Quest To Pay Off My 150K Mortgage in 3 Yrs!

chocolate_chick

hi when i took out my mortgage i was planning on doing the same paid my mortgage off in full in feb this year

oh boy what a feeling you get

ThankYouAndEnjoy!

Dithering_Dad wrote:

Excellent! Good to have you aboard!

I managed to reduce my total debt by 2.547% in the last 5 days; and both my girlfriend and I dont get paid until the 20th !! :j - Feeling good about the week just gone.

Next week should be even better - Im due to be a father in 8 days:D (Not sure what thats going to do for the budget .. lol)

Kinda thinking we need a 'club name' for the quest ahead - any suggestions?

Dithering_Dad

Wow, that's good going to reduce your debt so much - how did you manage that??

Our club could be called "Financially careful for three years and then richer than the avarice of man thereafter club". Hmnnn, may need work, It's not a very catchy title.

Congrats on the baby, pop into the "Wait to have a baby" thread on the DFW board for my thoughts on babies & finances!!

wisewoman

Dithering_Dad wrote: »

Wow, that's good going to reduce your debt so much - how did you manage that??

Our club could be called "Financially careful for three years and then richer than the avarice of man thereafter club". Hmnnn, may need work, It's not a very catchy title.

Congrats on the baby, pop into the "Wait to have a baby" thread on the DFW board for my thoughts on babies & finances!!

Thank you for this forum. I'm enjoying following it so much..."quest" suggests Arthurian knights to me, so I have started to imagine you all in armour, and sitting on plumed horses. BTW, today we officially finished our mortgage payments and now own our house outright...25 years however, but what a wonderful feeling.
Congratulations on the forthcoming birth of Mini-MSEr.

Dithering_Dad

That made me smile - ah, i can see too, there I am sat on my white charger, about to ride off into the sunset to do battle with the evil Mortgage Dragon.

Wow, I never thought of it before, but I'm practically heroic!

Just hope I can manage the quest - my contract end date is looming fast (end of May) and I don't have another job lined up yet ! :undecided


p.s. Congratulations on become truly debt free! It must be a great feeling!

wisewoman

Dithering_Dad wrote: »

That made me smile - ah, i can see too, there I am sat on my white charger, about to ride off into the sunset to do battle with the evil Mortgage Dragon.

Wow, I never thought of it before, but I'm practically heroic!

Just hope I can manage the quest - my contract end date is looming fast (end of May) and I don't have another job lined up yet ! :undecided


p.s. Congratulations on become truly debt free! It must be a great feeling!

I'm thinking "No pain, no Gawain"

TallGirl

Dear Dithering Dad
Just wanted to say well done for doing so well so far you have worked hard so take some credit for that. Even if you don’t do so well the next few months just remember 3 years is a long time and there will be ups and downs if you are self-employed.

I am also aiming to pay my mortgage off early and my aim is to do it before my 40th Birthday. That is 3 years and 4 months so perhaps could join in too?
My figures are as follows:
Mortgage £45500
Off-set £ 9600
We are currently paying £1000 a month so I think we should be due to finish it in about 4 ½ years so to pay it in 3 should not be too difficult. I know it is not as much as you are aiming to clear but I think it will be achievable for us.

I shall follow your thread with interest I have not got into the credit card stuff but is a great believer in MSE and as you can see from my signature I am doing a few things already.
Good Luck DD

ThankYouAndEnjoy!

TallGirl wrote:

I am also aiming to pay my mortgage off early and my aim is to do it before my 40th Birthday. That is 3 years and 4 months so perhaps could join in too?
My figures are as follows:
Mortgage £45500
Off-set £ 9600
We are currently paying £1000 a month so I think we should be due to finish it in about 4 ½ years so to pay it in 3 should not be too difficult. I know it is not as much as you are aiming to clear but I think it will be achievable for us.

Welcome TallGirl. Good going on the overpayments already.

Dithering_Dad wrote:

Our club could be called "Financially careful for three years and then richer than the avarice of man thereafter club". Hmnnn, may need work, It's not a very catchy title.

Our 'club name' seems to be changing by the minute. With TallGirl as the newest inductee; how about

THE THREE MORTGAGE-ATEERS?

Kinda nice to keep the club name fresh dont you think? - maybe change it every new inductee :question:

TallGirl

Ahh ThankYouAndEnjoy so pleased I can join your club. I like the name THE THREE MORTGAGE-ATEERS.

I think it is good to have a focus and 3 years seems a resonable time frame.

Dithering_Dad

Welcome to the club Tall Girl! (just how tall are you, we can't have a woman in the club taller than me, it injures my fragile male ego! ). It looks like you're definitely on track to be mortgage free in three (yrs). I see from your signature that you also have a weight challenge going. When I first decided to sort out my finances I also thought "Right Buster, lets sort out that flabby body while you're at it". I immediately fell to the floor, did three (ok, 2.5) pushups, then had to lie there for a while until my face stopped being this colour and I had recouped enough energy to drag myself back to the couch. I decided that I needed to concentrate all of my efforts on the financial challenge.... *cough*.

I totally agree with your observation that three years is a reasonable timeframe - can you imagine if we were at this for 10 years? It'd be a right slog! Our challenge is a sprint, not a marathon!

I'm waiting impatiently for tomorrow when my mortgage payment gets processed by the bank and I'll finally be able to get rid of those zero's on the repayment side of my signature!

Great to have you and TYAE aboard - it'll seem a lot less lonely as we toil over the next 36 months!