Friday, February 21, 2020

Mortgage Balance (UPDATE) - February 2020


If you have viewed our family's Net Worth Page, you probably already know that it does not include the equity in our home.  Although we do realize that it is technically part of our overall net worth, we decided that since our home equity is not an asset that we can count on for income (unless we sell and buy something cheaper) we would exclude it from our net worth calculation.

For the purpose of this blog, we are more interested in documenting our loan balance rather than our home equity.  With that said, we will use the current Zillow value as our estimated home value and use it to figure out the percentage we owe on our home. For those interested, we will include the amount of our home equity but know that we are less concerned with the equity since we have no plans to cash out or otherwise sell our home. Our main goal is to pay off our home on or before my retirement date. 


HOME VALUE:
According to Zillow, our home is currently worth $874,508 (up $1,833 in the last 30-days). 


Mortgage Balance (As of February 1st):
$217,690 (down $1,993 from January post)

Percentage Owed:
24.8% (down .3% since our January post)

Home Equity
$656,818 (up $3,980 from our January post)
   
Mortgage Background:
For those that have not read the Preface on our home equity, we currently hold a 15-year fixed-rate mortgage at the incredibly low rate of 2.875%.  My goal is to retire within 7 years and 4 months (88 months) so we are setting out to pay off our mortgage on or before my retirement date. Right now we are a few months behind the target retirement date. Currently, we have approximately 8 years and 4 months (98 months) left on our mortgage. Nevertheless, I would like to have it paid off in roughly 5 years. If we accomplish that, I plan to use the money we use to pay our mortgage and aggressively build our passive income to help supplement our retirement and defer tapping into the 457K for as long as possible so it can continue to grow. 

Right now we are not putting any extra money towards the principal given our low 2.875% interest rate. We feel that we could make our money grow faster by investing it and while keeping the money more liquid. At a certain point, we may consider using some of the money from our investment accounts to wipe out the remaining mortgage balance.  Until then, we will continue to grow that money outside, rather than have it locked into our home.

16 comments:

  1. AFFJ -

    Slow and steady does the debt go down. We've had quite the run up in market values for real estate, wonder when the next slide will occur.

    -Lanny

    ReplyDelete
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  2. Net worth page does not seem to be updated since 2016!

    We too do not include the house networth to the nest egg sum, for very the same reason. 15 year is very ambitious target for a mortgage!
    However, if you close the retirement by than you are in your best earning years now.

    When I recently got a better paid job, we decided to do some structural maintenance and work, to make sure that the house will remain strong and solid for another 20 years +
    Maybe there will be something for the additional mortgage payments left.

    ReplyDelete
  3. Agree 100% on not paying the principal on such a great rate. In fact, I would argue that before you retire you should consider a cash-out refinance or opening a HELOC against the property as a source of cash. Once you retire, it's harder, if not impossible, to get new loans and $600+k is a lot of value to be illiquid. It sounds like you're disciplined enough not to spend your HELOC on frivolous things which would be the key downside to opening one. We have used HELOCs on our properties to fund more real estate investing, short-term cash needs so we wouldn't have to tap market-based investments at the wrong time and so we wouldn't have to keep a lot of cash languishing in low or no-interest bank accounts.

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