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Old 09-04-2009, 09:35 AM   #21
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Despite my intellectual understanding that paying off the mortgage makes no sense,
If you hadn't been paying it off early, the money would probably have been in the stock market.
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Old 09-04-2009, 09:36 AM   #22
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Congratulations! It will feel even better next month when you don't make that payment and money starts piling up in your checking account.
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Old 09-04-2009, 09:46 AM   #23
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Congratulations, I bet it feels good to have knocked that out!
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Old 09-04-2009, 10:25 AM   #24
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We paid off the mortage in 5 years but I don't believe we are debt free. We still have to pay the property tax on it yearly. When we bought the house, I did not even know there is such a thing call property tax. The good part is during this down turn, we were able to get a Heloc and DCA in the market. So far, up (+19.98%) on that part of the investment. Somehow, we are able to pay off 40% off the Heloc and looking for a W recession. If the DOW hit 5000 would it be GREAT!
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Old 09-04-2009, 10:33 AM   #25
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Congratulations and welcome to the camp! The instructions for the secret handshake should arrive by mail with a couple days.
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Old 09-04-2009, 04:35 PM   #26
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Welcome to the debt-free camp (I assume if you paid off the mortgage that you didn't have any other debts). 5 years from now, you sit around wondering how people manage to live or save with mortgages and car payments to take care of.
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Old 09-04-2009, 05:38 PM   #27
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Despite my intellectual understanding that paying off the mortgage makes no sense, I paid off the mortgage this week. Being in the house for 18 years and having made accelerated payments, there was only about 20% of the original balance outstanding, and we just decided we wanted to be debt free.

I guess this puts me firmly into one of the two camps in regards to the right answer to the infamous question .
Boo! boo!, turncoat. Oh well, congratulations anyway.
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Old 09-04-2009, 07:37 PM   #28
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Hooray! Congratulations. I find it one less thing to worry about. In terms of my income taxes, I don't think not having a mortgage deduction makes much of a difference.
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Old 09-04-2009, 07:44 PM   #29
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Welcome to the club!!!!!!!!!!! Feels soooooooooo good, doesn't it?....congrats!
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Old 09-04-2009, 09:26 PM   #30
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Never actually paid off a mortgage, but had considered doing so. When I relocated from location A (where I was working and retired for a couple of years) to location B (where I've been totally retired for 4 years) I paid cash for the house which is the same as having paid off a morgtgage. Love it!
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Old 09-04-2009, 09:51 PM   #31
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Congratulations on reaching your goal!!

One of the happiest days in my life was the day I paid off my mortgage. All mortgage payoff contraversies aside, for those who do choose to pay off a mortgage and then manage to accomplish that goal, it is an awesome feeling. So incredibly free, to think of never paying rent or a mortgage again!!!
This is the main reason we paid it off, to feel free!
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Old 09-04-2009, 09:52 PM   #32
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What, without consulting us? Then I only have one thing to say--Congratulations!
I have been around here long enough to know I do not want to be the next one to start it!
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Old 09-04-2009, 09:54 PM   #33
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Congratulations from the "pay the sucker off early" camp.

I was a member for a couple of years until I jumped back in on another house....like a moth to a flame...
This is the only house we have ever owned, and we plan to only own one more, the one we retire to in four years!
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Old 09-04-2009, 09:56 PM   #34
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If you hadn't been paying it off early, the money would probably have been in the stock market.
You know, I actually never though of it that way. Considering the fact that I was 60% in equities, it seriously probably made sense to make accelerated payments.
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Old 09-04-2009, 09:57 PM   #35
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Welcome to the debt-free camp (I assume if you paid off the mortgage that you didn't have any other debts). 5 years from now, you sit around wondering how people manage to live or save with mortgages and car payments to take care of.
Yes, we are now debt free. It does feel good.
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Old 09-04-2009, 09:58 PM   #36
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Hooray! Congratulations. I find it one less thing to worry about. In terms of my income taxes, I don't think not having a mortgage deduction makes much of a difference.
The mortgage deduction has not helped us to any significant degree for a while. The standardized deduction is about the same as itemized.
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Old 09-04-2009, 10:48 PM   #37
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Congrats. Paid mine off more than 10 years ago . Agree that the mortgage interest deduction is highly overrated.
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Old 09-05-2009, 08:34 AM   #38
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Congrats. Paid mine off more than 10 years ago . Agree that the mortgage interest deduction is highly overrated.
Yup. Couples get almost 11k anyway, the tax gains from a mortgage on this 1100 sqft condo wouldn't be very impressive.
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Old 09-05-2009, 08:56 AM   #39
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I did it too 2 years ago. Same scenario except I paid it off in 15 1/2 years. I got down to $11,000 on the debt, looked at my slush fund money and how little it was bringing in. I saved about $200 in interest compared to less than $50 the money would have made. And paid it off. In just 3 months, that money was back in my bank account.

I also don't agree that the interest deduction is all that great. I could never figure out how paying 2/3's to get 1/3 back was a good strategy. The deduction allows me to get more house than I otherwise could afford.

I was 53 and debt free, turned 54 with one more, and when I turn 55, it'll be bye bye! (to work)

Having gone 2 full years now without any mortgage, I have been amazed at how fast the money piles up. I now have to watch that my savings account doesn't accumulate too much at nothing interest rates instead of moving money around to save some and pay the bills. It is great and has given me another nice pot of savings for my soon to be retired self. In my budget projections, no mortgage means my cash flow is the same as it was before while working with a mortgage. There was no way I could have saved so much if I hadn't paid off the mortgage so soon.

I'm glad to see I'm not alone in this thinking - and among successful early retirees.
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Old 09-05-2009, 02:19 PM   #40
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Congratulations...I look forward to doing the same, hopefully in about 8-9 years...
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