Mortgage Payoff Update | Home Mortgage Loan Amortization Schedule Example
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- Опубликовано: 16 июл 2024
- We aren’t attacking our mortgage yet as first time homeowners but we are paying it down with two super simple steps!
In this video I cover:
- our loan mortgage amortization schedule
- what we've paid on our mortgage in 3 years
#debtfreecommunity #homebuying #mortgage
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CONTACT ME:
Mary
P.O. Box 240981
Memphis, TN 38124
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Update: still not RUclips rich enough to pay off our mortgage. 🤣
Our House Price & Mortgage Details | Buying Our First Home ruclips.net/video/Cf5HU3Uh_Ag/видео.html
Happy House Anniversary! Love the bi-weekly payment plan. Great job on being so far ahead on the mortgage - Inspiring!
Thank you! :)
We look at our amortization schedule every month. It is exciting and I might say addictive!
Thank you for explaining this! I am not to the house buying stage yet but I've been looking around just because I want to know what the process and pricing is like in my area for when it does come time and I could not find something that explained this Amortization thingy. You explained this really well and now I feel I have a better grip. Thank you!
Edited to add: I wish Student Loans did something like this as well!
This is so helpful! I can't believe what a huge difference making biweekly makes! I'll be sure to do that when I buy a home!
It really does make a big difference with much strain to the budget at all! I 100% recommend it!
This was very informative. Love that you’re doing such helpful tutorials for us all! Thank you!
Sharon Tseung I love sharing my info if it will help other people!
Congrats on your 3 year anniversary. I've had my home for 2 years. Thanks for sharing this. My goal is to pay mine off early too!
Thank you! It’s not our number 1 priority right now but I know we will definitely pay it off in less than 30 years.
WOW! Y'all are rocking it! #goals
I can not wait til I'm able to make extra payments toward my mortgage. That compound interest is a beast - whether it's working for you or against you. CONGRATS! 🥳🎉
Debt Free Dee We are only making extra payments because of how we setup our payment schedule but I was wowed by how much ahead that has moved us! Seriously super easy and we have paid off way more!
@@PenniesNotPerfection yes its amazing, even with the rounding up, it makes substantial impact. Last week I was talking to my sister about the impact just $20 extra a month makes. It's all in the interest baby! Paying down that principal sooner gets you to your end goal way faster and with more money in your pocket 😉 can't wait
Yaaaayyyyy!!! Another mortgage payoff update! You guys are doing such a great job paying down your mortgage. It's keeping me motivated to pay off my mortgage. Thank you!
Thank you! It’s not a huge priority right now but it’s still to see progress even without focusing on it!
Love it! And yes, seeing it visually is so helpful! I'm making a video on my debts and using an amortization spreadsheet but after seeing this, I think I want to do a printout too just so I can see it in front of me without turning on my computer. Thanks for another great video!
Sounds good! Spreadsheets are awesome for visualizing future progress if you make extra payments tho!
Very nice video! 👍Paying a little extra on a mortgage helps. If paying an additional payment is not possible, then break down one payment over 12 months and pay that extra portion each month. Then over the course of a year, an extra payment is still made on the mortgage. Example - if a mortgage is $1200, paying $100 a month in addition to the principal, over a year an extra house payment is made over a year. It's not a lot but it adds up over time.
This gave me chills!! Congratulations! Its like you paid off two years in one year, once you continue you could pay off the mortgage in half the time!!!!
Yep! That’s the goal! Each little bit extra you pay early on makes a big difference.
WOW Mary. That must've been exciting seeing you're already over a year ahead. Very motivating to look at the numbers. Good for you. TFS.
Sandra from Scotland yes it really was! I knew the small changes we had implemented moved us forward in the schedule but I didn’t know how far until I made this video! It was very exciting.
Wow that's brill .. congrats on the jump on paying off that much already.. thank you for sharing xx
Thank you Kelly Ann!
Yes!!! You're killin it!!! Very great video Mary, Congrats on all your success!
Q Makes It Happen thanks Q!
@@PenniesNotPerfection no problem 😁
Cool ...we bought back so many years in the last 9 months...I love amortization schedules!!
A Decade To Freedom it’s crazy how much it speeds up!
We paid off our house faster by putting more towards our principal.
Centsible Living With Money Mom So smart! You’re one of my mortgage free inspirations.
Good info! Thanks for sharing 🌸
Thanks for watching!
Happy Home Anniversary! Thanks for showing how a bi-weekly mortgage payment affects the payoff.
Thanks! It really speeds things up!
Nice job! It’s so encouraging to see progress and that helps with motivation! We do this as well. 😀
Thanks! That's great!
Great job!! I’m Excited for you...
Thank you! It makes me wanna get done with the other loans to work on this mortgage!
Awesome Job!!!! I so wish I would have started my mortgage payoff journey earlier...like 8 whole years earlier...dang.
The Fun and Budget Act Totally understand wanting to start sooner! We will likely move for school systems in the next few years so I never am sure about paying this mortgage off too fast but it’s nice to see it dropping.
Loved your video. I am meal planning and tight budgeting to pay off as much as I can off our mortgage. I need one of those charts !
Thank you! After our trip in the beginning of August we are about to get real tight on meal planning too!
I found this really interesting to watch. I am in Australia and we are coming up to our 1 year anniversary for our house.Our bank gave us the option of monthly, fortnightly or weekly repayments, we chose weekly, our mortgage comes down each week and then at the end of the month we have the interest charged onto our mortgage and it goes back up a bit. Having the more frequent repayments make the interest that little bit less each month.
That’s great, I actually would love weekly payments! In the USA it’s usually monthly or biweekly only. Weekly payments sound great.
I loooooooove seeing how much time you get back when you print the amortization schedules and make extra payments!! 👏🏻👏🏻👏🏻🔥🔥🔥🔥🔥
I like the “rounding off”. Wells Fargo does not allow biweekly payment. Good job, keep up the good work.
Yes they do? We just switched to Wells Fargo when they bought our new loan and we had the option of biweekly or even weekly payments.
Thank you for the video, it was very helpful.
Glad to hear that!
This is a tedious one 😬 mortgages usually take foreverrrr
Don’t they ever! We will be paying on this for a while!
@@PenniesNotPerfection *So proud & impressive that you've made it this far!* 👏👏💌Every video is like class for us newbies 😊 We pay in watching Ads lol 😄 but the info is priceless.
*Thank you Merry!* ❤
Great job on moving your mortgage along.
Yes, 15 months is a whole year and a quarter lol. Good job, I'm jelly ;) I'm not even one month ahead of schedule and I borrowed almost the same amount in Euro. Your video makes me want to attack my mortgage.
Nice breakdown! The RUclips money will be increasing to help I’m sure of it!!
For sure! My friends daughter called me “youtube rich” when she found my channel like she thought I made so much money, so I joke with my coworker every day when I show up that “I’m still not RUclips rich”. Hahaha.
Way to go!!! 🏠👍🏼
I created a spreadsheet for myself with this information so that I could see how much interest and time I can save by making extra payments. It's quite simple to set up and its so fun to see how much the extra payments do in the long run. The year you took off here could actually work out to more than a year if your spreadsheet adjusts the numbers for you over the entire course of the loan.
Yessss I’m going to do a video showing this kind of spreadsheet and the websites that do it for you as well. It’s pretty exciting to see how small amounts added onto the payments can knock off big chunks of time!
If you pay the amount of the next months principal and your normal full payment... it's like you paid 2 payments! So exciting!
Nice
Awesome video! I see why you have so much subscribers!! Keep in touch.
Thank you!
This is really exciting, you've accelerated more than a year in 3, if it carried on at that rate, you'd take 10 YEARS off your mortgage - and as you say not even by doing anything too restrictive. I hope you're still making videos when this is paid off :)
Update? I love seeing others like myself motivated trying to pay the mortgage off.
I can’t wait to be consumer debt free so I can purchase a home! 💜💜💜
if you changed your payment from monthly to biweekly you actually trim the mortgage by approximately 3yrs if you do accelerated bi-weekly (26 pays) you make 2 additional payments per year
We already do biweekly.
Add up how much interest you save each month!!! It's mind blowing!
It really is mind blowing! I’m so happy that our little tweaks are saving us so much money in the long run!
Mary, Such an inspirational video! Great job! How do I get an amitorizational schedule for my car loan? If I understand you, you split your monthly house payment in two, rounding up, and pay half payments every other week? I want to do that with my car. Thanks! Viki
You can ask your loan company or use your loan info to make one! This site can make one for you to print for free. calculator.me/vehicle/amortization.php
A Merry Life, On A Budget
Thank you for this information!
I know this video is a couple of weeks old, so don't know if you will see this comment, but if I were yolu I would make an amortization table in excel (or something similar) you find a lot of videos on how to do it in excel
Then you can learn much more about how your mortgage work as is, or if you change they years you want to pay it down in.
After I did this and payd down some extras I had saved up I changed my downpaypent period from 19 year 9 months to 10 years, And I pay just 100 dollars extra a month. and I plan to have paid it down in 6 years, I just need the freedom in my budget.
I see and respond to all comments! We’ve done this actually, I should share a video on it! It’s so awesome to see YEARS of debt payments just disappear! Congrats on your changes!’
@@PenniesNotPerfection ok. I don't often write comments so did not know how much video'ers saw or looked at them. Yes it is such an eyeopener. and get me to even put more into my mortgage cause I want to see it disapear even faster. Love the content you share.
Ahhhh!!! I love this!! When you finish the student loan debt journey we could watch your mortgage journey (unless you invest with you new spare cash)
What will you do with the free cash when you're student loan free?✨✨✨
I paid of my mortgage. It's sooooooo good not having payments ❤️
Yes that’s our plan vaguely. When the student loans are gone we want to invest more and pay off the mortgage.
Congrats on paying yours off! I have several people around me in real life with no mortgage and they love it.
@@PenniesNotPerfection oh it's really great! Right now we're on one income with a four month old. We would be really struggling if we were paying a mortgage!
But my husband wants to build a family home so next year we'll go from debt free to 460,000 mortgage. (That's a small mortgage in my country 😬) but still feels huge!!!!!
We'll rent out this house and it'll help pay the big mortgage
@@janebaker4912 Sounds like you guys have a good plan! Give that baby some snuggles! :)
Our lender doesn't allow more than one payment per month. I do round up though so we are 8 months ahead. I remember how happy I was to finally pay less than $600 in interest. We still have a long way to go though!
I've heard some are like that. I was thrilled that our company allowed biweekly payments. I made sure the mortgage we signed had no prepayment penalties too so we could make extra payments as desired. Not in a rush but I know I don't want to pay for 30 years.
Would you do a video on how easy it was to get a mortgage loan and what it was like knowing you got approved and would you recommend going through a bank or otherwise and why?
Yes I will! Great questions!
It is neat to look at amortization schedules! But just as an fyi - the reason why you pay more in interest at the beginning isn't so the bank "gets their money upfront." It is because that is how much interest you actually owe at that time. If you take your interest rate divided by 12 and multiply it by the mortgage balance, you will get the $ of interest you owe for the month. When you make the mortgage payment, you have to satisfy the interest due first. As you get farther into the loan, the balance is lower, therefore you owe less interest. I hope that make sense. Keep up the hard work!
True but loans are setup so that the lender gets their interest first which was what I was trying to convey, but probably simplified it to far. Filming at midnight isn’t always the best choice lol! I try to make complicated stuff simple but sometimes the translation may not work. Thanks for sharing more details!
@@PenniesNotPerfection gotcha! Also, you can set up your own amortization thru Excel and input how much of an extra payment you make/plan to make and it will show you how many years it will take at the current rate. It is definitely motivating to see the years fall off!
For sure! I’ve used one for free online but maybe I’ll get my husband to make us one in Excel. He loves some Excel lol.
@@PenniesNotPerfection it's a free template! All you have to do is type in your original loan info!
@@lynnplans7737 Oh cool, even better! Clearly I never use Excel except for at work, hahah.
Why are you paying pmi? When does it go away?
Because we didn’t have 20% down payment when we bought. You can see details in previous video.
Can we get another mortgage update in January 2020?
Yes!
You might have to remind me tho 🤣
U should do next month payment in a different highlighter and than in a year highlight how Much u paid off and than a different color after than like that u see how much u have paid every year and how far u are
That’s a cool idea!
I love watching ur videos.... Ur one of only handful youtubers that I will watch all the commercials u have to help u out
That is so sweet, thank you! ❤️ You are definitely helping!
You will be doing a happy dance once that PMI goes away.
For sure! $100 a month going to nothing is a bummer, but it did get us into our house sooner and with a good interest rate.