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I’m Sticking It To Citi Mortgage 2014

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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
  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?

    1. 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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