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Mortgage Payoff Plan Update: Jul-Dec 2020 (Plus, 2021 Goals)

January 12, 2021 By Thinking of Someday 4 Comments

Hello! Hello! Is anyone out there?! Lol. The last time we did a mortgage payoff plan blog post update was back in quarter 2. And yet, here we are in January of 2021. We have a lot of catching up to do, so let’s get started.

Instead of doing a quarter three blog post, quarter four blog post, and a 2021 mortgage payoff goals blog post, we’re just going to discuss everything in this post. So buckle your seat belt and get ready for this ride!

Quarter 3: Jul – Sep 2020

The Numbers 

We started off quarter three with a mortgage balance of $83,210.78. We were still chugging along in this quarter. Our progress was slower because we still weren’t putting any of the RSUs towards the mortgage. But as usual, some progress was better than no progress. We continued to stick with our 70/30 plan and were able to meet the following numbers for the third quarter of 2020 (Jul – Sep):

** note: Principal refers to the regular part of our payment that goes towards the mortgage principal. Additional refers to any extra money from our budget unless otherwise stated.

July

  • Principal = 932.13
  • Additional = 661.41
  • Total: 1593.54

August

  • Principal = 935.80
  • Additional = 681.44
  • Total: 1617.24

September

  • Principal = 939.89
  • Additional = 266.07
  • Total: 1205.96

At the beginning of 2020, our principal balance was $99,507.37.  At the end of the third quarter, our principal balance was $78,794.04. We paid off $4,416.74 in this quarter.

Our goal for the year was to pay off $37,000 of our mortgage principal. After this quarter we were at 51% of our goal!!

Our Visual

Not only did the third quarter bring us to reaching 51% of our goal, it also brought us a new mortgage payoff chart. This was due in part to the fact that I (Kim) wanted something that we would be able to frame. I mean, paying off the mortgage is a pretty big deal and I wanted a pretty picture. Lol. Since we had started literally blacking out the other chart, that wasn’t really going to work in a frame for me personally because it would’ve just been a black rectangle. So I made us a new one, brick by brick! Haha. 

View this post on Instagram

A post shared by Kim + Omar | thinkingofsomeday (@thinkingofsomeday)

Quarter 4: Oct – Dec 2020

The Numbers 

Quarter four. Quarter four. Let us just cut to the chase. Quarter four was awesome for us! This was largely due in part to the RSUs. See, we had stopped cashing them out for awhile, but then when the price was right again, we started cashing them out again. However, we weren’t comfortable with putting the money towards the mortgage. That was until October came around, and we were both like, “It’s time.” We also cashed out some in November and had a 3-paycheck month in December. So without further adieu, here are the numbers for quarter four of 2020 (Oct – Dec):

** note: Principal refers to the regular part of our payment that goes towards the mortgage principal. Additional refers to any extra money from our budget unless otherwise stated.

October

  • Principal = 978.65
  • Additional = 1218.04
  • RSUs = 15,139.98
  • Total: 17,336.67

November

  • Principal = 986.26
  • Additional = 416.04
  • RSUs = 2032.96
  • Total: 3435.26

December

  • Principal = 995.13
  • Additional = 2519.61
  • Total: 3514.74

In the fourth quarter, we paid off $24,286.67! At this point, you’ve probably already figured out that we met our goal of $37k for the year, which we definitely did. However, when we originally made our goal, it was two-fold. First, we hoped to reach $37k. If so, then we hoped to reach $45k. And $45k is exactly what we reached!! We met our stretch goal! 

Our Visual

For quarter four, we were able to color in on our new tracker all 3 months. Over the 3 months, we were able to color in a total of 20 rectangles! And this put our mortgage balance for the end of 2020 at $54,507.37.

View this post on Instagram

A post shared by Kim + Omar | thinkingofsomeday (@thinkingofsomeday)

2021 Mortgage Payoff Goals

Hopefully, you’re still here now that you’ve read through all of what happened in quarters three and four. If so, we’ll get straight to the point of what our goal is for 2021.

Our goal for 2021 is to pay off our mortgage! 

Yes, you read that correctly. We are aiming to pay off $54,507.37 in 2021. That’s $9,507.37 more than we paid off in 2020. However, we’re going to find that money, and we’re going to make it happen!

Final Thoughts

There was a time when we weren’t sure if we would even meet our mortgage payoff goal for 2020. However, the year wrapped up nicely for us, and we’re so happy that it did. We don’t take any of it for granted, especially considering all that went on in 2020.

 In regards to our mortgage payoff goal for 2021, we’re excited to knock this goal out of the park! Stay tuned!

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Related

Filed Under: Personal + Finance Tagged With: debt freedom, mortgage, mortgage free journey

See what’s happening on Instagram…

thinkingofsomeday

#tbt To last Thursday (1/7/2021) when we became mo #tbt To last Thursday (1/7/2021) when we became mortgage free!! Yes, you read that correctly! We are 100% debt free! Like debt free, debt free. 🤣
⠀⠀⠀⠀⠀⠀⠀⠀⠀
To be honest, it’s been a week and it still doesn’t feel real to us yet. But it was real watching that money disappear from our account and no longer seeing our mortgage balance when we signed into our credit union account. We must say, our credit union works pretty fast! Lol.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
We didn’t even get around to sharing our mortgage payoff goal for the year with one of the little cute pictures explaining how we were going to do it. But here’s a quick recap of the numbers that we were working with...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
• mortgage principal: $54,507.37
• mortgage interest: $35.84
• reconveyance fee: $69.00
• paying off our mortgage... definitely not priceless, but oh so worth it!! 😂🙌🏽
⠀⠀⠀⠀⠀⠀⠀⠀⠀
We’ll share more in depth details soon because you’re probably wondering how we came up with that amount of money 7 days into January. It definitely wasn’t from hitting the lottery! Lol. But until then, just know that...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
WE’RE MORTGAGE FREE!!! #piecesofsomeday
So we took some Christmas / family pictures back i So we took some Christmas / family pictures back in 2020 (as if that was so long ago), but I never got to share them. 😩 So here’s one. I actually like the fact that it’s in front of our house. #piecesofsomeday
⠀⠀⠀⠀⠀⠀⠀⠀⠀
And I also wanted to add that we finally did another blog post after quite some time. Maybe we’re the world’s worst bloggers. 🤷🏽‍♀️🤷🏽‍♂️ But if you’re interested, we’re sharing a recap of quarter 3 and quarter 4 from our mortgage payoff journey. We’re also sharing what our mortgage payoff goal is for 2021. We’re a bit excited about it! You can check it out at the link in our bio.
2020. This has been a year that I’m sure none of 2020. This has been a year that I’m sure none of us will ever forget. While this year has been ok for us for the most part, there are many people that it’s been a really really tough year for. Whether it’s been financially, emotionally, health wise, etc. etc. etc. So here’s to hoping that next year will be much much better, for everyone, but especially for those who had a tough time this year. ✨♥️
We started 2020 off with owning 43% of our house a We started 2020 off with owning 43% of our house and we now own 69% of it. We had paid off 39% of the mortgage loan and we’re finishing the year out at having 66% of it paid off. (These 2 numbers are not the same for us because of our 5% down payment as well as when we refinanced to a 15-year mortgage.) It’s been really exciting to see these numbers increase this year.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(Annnnnd this concludes our December numbers. I can’t believe I managed to share them all before the end of the year!! 😂)
Q4 was our best quarter by far, mostly due to the Q4 was our best quarter by far, mostly due to the RSUs that we were able to use. However, even if we hadn’t been able to use them, Q4 would have still wrapped up nicely thanks to us still being able to stick to our 70/30 plan.
For December we were able to color in 4 rectangles For December we were able to color in 4 rectangles. This puts our mortgage balance for the end of 2020 at $54,507.37.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
• 132 rectangles total
• 88 rectangles colored in
• 44 rectangles to go!!
The total of our mortgage principal payments for D The total of our mortgage principal payments for December was $3514.74.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
$995.13 came from our regular payment and $2519.61 came from our budget.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This put us at meeting our second stretch goal of putting a total of $45,000 towards our mortgage principal for the year! Yes, we did a little magic with our budget in order to get it at exactly $45k, but I’m sure that’s what we all do in when we’re trying to hit a certain number!! Haha.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
We’re soooo happy that we were able to meet this goal because we really weren’t sure if it was going to be possible or not!
Am I right? Or am I right? Throughout parts of thi Am I right? Or am I right? Throughout parts of this year it seemed like the days, weeks, months were going soooo slow. And then all of a sudden summer was over and school was starting. Then it went drastically slower again, but yet here we are with only a couple of days left in this year.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
And as usual, time has gotten away from me when it comes to sharing our mortgage payoff numbers. So starting later today and over the next couple of days, I’ll be sharing our December numbers in the hopes of getting them all in before January 1st! 😆 We’ve enjoyed seeing everyone else’s numbers though!
Merry Christmas!! #christmas2020 #piecesofsomeday Merry Christmas!! #christmas2020 #piecesofsomeday
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Comments

  1. miss p says

    January 13, 2021 at 1:14 pm

    Your diligent hard work is paying off. You guys are the best. Blessings always!

    Reply
    • Thinking of Someday says

      January 14, 2021 at 8:56 am

      Thank you, Ms P!

      Reply
  2. Katrice says

    January 13, 2021 at 4:01 pm

    This is wonderful news guys! Congratulations on exceeding your payoff goals for 2020. The year 2020 has been a blessing and manifestation period for some us and a year of hardships for others. I am glad to hear that my faith for you guys exceeding your expectations came true. I am super proud of you both for your hard work, dedication and discipline. Also, I want to thank you both for continuing to pay it forward and helping guide others by showing them how you guys decided to work towards becoming debt free. Our payoff methods may differ from family to family and individual to individual. We are continuing to walk with you both in our goals of becoming debt free fully and one day our mortgage would be paid off as well. It feels great to only have our mortgage left to payoff. Debt free scream here we come.

    Reply
    • Thinking of Someday says

      January 14, 2021 at 8:57 am

      Thanks, Katrice! We’re happy to pay it forward and serve as inspiration to others that it’s definitely possible!

      Reply

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Hey! We’re Omar + Kim.

A married couple making someday a reality all while balancing family + finances + avoiding debt. Find out more about us, here.

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See what’s happening on Instagram

thinkingofsomeday

#tbt To last Thursday (1/7/2021) when we became mo #tbt To last Thursday (1/7/2021) when we became mortgage free!! Yes, you read that correctly! We are 100% debt free! Like debt free, debt free. 🤣
⠀⠀⠀⠀⠀⠀⠀⠀⠀
To be honest, it’s been a week and it still doesn’t feel real to us yet. But it was real watching that money disappear from our account and no longer seeing our mortgage balance when we signed into our credit union account. We must say, our credit union works pretty fast! Lol.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
We didn’t even get around to sharing our mortgage payoff goal for the year with one of the little cute pictures explaining how we were going to do it. But here’s a quick recap of the numbers that we were working with...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
• mortgage principal: $54,507.37
• mortgage interest: $35.84
• reconveyance fee: $69.00
• paying off our mortgage... definitely not priceless, but oh so worth it!! 😂🙌🏽
⠀⠀⠀⠀⠀⠀⠀⠀⠀
We’ll share more in depth details soon because you’re probably wondering how we came up with that amount of money 7 days into January. It definitely wasn’t from hitting the lottery! Lol. But until then, just know that...
⠀⠀⠀⠀⠀⠀⠀⠀⠀
WE’RE MORTGAGE FREE!!! #piecesofsomeday
So we took some Christmas / family pictures back i So we took some Christmas / family pictures back in 2020 (as if that was so long ago), but I never got to share them. 😩 So here’s one. I actually like the fact that it’s in front of our house. #piecesofsomeday
⠀⠀⠀⠀⠀⠀⠀⠀⠀
And I also wanted to add that we finally did another blog post after quite some time. Maybe we’re the world’s worst bloggers. 🤷🏽‍♀️🤷🏽‍♂️ But if you’re interested, we’re sharing a recap of quarter 3 and quarter 4 from our mortgage payoff journey. We’re also sharing what our mortgage payoff goal is for 2021. We’re a bit excited about it! You can check it out at the link in our bio.
2020. This has been a year that I’m sure none of 2020. This has been a year that I’m sure none of us will ever forget. While this year has been ok for us for the most part, there are many people that it’s been a really really tough year for. Whether it’s been financially, emotionally, health wise, etc. etc. etc. So here’s to hoping that next year will be much much better, for everyone, but especially for those who had a tough time this year. ✨♥️
We started 2020 off with owning 43% of our house a We started 2020 off with owning 43% of our house and we now own 69% of it. We had paid off 39% of the mortgage loan and we’re finishing the year out at having 66% of it paid off. (These 2 numbers are not the same for us because of our 5% down payment as well as when we refinanced to a 15-year mortgage.) It’s been really exciting to see these numbers increase this year.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(Annnnnd this concludes our December numbers. I can’t believe I managed to share them all before the end of the year!! 😂)
Q4 was our best quarter by far, mostly due to the Q4 was our best quarter by far, mostly due to the RSUs that we were able to use. However, even if we hadn’t been able to use them, Q4 would have still wrapped up nicely thanks to us still being able to stick to our 70/30 plan.
For December we were able to color in 4 rectangles For December we were able to color in 4 rectangles. This puts our mortgage balance for the end of 2020 at $54,507.37.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
• 132 rectangles total
• 88 rectangles colored in
• 44 rectangles to go!!
The total of our mortgage principal payments for D The total of our mortgage principal payments for December was $3514.74.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
$995.13 came from our regular payment and $2519.61 came from our budget.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This put us at meeting our second stretch goal of putting a total of $45,000 towards our mortgage principal for the year! Yes, we did a little magic with our budget in order to get it at exactly $45k, but I’m sure that’s what we all do in when we’re trying to hit a certain number!! Haha.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
We’re soooo happy that we were able to meet this goal because we really weren’t sure if it was going to be possible or not!
Am I right? Or am I right? Throughout parts of thi Am I right? Or am I right? Throughout parts of this year it seemed like the days, weeks, months were going soooo slow. And then all of a sudden summer was over and school was starting. Then it went drastically slower again, but yet here we are with only a couple of days left in this year.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
And as usual, time has gotten away from me when it comes to sharing our mortgage payoff numbers. So starting later today and over the next couple of days, I’ll be sharing our December numbers in the hopes of getting them all in before January 1st! 😆 We’ve enjoyed seeing everyone else’s numbers though!
Merry Christmas!! #christmas2020 #piecesofsomeday Merry Christmas!! #christmas2020 #piecesofsomeday
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