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Paid off the 2nd mortgage.
Old 03-05-2010, 11:41 AM   #1
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Paid off the 2nd mortgage.

Well, my vote by action on the payoff the mortgage debate is in. DW ER'd in all but name this year (she remains associated with her firm with a stipend for business development) which means we will drop into a much lower tax bracket. So we pulled cash we were holding and paid off the mortgage on the weekend house yesterday. Now we own our primary residence and the weekend place outright.

I just couldn't put aside the concern that the ~4% I could SWR from the payoff amount was only half the mortgage payment itself. I know the various alternative arguments but it is nice to have the annual expenses reduced.
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Old 03-05-2010, 12:01 PM   #2
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Congratulations, I'm sure it is a nice feeling to have them both paid for.
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Old 03-05-2010, 12:22 PM   #3
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Congrats donheff, how much time do I have to make it down to your party?
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Old 03-05-2010, 12:58 PM   #4
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Congratulations! It's a wonderful feeling to own your home free and clear.
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Old 03-05-2010, 02:34 PM   #5
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Congratulations! I know knew the feeling!
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Old 03-05-2010, 06:54 PM   #6
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Congratulations Doneff on the huge increase in financial security.
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Old 03-06-2010, 02:55 AM   #7
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I just got my a nice note from Pen Fed saying my mortgage (HEL) has been paid in full.
It was nice to delete the automatic payment.

Now I am tossing and turning about should I pay off the first also...
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Old 03-06-2010, 07:38 AM   #8
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Quote:
Originally Posted by clifp View Post
I just got my a nice note from Pen Fed saying my mortgage (HEL) has been paid in full.
It was nice to delete the automatic payment.

Now I am tossing and turning about should I pay off the first also...
It is funny. Even though I had liquidated a block of cash specifically for the mortgage before the crash I still was reluctant to use it before things fully caught up. Thanks to the discussion here I had established a substantial cash bucket for expenses before the crash. But pulling two years worth at once for the mortgage, right after moving this year's actual expenses, was discomforting.
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