I've reached $55k!!! Ok, the balance is $55,507.57 but $55k is shorter. I paid an extra $1,400 towards my mortgage for October. I was going to add $200 more from the money I saved by buying grocery gift cards with my stimulus check and the $125 sign on bonus for opening a Chase checking account but since I haven't figured out what my next step will be, I decided to hold back a little.
Here are my current courses of action and the length of time until the mortgage is paid(I can only pick one):
1. Sell one acre for $50k, use $40k profit to pay off house. Length of time: 5 months
2. Move back in to my house after my short term renters leave in February. Put an extra $400 towards mortgage and move out one month a year to rent to short term renters. Length of time: 2 years 6 months
3. Move back in to house now. Move out one month a year for short term renters. Length of time: 3 years 3 months
4. Let current renters stay and tell short term renters to find somewhere else. Length of time: 2 years 6 months
5. Allow short term renters to stay one last time, then rent to long term renters. Length of time: 1 year 9 months
6. Use $10k from savings and mortgage pre-payment money to renovate mobile home and rent it out for $550. Length of time: 2 years (added bonus- an extra $300/m for my semi-retirement)
I have been trying to follow plan #5 but plan #6 has some long-term benefits. An extra $300 in rental income plus the $600 from my house once the mortgage is paid off will make my semi-retirement plan MUCH easier. Plan #6 needs more research. We'll see what the electricians say on Saturday.
The good thing is that it is MY plan, not the banks so I don't have to pay fees for refinancing or call them if I am short one month or my priorities change. I know I have been lucky. I found a job relatively quickly when I was laid off 2 years ago and I haven't had any major medical or repair bills. And that is exactly why I want to pay off my mortgage and move on to other chapters in my life while I am still able!