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Paid off the 2nd mortgage.
03-05-2010, 10:41 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
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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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Idleness is fatal only to the mediocre -- Albert Camus
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03-05-2010, 11:01 AM
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#2
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,053
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Congratulations, I'm sure it is a nice feeling to have them both paid for.
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Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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03-05-2010, 11:22 AM
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#3
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Full time employment: Posting here.
Join Date: Sep 2006
Location: Ontario, Canada
Posts: 837
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Congrats donheff, how much time do I have to make it down to your party?
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Newbie
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03-05-2010, 11:58 AM
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#4
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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Congratulations! It's a wonderful feeling to own your home free and clear.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-05-2010, 01:34 PM
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#5
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gone traveling
Join Date: May 2008
Posts: 3,864
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Congratulations! I know knew the feeling!
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03-05-2010, 05:54 PM
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#6
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Full time employment: Posting here.
Join Date: Nov 2005
Posts: 655
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Congratulations Doneff on the huge increase in financial security.
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"I went to the woods because I wished to live deliberately... and not, when I came to die, discover that I had not lived."
--Henry David Thoreau
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03-06-2010, 01:55 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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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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03-06-2010, 06:38 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
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Quote:
Originally Posted by clifp
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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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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Idleness is fatal only to the mediocre -- Albert Camus
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