Decreased Our Mortgage Time by 11 Months Today!! YAY!!!!!
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  1. #1
    QM
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    Default Decreased Our Mortgage Time by 11 Months Today!! YAY!!!!!

    I'm SO happy, happy, happy! I applied a decent chunk of money to our mortgage this morning as a "pre-payment", and it's going to decrease our mortgage time by 11 months! WOOHOO! Once it posts, we'll have 7 years and 7 months left on our mortgage!
    If you will live like no one else, later you can live like no one else.


    Put ALL EXCUSES ASIDE and remember this:
    YOU ARE CAPABLE!


    2016 Lose-A-Pound-A-Week Challenge
    Started at 139.8 lbs on Monday, May 9th
    1st goal will be 135 lbs - reached 135.8 lbs goal on Fri, May 13th!
    2nd goal will be 133 lbs - reached 133.8 lbs on Fri, May 20th!
    Reached 132.6 lbs on June 1st!
    3rd goal will be 130 lbs - reached 130.8 lbs on Thurs, July 7th!
    4th goal will be 129 lbs
    5th goal will be 127 lbs
    6th goal will be 125 lbs

    Personal ~ as of March 12, 2016
    Pay off my Mortgage
    $36,303.13 (3 years, 1 months left)
    Pay off My Line of Credit ~ Van
    PAID OFF IN FULL!!
    Pay off my Line of Credit ~ General
    $26,058.14

    Winning at money is 80% behaviour and 20% head knowledge....Hey, if it were easy, every moron walking would be wealthy.
    ~Dave Ramsey

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    Registered User Lady_V's Avatar
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    Registered User Nadders11's Avatar
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    Amazing! Great job.

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    Registered User brenda67's Avatar
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    Awesome! Could you tell me how that works? If I were to make a extra payment a year would that knock off a year of our 30yr loan? Thanks
    Wife to Keith
    Mom of 3 boys

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    QM
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    Quote Originally Posted by brenda67 View Post
    Awesome! Could you tell me how that works? If I were to make a extra payment a year would that knock off a year of our 30yr loan? Thanks
    Not sure. I just went into the Amortization Calculator on our mortgage account online to figure how much it would decrease it by. We had a certain amount coming to us, so I applied 90% of the money to our mortgage. If you're unsure how much you're "allowed" to pre-pay per year before getting penalized, I strongly urge you to call your bank that deals with your mortgage to find out.
    If you will live like no one else, later you can live like no one else.


    Put ALL EXCUSES ASIDE and remember this:
    YOU ARE CAPABLE!


    2016 Lose-A-Pound-A-Week Challenge
    Started at 139.8 lbs on Monday, May 9th
    1st goal will be 135 lbs - reached 135.8 lbs goal on Fri, May 13th!
    2nd goal will be 133 lbs - reached 133.8 lbs on Fri, May 20th!
    Reached 132.6 lbs on June 1st!
    3rd goal will be 130 lbs - reached 130.8 lbs on Thurs, July 7th!
    4th goal will be 129 lbs
    5th goal will be 127 lbs
    6th goal will be 125 lbs

    Personal ~ as of March 12, 2016
    Pay off my Mortgage
    $36,303.13 (3 years, 1 months left)
    Pay off My Line of Credit ~ Van
    PAID OFF IN FULL!!
    Pay off my Line of Credit ~ General
    $26,058.14

    Winning at money is 80% behaviour and 20% head knowledge....Hey, if it were easy, every moron walking would be wealthy.
    ~Dave Ramsey

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    Registered User Rosebudget1's Avatar
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    Fantastic! Great job!

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    Registered User KimB's Avatar
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    Way to go!

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    That's fabulous WTG!!!!

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    Registered User pinetree's Avatar
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    Amazing!! Great job!!

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    Registered User Debbie-cat's Avatar
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    Congratulations!




  12. #11
    TDN
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    Good Job!!

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    Registered User RABBIT's Avatar
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    Great job QM! 11 months off of your mortgage is a huge savings to you! Be sure to check on your amortization sheet how much interest you saved, very inspiring.


    brenda67 - I would either go online or call up your bank and ask for an amortization sheet on your loan. A simple way to start paying off your loan is to look at what is going to the principle per month. If you can add this amount to your payment, you have just paid off two months of your loan or if you can only pay 1/2 or 1/3 of that, then you would be paying off an extra month every 2 or 3 months. You would also be saving the interest which is generally higher than your principle payment in the early stages of your loan.

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    Nice! Congrats

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    Quote Originally Posted by RABBIT View Post
    Great job QM! 11 months off of your mortgage is a huge savings to you! Be sure to check on your amortization sheet how much interest you saved, very inspiring.


    brenda67 - I would either go online or call up your bank and ask for an amortization sheet on your loan. A simple way to start paying off your loan is to look at what is going to the principle per month. If you can add this amount to your payment, you have just paid off two months of your loan or if you can only pay 1/2 or 1/3 of that, then you would be paying off an extra month every 2 or 3 months. You would also be saving the interest which is generally higher than your principle payment in the early stages of your loan.
    I have been trying to put any savings from my planned monthly budget toward the mortgage payoff. I think that if I could be more consistent with adding 1/2 or 1/3 extra each month, then I would really be making some better progress. I like that idea a lot as a place start a payoff plan....

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    Registered User MsMarieH's Avatar
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    Congratulations! What wonderful news to move that mortgage-free moment ahead so far!

    Quote Originally Posted by brenda67 View Post
    Awesome! Could you tell me how that works? If I were to make a extra payment a year would that knock off a year of our 30yr loan? Thanks
    I believe the statistic I read a while back was this: As a general rule of thumb, over a 30 year mortgage, if you sent one extra payment applied towards principal per year, every year, it would knock your mortgage down to 23 years.
    2018/2019 Pay Off the Windows Challenge: $31,057.34/$31,057.34 (Goal: Pay Off By 11/30/2019 - DONE! PAID IN FULL 11/15/19)

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