We have decided to pay down the mortgage...

iVillage Member
Registered: 10-09-1999
We have decided to pay down the mortgage...
4
Wed, 04-24-2013 - 1:45pm

I know there are different opinions out there on what to do but we are going to do it!  We are pulling $17,000 from a ROTH IRA & putting it on our mortgage.  That will cause the mortgage to go from a $7/day interest charge to $4/day, we will have $25,000 left to pay & if we beef up our payments & finish paying it off with my Christmas bonus we'll have it gone by Christmas 2013!  That is only 8 mths away.  I think we'll have to use $13,000 of my bonus...last yr I netted $18,000.  We will still have $11,000 in our EF plus could add the leftover bonus money to our EF.  Ultimately our goal is to be debt free with $20,000 in our EF.  So we could be there by this time 2014.  Then we could just start socking money away.  I am turning 50 in Dec & would love to be debt free.  So here goes with our plan & I will continue checking in here to note our progress.  Hope you guys don't get sick of me & thank you everyone yay & nay that offered their opinions in the weekly check-in section.  I am a numbers gal & love this board.

cindylee - soon to be debt free!!!

iVillage Member
Registered: 10-01-2008
Wed, 04-24-2013 - 4:32pm

Given the fact that the Roth has already had taxes paid on it, and probably drawing next to nothing on interest, I say go for it.  But make sure it's your first priority next year to save for retirement. 

All I can say is CONGRATULATIONS!

iVillage Member
Registered: 04-10-2003
Thu, 04-25-2013 - 7:32am
As long as you and DH are on board I say go for it! I can't even imagine a mortgage free life at this point!!! Ah dreams!

Bex -

Community Leader
Registered: 08-25-2006
Thu, 04-25-2013 - 4:49pm

Although sure, taking from retirement isn't suggested, as long as you have crunched the numbers and are young enough to beef it back up, then I say "yea for Cindy!"

I know we don't talk too much about Suze Orman on here, but I do recall that being mortgage free in retirement is a big one for her.   

Paying my mortage off quicker is on my mental "do to" list, also.  

Keep us posted!

Serenity

Serenity
iVillage Member
Registered: 11-14-2008
Fri, 04-26-2013 - 9:51am

I am so glad you are doing this! I know you will up the efund and do even better for retirement funds when you get this GONE. 

SOOOO happy for you!

Karen