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Old 01-22-2010, 09:28 PM   #21
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Congratulations Lightspeed ....You have 3 years to plan what you'll do once that last link is destroyed
oh, yeah, I've already started on the list!
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Old 01-23-2010, 07:50 AM   #22
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Working on this myself and still thinking through the mechanics of doing it. I just sold some highly appreciated bonds that wll reduce the balance. My intention is to have the whole mortgage paid off by the time to interest rate resets in 12/2014. The question is when and how I exactly do this, since once I send a lump sum in it is gone and not available any more. I think I will pay down the balance to the point that my (larger than required) payments will kill off the rest of the balance by the target date, but am still mulling all of this over.
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Old 01-23-2010, 07:59 AM   #23
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Wire transferred the final payment on our mortgage, yahooooo Don't even care if it makes sense to pay it off or not, but it feels great! 36 month countdown to ER.
Dave won't be happy until you take the next step.

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Old 01-23-2010, 12:48 PM   #24
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Congratulations.

3 more payments for us.........maybe less if the annual bonus check we receive in Feb is better than expected.
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Old 01-26-2010, 07:49 AM   #25
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Congratulations - I paid mine off a couple of years ago - it is huge constraint off of your ability to retire. Be prepared for banks etc. not understanding how to deal with a person w/o debt.

Now my SO and I can't wait to sell the big house and rent an apartment and be free!

Cheers
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Old 01-26-2010, 10:59 AM   #26
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Be prepared for banks etc. not understanding how to deal with a person w/o debt.
I've never had a problem with that. Since paying off my mortgage in 2000 I've had multiple credit cards etc and being completely debt-free has never been a problem.
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Old 01-26-2010, 12:38 PM   #27
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Congratulations.... and c'mon in, the mortgage-free water is great!
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Old 01-26-2010, 01:06 PM   #28
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Balloons and streamers!
Congratulations on such a wonderful accomplishment.
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Old 01-26-2010, 03:15 PM   #29
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Great!!! It is so wonderful to set a goal and see it through.

I remember how I felt on the day when I payed off my mortgage - - VERY HAPPY! Incidently I paid mine off about three years before I retired, too.
There's a pattern here. I just got to the point where my after tax savings are enough to pay off the mortgage, but I need to work for another 3 years to give me enough savings to bridge the years between ER and 59.5, I don't want to 72t.
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Old 01-27-2010, 07:04 PM   #30
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Wire transferred the final payment on our mortgage, yahooooo Don't even care if it makes sense to pay it off or not, but it feels great! 36 month countdown to ER.
Good for you! We're in the process of building our retirement home and if plans work out, there's no mortgage at the end of the process. Understand it might not make perfect financial sense but for peace of mind, we can't wait!
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Old 01-27-2010, 10:00 PM   #31
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Congrats!
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Old 01-27-2010, 11:40 PM   #32
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Congratulations Lightspeed!!!

Last year, we sold our semi-McMansion and took the equity that we had and bought a smaller house ourtight. No mortgage payment. It feels GREAT. I hope it feels great for you, too
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Old 01-28-2010, 10:38 PM   #33
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Congrats .. no mortgage payments .. still have to pay for property taxes, insurance premiums, utilities.. house maintenance and improvement, etc.
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