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$20 Dollar challenge: Building my final mortgage payment

December 31st, 2009 at 05:32 pm

Here it is, the first year we will be conducting the $20 dollar challenge. Our goal, to pay off the house by 31 DEC 2010. Starting balance: $55,350

We will continue to pay on the house as we have planned (I plan on updating the mortgage amount monthly so you can follow). The $20 dollar challenge will provide the final payment (Amount to be determined). Here are the areas we will asses to add money to the account:

1. Coupons: Only coupons from items we already use.

2. Interest earned on the account: We will store the money in INGDirect.

3. Ebay: Sell stuff around the house.

4. Half.com: Books

5. Craigs list: Furniture

6. Collection sales: Lots of stuff.

7. Credit Card rewards: Self explanatory.

8. Change: Daily change added to the change bank.

9. INGDirect referrals: 43 referrals left, if you want to help ask me to send you a link.

10. Starting change bank: I have been saving change for 8 months now, we will start with this amount (About $350)

11. Starting Balance: $20

12. Yard sale: Wife says she will do this one... we'll see.

13. Insurance refund: We receive an annual refund from our life insurance.

14. Military Discounts: We often receive 10% discount, we will add this savings to the challenge.

Alright, here we go....

23 Responses to “$20 Dollar challenge: Building my final mortgage payment”

  1. homebody Says:

    Great list! Good luck and Happy New Year.

  2. lizajane Says:

    Ambitious goal, but we'll be rooting for you!

  3. Petunia Says:

    It's an ambitious goal, but why go half-way? Good for you for aiming for the stars - we'll look forward to your updates.

  4. pharaohsmom Says:

    I'm rooting for you, too. Way to go!

  5. Jerry Says:

    That is a big goal, but it looks like you have the tools to lead to success. Which insurance company is it that gives you an annual refund? That's awesome.
    Jerry

  6. creditcardfree Says:

    Nice goal! I will enjoy reading about this one and celebrating with you as well.

  7. mrpaseo Says:

    1. Coupons: None
    2. Interest earned on the account: None
    3. Ebay: None listed.
    4. Half.com: None listed.
    5. Craigs list: None listed
    6. Collection sales: None
    7. Credit Card rewards: None
    8. Change: None
    9. INGDirect referrals: 43 available
    10. Starting change bank: Starting with $341 (As I mentioned in the original post, we have been saving change for about 8 months now).
    11. Starting Balance: $20
    12. Yard sale: None
    13. Insurance refund: None
    14. Military Discounts: None

    Previous balance: $0.00
    Today: $361
    Today's balance: $361

    Mortgage previous: $55,350
    This months payment: TBD
    Mortgage remaining: TBD

  8. mrpaseo Says:

    1. Coupons: None

    2. Interest: None

    3. Ebay: None

    4. Half.com: None

    5. Craigs list: None

    6. Collection sales: None

    7. Credit Card rewards: Ordered $75 gift card from American Express
    8. Change: .11

    9. INGDirect referrals: 42/1 avail, sent one out today

    10. Change bank: No change

    11. Starting Balance: Done

    12. Yard sale: None

    13. Insurance refund: Paperwork sent in

    14. Military Discounts: None

    15. Other: Listed five books on specialty site

    $20 Challenge
    Previous balance: $361.00
    Today: $0
    Today's balance: $361.00
    NOTE: Certain amounts will be added monthly so some of our numbers might not line up until the 1st of each month.


    MORTGAGE BALANCE Mortgage previous: $55,350.00
    This months payment: $4,414.13
    Mortgage remaining: $51,400.00
    NOTE: We have certain windfall payments that will be made, the $20 dollar challenge will cover the FINAL payment.

  9. mrpaseo Says:

    ASMBA is the insurance company that gives an annual refund if you do not die... nice of them. If my memory serves me correctly it's less than 30 dollars but every cent counts in this adventure.

    Thanks for the question,
    Ray

  10. mrpaseo Says:

    3 JAN 09: Not much action today, adding some change and a discount we got at the movie theater.

    Change: $2.48
    Military Discounts: $5.00 at The Great Escape Theater

    $20 Challenge Previous balance: $361.00
    Today: $7.48
    New balance: $368.48

    MORTGAGE BALANCE Mortgage previous: $55,350.00
    This months payment: $4,414.13
    Mortgage remaining: $51,400.00

  11. mrpaseo Says:

    4-9 JAN 09: Due to time constraints I decided to post weekly rather than daily and as you can see, I have changed the format a few times. Here is what we have for the past week.

    Balancing my excel tracker I found more saved than I wrote down. I will wrap up all income at the end of each month so for now, I am going to re-adjust the balance to match my excel tracker.

    $20 Challenge Previous balance: $368.48
    This week: $174.08
    New balance: $542.56

    The mortgage payment is just over $600. Additional payment from my income and the extra payment from my wife's income (She contributes about $1,000 per month towards the mortgage) totals about $2,200 payments through this year. This is our normal payment. ($1598.46 $601.54 = $2,200)

    In addition, this last additional payment came from some stocks that we sold. The additional payment was $2,200.

    Finally, with each payment we add whatever it takes to round out the remaining balance to the closest $50 dollars. ($14.13 in this case)

    Mortgage previous: $55,350.00
    This months payment: $4,414.13
    Mortgage remaining: $51,400.00

  12. mrpaseo Says:

    Here is what last week (11-17 JAN) looks like:

    Totals: ING Direct: $38.88
    Change Bank: $393.00
    Change Counter: $8.05
    Rolled cents: $21.00
    Envelope: $92.00
    GRAND TOTAL: $552.93

    $20 Challenge Previous balance: $542.56
    This week: $10.37
    New balance: $552.93

    Pending: *2008 ASMBA insurance check reissue $6.00 (On hand)
    *2009 ASMBA insurance check $6.00 (In mail)
    *Charter gift card $75 Home Depot $75.00 (In mail)
    Total pending: $87.00


    Mortgage previous: $51,400.00
    This months payment: $0.00
    Mortgage remaining: $51,400.00


    NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.

  13. mrpaseo Says:

    As of: 31 JAN 10

    Totals: ING Direct: $44.88
    Change Bank: $407.00
    Change Counter: $.85
    Rolled cents: $21.00
    Envelope: $94.00
    GRAND TOTAL: $567.73

    $20 Challenge Previous balance: $557.36
    This week: $14.80
    New balance: $567.73

    Pending:
    *2009 ASMBA insurance check $6.00 (In mail)
    *Charter gift card $75 Home Depot $75.00 (In mail)
    Total pending: $81.00


    Mortgage previous: $51,400.00
    This months payment: $900.00
    Mortgage remaining: $50,500.00


    NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.

  14. mrpaseo Says:

    As of: 28 FEB 10

    Totals: ING Direct: $214.92
    Change Bank: $438.70
    Change Counter: $.85
    Rolled cents: $21.00
    Envelope: $0.00
    Paypal:$186.21
    BoA:$12.00
    FBFCU:$0.00
    GRAND TOTAL: $874.67

    $20 Challenge Previous balance: $567.73
    This week: $306.94
    New balance: $874.67

    Pending:
    *2009 ASMBA insurance check $6.00 (In mail)
    Total pending: $6.00


    Mortgage previous: $50,500.00
    This months payment: $4,500.00
    Mortgage remaining: $45,000.00


    NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.

  15. mrpaseo Says:

    As of: 13 MAR 10

    Totals: ING Direct: $214.92
    Change Bank: $449.70
    Change Counter: $0.00
    Rolled cents: $22.00
    Envelope: $0.00
    Paypal:$186.21
    BoA:$319.35
    FBFCU:$0.00
    GRAND TOTAL: $1,192.17

    $20 Challenge Previous balance: $874.67
    This week: $317.50
    New balance: $1,192.17

    Pending:

    Total pending: $0.00


    Mortgage previous: $50,500.00
    This months payment: $4,500.00
    Mortgage remaining: $45,000.00


    NOTE: Just to keep you in the know, we set our sights a little high with this challenge and we knew that going into it. We had plans to sell some stuff that we have decided to wait a little later in the year to sell, until then, we will see how much we can knock off.

  16. mrpaseo Says:

    We have made some strides in this goal, current balance is $28,305.85

  17. mrpaseo Says:

    As of 1 July 2010 payment: $24,400
    Last payment: $4,218.26

    Next scheduled payment: $3,689.54
    1 AUG 2010 projected balance: $21,000

    At this point most of our "Extra" money has been applied to the balance. The mutual funds and stocks have been sold off (All at a profit) and applied, the extra money in the emergency fund has been applied and from this point on there is only three venues for payment left.

    1. Monthly income
    2. Bullion sales (Projected to sell in Oct)
    3. Final payment (Mainly change, currently ab out $500)

    See you on the 1st Big Grin

  18. mrpaseo Says:

    As of 1 Sep 2010: $19,999.99 (Done on purpose to have a balance below $20k.
    2 Sep payment: $2,763.86
    Projected balance: $17,500

    At this point there is three venues for payment remaining.

    1. Monthly income
    2. Bullion sales (Projected to sell in Oct goal of about $5,000)
    3. Final payment (Mainly change and a misc account in INGDirect, current balance $727.89, goal $1,000)

    See you on the 1st.

  19. mrpaseo Says:

    2010 Beginning balance: $55,350

    Below are my monthly payments.

    Payments:
    1-Jan-10--- $4,414.13
    1-Feb-10--- $1,341.08
    1-Mar-10--- $5,935.85
    1-Apr-10--- $5,403.73
    1-May-10--- $3,374.60
    1-Jun-10--- $9,063.06
    1-Jul-10--- $4,218.26
    1-Aug-10--- $4,689.55
    1-Sep-10--- $2,763.86

    Current balance: $17,500

  20. mrpaseo Says:

    For those of you watching, I am on track to pay off my mortgage on 15 DEC 10. Current balance is right about $9,250

  21. mrpaseo Says:

    I am happy to report that the final payment was sent to the Mortgage on 2 DEC 10, at 0530 on the 3rd of December, I found my Mortgage to be at a balance of $0.00

    I made it. Thank you for all your support.

  22. Petunia Says:

    Congratulations! That's a fabulous accomplishment!

  23. Homebody Says:

    That is so great! Congratulations!

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