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Mortgage Payoff Challenge

January 27th, 2009 at 09:42 pm

Let's try this. Every time any of you make a pre-payment against the princpal of your mortgage, drop a line. My personal goal is to pre-pay $6000.00 this year.

Now, some of you may find this a lofty goal. I do too. My wife really does. Especially since the money is to come from unconventional savings, sold items, extra work of any sort or even pop can returns.

I will keep you posted and welcome any well wishes, prayers and cheers.

Posted in Mortgage Payoff Challenge | 19 Comments »

19 Responses to “Mortgage Payoff Challenge”

  1. gamecock43 Says:
    January 27th, 2009 at 09:44 pm 1233092645
    1233092645

    i will join this challenge! I cant do $6000...but I'll commit to paying extra every month! I dont actually have a mortgage yet- but will have one within a week or so.

  2. mooshocker Says:
    January 27th, 2009 at 09:51 pm 1233093094
    1233093094

    Great. Welcome to the challenge. Tell you what (and you have to remind me), to the person who pre-pays the most as of 12/31/09, I will personally order a large pizza and have it delievered to their home.

    Just a little incentive. I will keep track of the participants in my handy dandy notebook. Good luck and God bless.

  3. PauletteGoddard Says:
    January 27th, 2009 at 10:00 pm 1233093656
    1233093656

    My goal (made before I saw this, before the new year even) was to prepay enough to pull the amortization end date to November 2022.

    Here's my dropped line: $199 in principal made as extra payment to February 2009 mortgage.

  4. NJDebbie Says:
    January 27th, 2009 at 10:03 pm 1233093784
    1233093784

    I'll join you too. My goal $2000.00 for 2009.

  5. creditcardfree Says:
    January 27th, 2009 at 10:09 pm 1233094182
    1233094182

    Does my home equity loan count? I used it to purchase our house. I've paid an extra $1009.34 towards it so far. If it doesn't count...then I'm out.

  6. mom-sense Says:
    January 27th, 2009 at 10:11 pm 1233094301
    1233094301

    I paid $500 in January. I'd like to keep whacking away at it, but given DHs uncertain employment stability I will probably not do that much monthly.

  7. whitestripe Says:
    January 27th, 2009 at 10:12 pm 1233094362
    1233094362

    I will join your challenge! Once our house buying is finalised, I mean. I will set our goal at $5000.

  8. whitestripe Says:
    January 27th, 2009 at 10:13 pm 1233094419
    1233094419

    oh, and you don't have to worry about the pizza delivery for us! (i imagine it would be quite costly delivering over the ocean...)

  9. mooshocker Says:
    January 27th, 2009 at 10:41 pm 1233096063
    1233096063

    Thanks whitestripe. But maybe a congratulations card via the mail..lol.

    In any event. Thanks for the participation. Thus far I have Mooshocker (me); Gamecock43; PauletteGoddard; NJDebbie; Mom-sense; Whitestripe and of course, CreditCardFree.

    I think this will be a motivational game that we will all gain reward from. God bless.

  10. monkeymama Says:
    January 27th, 2009 at 10:45 pm 1233096316
    1233096316

    Good Luck!

    My goal for this year is ZERO! Wink (Goal to prepay in a few years once inflation takes a bite out of payment AND/or when spouse is working again).

    I will enjoy watching though!

    BTW, wouldn't be anywhere near where we are today if we hadn't paid as much as we did before kids too.

  11. mom-sense Says:
    January 27th, 2009 at 10:51 pm 1233096676
    1233096676


    Moo - I hope to pay an additional $3,500 total for 09.

  12. creditcardfree Says:
    January 27th, 2009 at 11:07 pm 1233097636
    1233097636

    Oh, goody thanks for letting me play. My goal is a total of $7000 or more for 2009. Be prepared...it may be close to $12K! Good luck everyone!

  13. mooshocker Says:
    January 27th, 2009 at 11:29 pm 1233098942
    1233098942

    Hey Gamecock and Paulette: Please give me a "goal" so I can keep track. Thanks.

  14. gamecock43 Says:
    January 28th, 2009 at 12:01 am 1233100917
    1233100917

    Well, BB and I are both unemployed right now- so in December I set a pretty low goal of $50 a month extra=$600...hardly worth having a pizza delivered to my door when there are so many big goals out there. I'm sticking to my $50 a month extra...I don't like not making goals!

  15. disneysteve Says:
    January 28th, 2009 at 12:42 am 1233103365
    1233103365

    This is already part of my plan for this year, so I guess I'm in. I started with our February payment paying an extra $100/month. I'm using part of the money that was going to our home equity loan which I paid off in December (and that was prepaid early).

  16. PauletteGoddard Says:
    January 28th, 2009 at 12:48 am 1233103687
    1233103687

    Please give me a "goal" so I can keep track. Thanks.
    $712.71 in extra principal to the mortgage, then.

  17. campfrugal Says:
    January 28th, 2009 at 12:57 am 1233104234
    1233104234

    I wish I could join you, but my goal is to have my debt tackled by the end of 2009, a savings of $7000, and some paid for vacations with my kids before they leave the house. I am tackling my mortgage starting in 2010. But, I am watching all of you in this Challenge. Good Luck.

  18. Amber Says:
    January 28th, 2009 at 02:49 am 1233110940
    1233110940

    Darn!! pizza is my favorite...I don't have a mortgage but would be more than happy to join in with the principal on my car (I am striving for $1000)Smile

  19. mooshocker Says:
    January 28th, 2009 at 02:59 am 1233111576
    1233111576

    Sorry Amber. However, when you do get a mortgage, you are in. In any event, tell you what, if you meet your auto goal, I throw a pizza your way too. Don't let me forget though. God bless.

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