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

January 12, 2021 By Thinking of Someday

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

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thinkingofsomeday

I quit my job at the end of April and it’s been I quit my job at the end of April and it’s been great so far.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Why did I quit?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
The TL; DR version is: It was a compromise between Omar and I when it came to having another baby. Some people might feel a way about this, but at the end of the day, our marriage  of 10 years and relationship of almost 20 years has survived off of lots of communication, compromise, and comprehension. This is how we have managed to do everything we’ve set out to do. And this phase of life is no different.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
If you want the full version of the story, you can check out my stories. 😉
⠀⠀⠀⠀⠀⠀⠀⠀⠀
#piecesofsomeday #thislifeafterdebt
Some of the pics and excitement from our gender re Some of the pics and excitement from our gender reveal. Needless to say, this was an exciting moment to share with our boys and parents. 💖
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(#piecesofsomeday #thislifeafterdebt #babynumber3 #partyof5 #budgetbuster)
It’s a… gender reveal!! 🖤💙💖🖤

⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(#piecesofsomeday #thislifeafterdebt #babynumber3 #partyof5 #budgetbuster)
🖤 🖤 + 🖤
⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(#piecesofsomeday #thislifeafterdebt #babynumber3 #partyof5 #budgetbuster 😆)
As of 1/8/2022, it’s been one year since we beca As of 1/8/2022, it’s been one year since we became mortgage free. What better way to celebrate than a date night in our paid off home?! 😏
⠀⠀⠀⠀⠀⠀⠀⠀⠀
So how does it feel?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Financially, we invested the most money we've ever invested. We also increased our lifestyle a bit as well to keep a healthy balance.
 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Kim’s Perspective: 
⠀⠀⠀⠀⠀⠀⠀⠀⠀
It’s been great. For the longest it felt surreal and unbelievable that we actually did it. I never really worried about paying off the mortgage because I knew that worst case scenario, it would be paid off in 15 years, which would’ve been when we were 45 (and that’s not a bad age at all). However, it’s been nice to know that it’s not something that Omar is stressing over anymore. And since it was one of his biggest dreams/goals, it’s nice knowing that I was able to support him 100% of the way in making this happen for us and our family. I’m glad this is something he wanted to pursue and that I was actually on board with it. What I’ve enjoyed most about it is being able to spend more money (of course 😆) because a lot of things were put on hold while we focused on the payoff. So now I feel like I’m at that point where I can make our house more of a home for us. It literally feels like we’re in a new space (mentally and physically) and we’re loving it.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Omar’s Perspective:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This past year has probably been the best year I've had in life. I've been the least stressed I've ever been, but took on the most responsibility at work I've ever taken on which lead to a promotion and an increase in income. This boggles my mind as more responsibility at work usually means more stress. I feel like I’ve been able to focus on other areas of my life more (my health/weight as well as making more of an effort to maintain my relationships with friends/family). Most importantly, I realize the strength of my marriage.  With the state of dating/relationships these days, I realize I won the lottery with Kim.  She's an amazing wife and mother. We've always had a good relationship but we're stronger than ever.  We started from the bottom now we're here (in my Drake voice). 🎶 #thislifeafterdebt
After taking some time to think about what we want After taking some time to think about what we wanted to focus on for this year, we decided that our word for the year is health.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Overall we both want to continue making healthier choices when it comes to eating. And we both want to focus on exercising more than we have in the past and be way more consistent with it.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
At the end of the day, what’s money, financial freedom/independence and wealth if you’re not healthy? And we definitely have high blood pressure, diabetes, etc that run in our families. We have kids to live for and that’s what we plan to do to the best of our ability!
This is what our financial goals ended up looking This is what our financial goals ended up looking like for this year. We’re pretty pleased with the outcome and the fact that we still enjoyed ourselves throughout the year and even made some pretty big purchases (like that whole couch saga I shared in my stories 😆). We’re looking forward to seeing what the next year holds! #thislifeafterdebt
We didn’t officially choose a word for 2021, but We didn’t officially choose a word for 2021, but if we had to say a word that was our word for this year it would be “intentional” by far.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
At the end of 2020 and beginning of 2021 we were very intentional about pulling money from an inherited IRA so that our tax bill wouldn’t be ridiculous like it would have been if we pulled a lump sum at one time. We then used the money to help pay off our mortgage 8 days into 2021.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
What we were even more  intentional about was our plan for what we were going to do with our mortgage payment once we didn’t have a mortgage anymore. We didn’t want to frivolously spend that money. So we actually came up with our plan a couple months before making our final payment. But literally after that payment on January 8, 2020, our new mortgage-free budget was in full effect! So yea, “intentional” is definitely a good word to sum up 2021 for us. #thislifeafterdebt
Some of the things we automate are:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Our Budget:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
For the longest we use to type everything we were going to spend or save into our budget template. It wasn’t super time consuming but it wasn’t efficient when it came to our regular bills/expenses. Then one day we decided to prefill the template and copy and paste it month to month for our regular bills/expenses. All we have to do is add anything else we spend.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Savings / Investing:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Most of our savings/investing and even our gas and spending money our automated transfers. It beats having to go in and make multiple transfers to our personal accounts and our sinking funds. The 529 accounts for the kids and the Roth IRAs are automatically transferred. But for the brokerage account we have to manually transfer the money because it’s never the same amount each paycheck.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Bill Pay:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
I’ve never been a fan of bill pay because I don’t like companies having that type of access to my money. 🥴 And whenever they mess up and charge you too much, they’ll try to just credit your account instead of putting the money back in your bank account. 🙄 However, I’m a tad bit more trusting these days. Lol. Our home alarm had no option but to be auto drafted. Since the amount wasn’t much and is always the same price, I agreed. And the only other bill auto drafted is our cell phone bill after many many years (gasp! haha). Some of the other bills are paid via online bill pay via our banking account. #thisfinancialconfession
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Doing all of this has been a game changer and time saver. Are you team automate or team manual?
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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!

    • Thinking of Someday says

      January 14, 2021 at 8:56 am

      Thank you, Ms P!

  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.

    • 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!

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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

I quit my job at the end of April and it’s been I quit my job at the end of April and it’s been great so far.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Why did I quit?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
The TL; DR version is: It was a compromise between Omar and I when it came to having another baby. Some people might feel a way about this, but at the end of the day, our marriage  of 10 years and relationship of almost 20 years has survived off of lots of communication, compromise, and comprehension. This is how we have managed to do everything we’ve set out to do. And this phase of life is no different.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
If you want the full version of the story, you can check out my stories. 😉
⠀⠀⠀⠀⠀⠀⠀⠀⠀
#piecesofsomeday #thislifeafterdebt
Some of the pics and excitement from our gender re Some of the pics and excitement from our gender reveal. Needless to say, this was an exciting moment to share with our boys and parents. 💖
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(#piecesofsomeday #thislifeafterdebt #babynumber3 #partyof5 #budgetbuster)
It’s a… gender reveal!! 🖤💙💖🖤

⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(#piecesofsomeday #thislifeafterdebt #babynumber3 #partyof5 #budgetbuster)
🖤 🖤 + 🖤
⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
(#piecesofsomeday #thislifeafterdebt #babynumber3 #partyof5 #budgetbuster 😆)
As of 1/8/2022, it’s been one year since we beca As of 1/8/2022, it’s been one year since we became mortgage free. What better way to celebrate than a date night in our paid off home?! 😏
⠀⠀⠀⠀⠀⠀⠀⠀⠀
So how does it feel?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Financially, we invested the most money we've ever invested. We also increased our lifestyle a bit as well to keep a healthy balance.
 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Kim’s Perspective: 
⠀⠀⠀⠀⠀⠀⠀⠀⠀
It’s been great. For the longest it felt surreal and unbelievable that we actually did it. I never really worried about paying off the mortgage because I knew that worst case scenario, it would be paid off in 15 years, which would’ve been when we were 45 (and that’s not a bad age at all). However, it’s been nice to know that it’s not something that Omar is stressing over anymore. And since it was one of his biggest dreams/goals, it’s nice knowing that I was able to support him 100% of the way in making this happen for us and our family. I’m glad this is something he wanted to pursue and that I was actually on board with it. What I’ve enjoyed most about it is being able to spend more money (of course 😆) because a lot of things were put on hold while we focused on the payoff. So now I feel like I’m at that point where I can make our house more of a home for us. It literally feels like we’re in a new space (mentally and physically) and we’re loving it.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Omar’s Perspective:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
This past year has probably been the best year I've had in life. I've been the least stressed I've ever been, but took on the most responsibility at work I've ever taken on which lead to a promotion and an increase in income. This boggles my mind as more responsibility at work usually means more stress. I feel like I’ve been able to focus on other areas of my life more (my health/weight as well as making more of an effort to maintain my relationships with friends/family). Most importantly, I realize the strength of my marriage.  With the state of dating/relationships these days, I realize I won the lottery with Kim.  She's an amazing wife and mother. We've always had a good relationship but we're stronger than ever.  We started from the bottom now we're here (in my Drake voice). 🎶 #thislifeafterdebt
After taking some time to think about what we want After taking some time to think about what we wanted to focus on for this year, we decided that our word for the year is health.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Overall we both want to continue making healthier choices when it comes to eating. And we both want to focus on exercising more than we have in the past and be way more consistent with it.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
At the end of the day, what’s money, financial freedom/independence and wealth if you’re not healthy? And we definitely have high blood pressure, diabetes, etc that run in our families. We have kids to live for and that’s what we plan to do to the best of our ability!
This is what our financial goals ended up looking This is what our financial goals ended up looking like for this year. We’re pretty pleased with the outcome and the fact that we still enjoyed ourselves throughout the year and even made some pretty big purchases (like that whole couch saga I shared in my stories 😆). We’re looking forward to seeing what the next year holds! #thislifeafterdebt
We didn’t officially choose a word for 2021, but We didn’t officially choose a word for 2021, but if we had to say a word that was our word for this year it would be “intentional” by far.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
At the end of 2020 and beginning of 2021 we were very intentional about pulling money from an inherited IRA so that our tax bill wouldn’t be ridiculous like it would have been if we pulled a lump sum at one time. We then used the money to help pay off our mortgage 8 days into 2021.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
What we were even more  intentional about was our plan for what we were going to do with our mortgage payment once we didn’t have a mortgage anymore. We didn’t want to frivolously spend that money. So we actually came up with our plan a couple months before making our final payment. But literally after that payment on January 8, 2020, our new mortgage-free budget was in full effect! So yea, “intentional” is definitely a good word to sum up 2021 for us. #thislifeafterdebt
Some of the things we automate are:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Our Budget:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
For the longest we use to type everything we were going to spend or save into our budget template. It wasn’t super time consuming but it wasn’t efficient when it came to our regular bills/expenses. Then one day we decided to prefill the template and copy and paste it month to month for our regular bills/expenses. All we have to do is add anything else we spend.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Savings / Investing:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Most of our savings/investing and even our gas and spending money our automated transfers. It beats having to go in and make multiple transfers to our personal accounts and our sinking funds. The 529 accounts for the kids and the Roth IRAs are automatically transferred. But for the brokerage account we have to manually transfer the money because it’s never the same amount each paycheck.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Bill Pay:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
I’ve never been a fan of bill pay because I don’t like companies having that type of access to my money. 🥴 And whenever they mess up and charge you too much, they’ll try to just credit your account instead of putting the money back in your bank account. 🙄 However, I’m a tad bit more trusting these days. Lol. Our home alarm had no option but to be auto drafted. Since the amount wasn’t much and is always the same price, I agreed. And the only other bill auto drafted is our cell phone bill after many many years (gasp! haha). Some of the other bills are paid via online bill pay via our banking account. #thisfinancialconfession
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Doing all of this has been a game changer and time saver. Are you team automate or team manual?
Follow Us

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