Mortgage balance now below 100K!!

[Hot dog]

I know but it is that need for security that makes me do it like that but actually it is a 7 year balloon. It has been 1 year and I have paid off 5,000. That is the other thing that makes me want to get rid of it first I was just wandering what your take on it was

[disneysteve]

Hot dog - My HEL is a fixed-rate, so no worries about rates/payments increasing. After the tax deduction, the rate is fairly low, so I felt I'd do better investing extra money. Once my accounts are fully funded each year, I then put extra money toward the loan. That way I do the savings and the early repayment.

[DayByDay]

Congratulations

[Broken Arrow]

Wow, congrats! Great rate too.

[Diolla]

Wow. Where do you live? What kind of house does 34K buy?

We have an older, pretty modest home that we bought 13 years ago and our downpayment was $28,400. Heck, our property taxes alone are $7,000/year. We wouldn't even have taken out a mortgage if houses were 34K.

Here (NE Kansas) $34,000 buys a 2 bedroom, 1 bath 860 sq ft 1925 bungalow that needs some work but is livable. I plan on putting about 20k into it in renovations to bring it up to the standard for the neighborhood. Most houses in my neighborhood are 1800 sq ft +/- and sell for 90-110k. Mine has been estimated at 80k after the renovations.

I was flat broke after my divorce so I saved 20% down and bought the crummiest house in the nicest neighborhood. COL is cheaper here but wages are lower too. I should have it all paid off by 2011.

[cptacek]

So, will you tell us when it hits $98,765.43?

I've been driving before on a 500+ mile trip and for more than an hour watched the odometer because my truck was coming up on 65,432.1 miles. It was actually disappointing once it hit because I had been anticipating it for so long.

[disneysteve]

I've been driving before on a 500+ mile trip and for more than an hour watched the odometer because my truck was coming up on 65,432.1 miles.

We went to Atlantic City a couple of months ago and on the way home, my car turned 100,000 miles. We actually pulled over on the shoulder and took a picture of the odometer to show our daughter. She wasn't with us and was upset when I told her it would turn 100K when she wasn't there.

[ginene]

That's great! I would love to see ours go below $200,000. We've only been in the house for a year and I dont see a change at all.

[Lindahfx]

Congrats.

How much was it when you started? How long did it take for you to get to where you are now?

[terri77]

We went to Atlantic City a couple of months ago and on the way home, my car turned 100,000 miles. We actually pulled over on the shoulder and took a picture of the odometer to show our daughter. She wasn't with us and was upset when I told her it would turn 100K when she wasn't there.

My car hit 100,000 miles the day I closed on my home last year. My mortgage was originally under $100k. I'm looking forward to having most of my payment go towards principal rather than interest.