "everything on the card" method and using the mobile apps when we buy stuff. Need to get my wife onboard for that though. It's a new year. Time to get that efund built back up and start attacking the mortgage.
     
  7. cdub

    cdub Club Founder Staff Member

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    I've been a little MIA for a while and I'm sorry. :( I kicked up my extra payment to $125.63 to make it an even $1500. I should be boosting that soon as soon as I get my 6 month emergency fund back up.

    I'm using the new YNAB while I'll be doing a post about soon. (short story - it's pretty cool)
     
  8. cdub

    cdub Club Founder Staff Member

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    Made my mortgage payment today with the extra $125.63 for a total even payment of $1,500.

    That brings my total interest saved so far to $16,784.81 and a total of $8,174.19 of pre-paid principal.

    My e-fund is also up to $14,312 which is almost half of my goal. Woohoo! Making progress. :)
     
  9. cdub

    cdub Club Founder Staff Member

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    Still chugging away. Taxes got the best of me and took a big chunk out of my e-fund. :( But that's being built again and I'm still sending the extra 125.63 to the mortgage. :)
     
  10. cdub

    cdub Club Founder Staff Member

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    Plopped another payment of 125.63. Saved around $3,500 to e-fund. :)
     
    San Jose 5 Year Guy likes this.
  11. cdub

    cdub Club Founder Staff Member

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    Threw another $325.63 into the pot. I've decided to start increasing the extra amount paid by $100 each month. Boiling frog. :)
     
  12. cdub

    cdub Club Founder Staff Member

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    Threw in $425.63 extra. The trend continues! :)
     
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  13. cdub

    cdub Club Founder Staff Member

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    Mortgage Debt:
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    Threw in $525.63 this month for a total payment of $1900. :) I think once the payment gets around 725.63 extra it's like doing a 15 year? I don't know. I'll have to do the math again.
     

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