Sangl Home Pay-Off Spectacular – November 2007

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Every month there will be an update of Joe & Jenn's Home Pay-Off Spectacular!  The second monthly update is TODAY!

I have had ENOUGH of the stupid house payments!

While I could pull money out of my investments and pay off the mortgage, the penalties are too great (vast majority of investments are in tax-advantaged retirement accounts).

So Jenn and I have shook hands and made an agreement that the house payments will be gone within four years.  You guys will all get to watch the mortgage leave by watching the "Sangl Family Home Pay-Off Spectacular" turn green!

With that, here is the update!

Total Squares:  2,426

Paid-For Squares:  658  674

Squares Remaining:  1,768 1754

% of House Owned By The Sangl's:  27.8%

% of House Owned By Wells Fargo:  72.2%

Here is the fact that is making me hate the house mortgage this particular month.  We sent in MORE than TWO monthly payments this month.  That is a LOT of money!!!  BUT, it only paid off 0.6% of the stupid mortgage.  ARGH!!!!  I HATE house payments!  Maybe next month, I will send in 50 house payments …  Anybody want to donate to the Joe & Jenn Mortgage Early Pay-Off Charity?

By the way, 50 house payments would only pay off 15% of the stupid mortgage.  Proverbs 22:7 sure rings true!  I am so OVER house payments!

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19 Comments

  1. Saving Freak on November 1, 2007 at 2:42 am

    My wife and I are putting an extra six hundred on the house this month. I get a better return on that money than a bond fund since I am no longer getting charged the 6% interest and the house goes up in value. That should be around 8.5% year over year on money put into buying my house.



  2. schmuck on November 1, 2007 at 7:14 am

    Hey Joe,
    We have had our house paid off for about 3 years. Its great, we rolled that house payment over into a ROTH IRA
    and a college fund.Just this month alone ( I’m the non-working wife ) I have made over $1,000.00 in INTEREST.
    Just think of what you could do without a house payment.



  3. Saving Freak on November 1, 2007 at 8:44 am

    I know envy is a sin but I just can’t help it with the last comment.



  4. Frank on November 11, 2007 at 6:28 am

    Wow! That’s a really creative way to track your house payments. I like it. I feel your pain, but I’m still working on paying off consumer debt before I can even get serious about killing off my mortgage.

    Cheers



  5. Reiki Master! on November 12, 2007 at 7:49 am

    Interesting to see that so many people believe that paying off a mortgage is a good financial decision.

    I’m not arguing against it, because it is in some people’s plan of not having any debt. Just don’t pretend that it makes more financial sense than other decisions… 🙂



  6. Anne on November 12, 2007 at 8:46 am

    @Saving Freak – if your house appreciates (or depreciates!), it does so whether you’ve paid down your mortgage or not.



  7. Robert on November 12, 2007 at 10:04 am

    The problem is you’re sending in payments and not extra principle. You only want to send in 1 payment and any extra you want to go to principle. If you don’t specify that with the mortgage company, they’re getting over. Make sure you only pay interest for that month and any extra goes to principle.



  8. Robert on November 12, 2007 at 10:13 am

    Just to solidify my point:

    My mortgage payments total to 967.61

    If I send in 50 times that: 48380.50

    I’d only be paying the interest for that month (right now that’s about 750 dollars) and the rest of that payment would go to principle: $47,630.50

    I only owe about 128,800 on the house so sending in 50 payments worth of money would reduce what I owe by about 36%. How are you only coming up with 15%?



  9. Rothnovice on November 12, 2007 at 5:45 pm

    err….robert….could it be that his mortgage is much more than yours? 🙂



  10. Naveen on November 12, 2007 at 8:24 pm

    Rothnovice, 50 payments is 50 payments, regardless of their size. The only difference that it would make in the share of the house that it pays for, assuming a similar loan structure and interest rate, is whether he just took out the loan yesterday or he’s already been paying it down for 20 years.



  11. Matt Oaks on November 15, 2007 at 10:07 am

    Hey Joe,

    Want to pay off that house quicker and pay less interest, get an MMA with U1st Financial. Guaranteed to work.

    I can get you started



  12. Pinyo on November 17, 2007 at 9:57 am

    Good goal, but I am not sure why you are in such a hurry to pay off your mortgage unless your interest rate is approaching 8%. I think the money can be utilize better in 401k (especially with matching), Roth IRA, and 529 (if you are planning to have children).



  13. […] I Was Broke. Now I’m Not! presents Sangl Home Pay-Off Spectacular – November 2007, and says, “I am using a visual aid to help me understand the progress I am making toward paying off my house!” — A couple shares their quest to eliminate their mortgage debt. Nice graphic! […]



  14. Carnival of Debt Reduction on November 19, 2007 at 10:51 pm

    Welcome to Carnival of Debt Reduction #114

    Good evening! Looks like I’m pinch-hitting for DebtFREE-Revolution this week; she’s feeling really lousy and just got on to tell me that she can stay up for a couple of hours at a time before she collapses.  So you might want to drop by her blog an…



  15. Lisa on November 20, 2007 at 11:29 am

    I love the picture! It probably clicked with me because I, too, am living in a Wells Fargo-owned home and want to own it myself. Great blog, too!



  16. Barry Hughes on November 24, 2007 at 10:08 pm

    I also love the graphic. I won’t copy it but I think I might do something similar with all of my debt. I look forward to seeing your progress.



  17. […] priorities, part twoHow would you like to hold title? No Comments so far Leave a comment RSS feed for comments on this post. Leave a comment Line and paragraph breaks automatic, e-mail address never displayed, HTMLallowed. […]



  18. Tiffany on November 29, 2007 at 7:05 am

    Would you mind sharing with us how you were able to make this drawing with the appropriate number of squares? I’d love to do the same thing for my house, but I’m not sure how you made this work!
    Thanks!



  19. fathersez on November 30, 2007 at 2:18 am

    This is original.

    Visuals are a great way to motivate.

    Well done. I am sure, after this we shall see a car in squares, a student or a degree scroll in squares etc.

    You may have just started off a trend.

    I enjoyed your post.



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