Sangl Home Pay-Off Spectacular – January 2009

Every month there will be an update of Joe & Jenn’s Home Pay-Off Spectacular!

Here’s this month’s update!

Total Squares:  2,426

Paid-For Squares:  775  778

Squares Remaining:  1651 1648

% of House Owned By The Sangl’s:  31.9% 32.0%

% of House Owned By Wells Fargo:  68.1% 68.0%

Here is the updated “Sangl Home Pay-Off Spectacular” (Click on the picture to view the larger, cleaner version)

We are still in cash conservation mode because of some large upcoming expenses that we see headed our way.

We are refinancing our house, however, which will drop the interest rate from 6.125% to 5.000%.  We have the ability to refinance very cheaply so it makes it worthwhile for us to do this.  This one move improves our mortgage pay-off by 49 months (over four years!) just with this one simple change.

This one change will allow us to color in more than one additional square every month – even if we pay the minimum payment!  That is awesome!

How are you doing on YOUR house payoff spectacular?  If you do not have one, you can get one here => Pay Off Spectacular – House.

Read previous Sangl Home Pay-Off Spectacular Updates


  1. Jeff on January 1, 2009 at 4:25 am

    Are you going from a 30yr term to a 15year or something similar. That is amazing you are shaving 49 months off! What did you do to refinance “very cheaply.” I am interested saving money like you did, but you didn’t explain the process very well. Please update the post or leave me a comment.

  2. Lori on January 1, 2009 at 7:20 am


  3. Travis on January 1, 2009 at 8:46 pm


    I love your post, and it poses the same question that I had.

    Here is what is happening right now with my mortgage. Because of all the talk in the news about interest rates dropping, I looked online to see what my bank (a credit union) was quoting for my same mortgage and low and behold it was (and still is 4.75%). So I picked up the phone and called the mortgage department.

    I said something to the effect of “….I see that you are offering a 4.75% loan for my same mortgage. I would like to know if there is any way that I (as and existing customer) take advantage of the same. However, a 4k to 5k complete refinance with new surveys, appraisals, ect…. would make it just not worth it. Is there anything else that can be done?

    To Which she replied… Sure we can do a load modification.

    The long and short of it is this…… For $1500 they modified the mortgage. We had to supply 30 days pay stubs and past two years w2. The cost was to cover new title insurance, flood search (we are in Florida), attorney fees, and underwriting. (no new survey or appraisal) What we get is a reduction from 6.25% to 4.75% in rate.

    Here is the point—- I was afraid that the answer would be “What? You’re not behind on the mortgage. NOT A CHANCE!!” Instead, I picked up the phone and JUST ASKED!

    Note: I have told two other close friends, and they called their mortgage companies but were told there was nothing the bank could do because they were not behind. (both of them were with big banks, but I would still call them)

    Hope this helps provide some “food for thought!”
    Good Luck,

  4. Jeff on January 2, 2009 at 7:47 am

    Thanks Travis! I’ll give that a shot.

  5. Travis on January 10, 2009 at 7:38 am

    Update!!! We closed on our mortgage modification yesterday…. All said and done, 4.375% for 15 year fixed. We are pumped up!!

    We had same terms at 6.25%… So this means that (due to the reduction of interest rate) we can make the same payment we are use to AND each month more money will be applied to principal an to interest!!

    I leaned from the book “the millionaire next door” that one of the things ordinary people do that propel them (over time) to become millionaires is to be effective an seeing market opportunity.

    This is (what I think) is one of those times that we are able to utilize a bad situation in the economy to capitalize on “market opportunity”!

  6. Jeff on January 12, 2009 at 5:00 am

    Good Deal Jeff,
    I was denied, since I’m not behind on my payments.

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