I’m Sticking It To Citi Mortgage 2014

Hello Sophisticated Spenders!

Time to update your on my post from March of 2013.

It went a little something like this…

Hello Sophisticated Spenders!

I finally put my money where my mouth is!

I plan on sticking it to Citi Mortgage by paying my mortgage off early.

Now this isn’t a super high mortgage in the first place.

This is the mortgage on a duplex in Chicago that I originally paid $70,000 for in 2005 (I actually grew up in it).  I had no idea what I was doing at the time I bought this gem.

I put $0 down (I totally don’t recommend this).  And it was an adjustable rate mortgage.

The interest rate is now 7.5% and I have had 5 failed attempts at refinancing this puppy.

So I will throw everything I have at the mortgage on this property.

HUGE payment!

I’ve been paying an extra $500 per month since July of 2012 and so far that is going well.

So today, I just scheduled a payment for $10,000 eeeeeek!  Yes, I could have gone on like 10 vacations, or bought fancy pants new clothes or shoes but I’m making a boring smart decision here….right?????

And by next March, I hope to have another $10,000 SAVED (this didn’t happen overnight peeps) so that I can write this same post in March 2014!

From this point forward, I will throw any and all extra monies toward achieving the goal of paying this sucker off!

(Don’t worry, I still have a budget category that’s dedicated to FUN so that I keep a healthy balance!)

This is gonna be hard but I’m sharing this goal with you so that you can help and hold me accountable for the stuff I say!

And I’m not always smart with my money either (hello$200 I spent on a “professional” photo shoot while on vacation last year-I’m still kicking myself for that one).

I am hoping you learn from my stupid stories and mistakes:)

I want to hear from you!  Do you have any goals that you are gonna throw you heart into?? Share it with us so we can help!!!!

**Update**  I did NOT pay another $10,000 on said mortgage loan because I had made an impulse decision to move (best decision ever)!

  • I still owe $27,846.55.  
  • The interest rate is 7.125%  
  • My plan is to pay this loan off in 3 short years!

Here are pictures of the place!

Kitchen
Kitchen
Dining Room
Dining Room
Living Room
Living Room

3 comments

  1. Wow! Great job!
    That ARM seems to be expensive but you did get in it for nothing down.
    I’d like to comment you for doing what you’re doing.
    A duplex as your first purchase was a super smart buy!
    I love collecting rent and I encourage my first time buyers to do the same!

    Please stick to your word! I’ll be waiting for you next $10,000 investment!
    Cheers

    UgoTheAgent
    Sellers Agent | Apartment Investor
    #PhiladelphiaRealEstate

  2. Don’t stop Sophisticated Spender! I look forward to hearing that the mortgage is paid off one day soon! I challenge you to pay it off by 2016….lol…want to take that challenge on?

    • I’m totally in Shirley! I plan on having that sucker paid off by December of 2016!!!! Thanks for the words of encouragement!

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