Mortgage Payoff Club

Pay off your mortgage and burn your mortgage statement.

Latest comments

  • Why Payoff Your Mortgage?
    It seems if your mortgage is paid off and you have a comfortable emergency fund you should be able to weather a pretty rough economic storm...
  • Why Payoff Your Mortgage?
    i was pretty fortunate to be employed during the last recession. I have a nagging fear that one day i may not be so lucky. Being debt free 100% is...

User Blog List

  • The Mortgage Payoff Club
    Welcome to the Mortgage Payoff Club! We're weird about paying off our...
    • cdub
    • Updated:
  • Thoughts and Musings
    The content is worth exactly what you paid for it...
    • MTorrez
    • Updated:
One year along and not as far as I would have liked due to Murphy arriving as my wife's job went away in June and hasn't been able to find a good new one yet. But 2022 is looking good. :) Once our Emergency Fund gets back up to $20 to $25k (at ~$14k now) we'll start hammering at it again. :) That blue line was doing a good job going down steep until we had to stop extra payments temporarily. Month Principal Interest Regular Payment Extra Principal 1/1/2021 $679.23 $695.14 $1,374.37...
I thought it'd nice to do an annual status report grading my progress paying off the mortgage. Above is a graph comparing my current progress in paying off the mortgage vs what my mortgage balance would be without paying extra. But first.... some stats: Original Balance: $288,225.00 Interest Rate: 3.99% Total Interest Paid without Extra Payments: $206,547.64 Original Payoff Date: 7/1/2042 2042 is way too long to wait. I started 2020 with a balance of $230,352.80 and my current...
When I first joined the Mortgage Payoff Club I was starting my 4th consecutive year of additional principal payments, 26 months later and I was done. It was, and still is, exciting to see Club Members progress thru the Leader Board to the paid off section at the top, and that had been my goal for a couple years. Now that I reached it I reflect on how my life has changed having reached this milestone, and where my life is going from here. After having paid off our mortgage it was a relief...
I'm a huge YNAB fan. Luckily it's quite easy to accurately track your mortgage in YNAB. What I like to do is to create a "Tracking" off-budget account for the mortgage. Simply click the "Add Account" in the bottom left and choose Unlinked (you can link later). Account type will be liability. Nickname is up to you and then enter the current balance. Then, whenever I make a mortgage payment I just transfer money in YNAB to that account and assign the transaction my "Mortgage" category. But...
Want an easy way to calculate how fast you can pay off your mortgage with extra payments? There are a lot of Mortgage Payoff Calculators out there but I decided to learn something new and create one myself using Google Sheets. After all it's just math? Can't be that hard... right? Right? It took about an hour and some trial and error but in the end I created something great that will calculate how much quicker I can pay the loan off with extra payments and it also compares it to if I don't...
Inspired by Dave Ramsey's "Total Money Makeover" and the blog Budgets are Sexy, I decided to create this club to help find like minded individuals who can join me on this journey towards a mortgage free life. Just like how one does better at working out with a partner (or partners), working on paying down our debt together will help us keep at it so we can reach our goal. Being a freelancer with an unsteady income, the idea of having no payments whatsoever is extremely alluring. We’ve...
Why payoff your mortgage? Freedom. I haven't had a car payment in 6 years and I REALLY love that feeling. Imaging that feeling but having a paid off house. That'd be bliss. Why payoff your mortgage? Less stress. I'm freelance and the sole earner for my family of five. I've been blessed with working relatively constantly but that isn't guaranteed. Having a paid of mortgage would give me peace of mind and significantly reduce the worry that I have during the dry spells. Why payoff your...
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