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Paid off the mortgage this week
Old 09-03-2009, 08:06 PM   #1
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Paid off the mortgage this week

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 .
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Old 09-03-2009, 08:20 PM   #2
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What, without consulting us? Then I only have one thing to say--Congratulations!
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Old 09-03-2009, 08:34 PM   #3
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Thanks for joining us. (and for being brave enough to post). Hurray!
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Old 09-03-2009, 08:35 PM   #4
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As Bobby McFerrin said, "".
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Old 09-03-2009, 08:37 PM   #5
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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!!!
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Old 09-03-2009, 08:38 PM   #6
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Welcome to the world of Debt Free and the financial peace it brings. Optimal money move or not, it sure feels good!
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Old 09-03-2009, 08:43 PM   #7
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I'm gonna have to go out and get a home equity loan to counteract this tear in the Universe.
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Old 09-03-2009, 08:44 PM   #8
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Not a bad deal. With the mortgage paid down so far you weren't getting a lot of financial juice relative to the cash flow strain of the payments.

Although I am not anywhere near the level of debt-hating frequently seen in these debates (leverage is the eigth wonder of the world IMO), I have always chosen a 15 year mortgage and may well pay mine off early when I get down to the last 5 years of the note. While squeezing all the juice I can manage is one thing, risk vs. reward is always worth spreadsheeting from time to time.
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Old 09-03-2009, 09:16 PM   #9
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Quote:
Originally Posted by Culture View Post
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 .
Congratulations!!! Must be a great feeling to be debt free. I'm in the other camp right now, but when I get down to ~10-20% left on my mortgage I might quickly switch camps to become debt free.
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Old 09-03-2009, 09:26 PM   #10
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Quote:
Originally Posted by Culture View Post
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 .
Congratulations!! You will sleep so good tonight. I was always one that never had it in my mind to pay off the mortgage. My objective was to just gain equity in the house. My wife, who never really owned a house in her life, and mostly rented (prior to us getting married), always had in the back of her mind to be completely debt free and own the house free and clear. The day we paid it off she cried as she never felt such a relief. She never thought she would own a house outright. She is such a proud person for having changed my mind about outright ownership, that I finally agreed with her and we set out to accomplish that goal. And, I'm proud of her for persuing that goal.
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Old 09-03-2009, 09:27 PM   #11
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Congratulations! Technical analysis aside its the move we made also and have never regretted it.
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Old 09-03-2009, 09:27 PM   #12
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This thread deserves the double dancing banana....

Another early mortgage payer offer here too. Congratulations!
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Old 09-03-2009, 10:09 PM   #13
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Congrats and WOO HOOOOO!!!
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Old 09-03-2009, 10:18 PM   #14
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Congrats. I'm in the same boat as I paid it off last year at 33
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Old 09-03-2009, 11:30 PM   #15
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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...
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Old 09-03-2009, 11:39 PM   #16
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Congrats. I'm in the same boat as I paid it off last year at 33
That's my goal too. I hope to have my home paid off when i'm 33. I turned 30 in Aug. Hope to have it officialy paid off by 12/30/2012.
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Old 09-04-2009, 05:55 AM   #17
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Congrats! I don't care what the other side says, the peace of mind from being debt free is hard to beat.
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Old 09-04-2009, 07:23 AM   #18
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Congrats! Can't wait to experience that day myself. We have about 5 yrs left to go on our mortgage.
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Old 09-04-2009, 08:49 AM   #19
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In retirement peace of mind for us is more important than leverage.
After selling old house, we paid off this one immediately. Ahhhhh no worries.
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Old 09-04-2009, 09:10 AM   #20
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Welcome to the club! There's nothing in the world like the feeling that you don't owe anybody anything.
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