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ba-bye house payment
Old 07-11-2007, 12:13 PM   #1
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ba-bye house payment

It's complete debt freedom for this wage slave. No more house pmt. It was painful to write a check that big, but damn it feels good to be a little closer to being FI.

Just had to get that off my chest.
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Old 07-11-2007, 12:27 PM   #2
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What was the interest rate of the mortage? Congratulations!
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Old 07-11-2007, 12:37 PM   #3
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What was the interest rate of the mortage? Congratulations!

Around 6.5%

Let the debates rage. I love the feeling!
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Old 07-11-2007, 12:38 PM   #4
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Congrats! I am not quite willing to give up the cheap money on the mortgage, but I will probably eventually do the same.
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Old 07-11-2007, 01:06 PM   #5
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Congratulations. I paid mine off to celebrate FI 3 years ago. I knew it was not
the highest return decision, but it was something I had looked forward to for
many years. Funny - both my mother and my ex-MIL were much more impressed
that I paid off the $53k left on the mortgage than that I had saved up enough to
make paying it off a financial non-event. I guess the mortgage was more real to
them than a big pile of stock.
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Old 07-11-2007, 01:18 PM   #6
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Excellent, Bow-Tie! I am jealous.

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Old 07-11-2007, 01:21 PM   #7
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Around 6.5%
Let the debates rage. I love the feeling!
Speaking as a mortgage arb, at that interest rate I think you win on both the financial & emotional sides.

Especially if that "around" word indicates "ARM"...
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Old 07-11-2007, 01:29 PM   #8
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CONGRATULATIONS!!! I got mine paid off just seven months ago, and I know what you mean - - it's an utterly delicious feeling!

What I really didn't expect is how fast the money has been piling up now that it is paid off.

You will find me smiling each month on the first of the month, when my payment was due.
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Old 07-11-2007, 01:40 PM   #9
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Congratulations, you can't beat that feeling of being debt free and living in your 'own" home.
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Old 07-11-2007, 01:57 PM   #10
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Paid mine off 12 years ago; a great feeling.
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Old 07-11-2007, 01:58 PM   #11
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Congrats! I know the feeling.....

We paid our mortgage off in March of last year and that decision we shall never regret.
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Old 07-11-2007, 04:25 PM   #12
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Congratulations. Looking forward to following in your foot steps.
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Old 07-11-2007, 05:47 PM   #13
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Congrats Bowtie,
We plan to have our home paid off next year. One thing I think really early retirees need to consider is the increased level of security one feels when that big debt is gone. Being 34 and no pension I know that my funds have to last at least 60 years. There's a lot that can happen in those 60 years and paying off the mortgage just helps absorb the bumps and bruises along the way.

Now our investment properties are a different animal.
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Old 07-11-2007, 06:40 PM   #14
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Hmm, I pulled money out in early 2001 and paid off my "cheap" 6.5% mortgage. And my girlfriends wifes.

Havent had one since. Dont want one. Thoroughly enjoying being able to invest and spend any damn way I want knowing that even the worst of worst times means I can tighten my belt a lot tighter than most people and live well.

Remember...this isnt a race where you have to beat the bear...just the other guy.
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Old 07-11-2007, 08:12 PM   #15
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Paid mine off 12 years ago; a great feeling.
I'm right behind you I haven't had a mortgage for 11 1/2 years.
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Old 07-11-2007, 08:31 PM   #16
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Paid ours off about 7 years ago .. no regrets at all. And considering that property taxes are on the rise, I'm just as happy not to have to deal with a mortgage, too.
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Old 07-11-2007, 08:44 PM   #17
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Congratulations! We just went under 20k left on ours. We hope to have it paid off very soon.
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Re: ba-bye house payment
Old 07-11-2007, 09:26 PM   #18
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Re: ba-bye house payment

I'm green with envy
I hope to be doing the same in a few more years.

Good job!
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Old 07-12-2007, 11:32 AM   #19
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A coworker of mine simply can't be phased, calm as a cucumber, no matter the troubles at work. His secret? No mortgage for 5 years. He lives in a parallel universe compared to the rest of us wage slaves! Congrats!


...just 18 years to go on mine....
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Old 07-12-2007, 12:03 PM   #20
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Quote:
Originally Posted by Nords View Post
Speaking as a mortgage arb, at that interest rate I think you win on both the financial & emotional sides.

Especially if that "around" word indicates "ARM"...
Nah... it was a 30 year fixed. We moved last November, and I had to give up my 15 year 4.375 loan.... . Oh well. All's well that ends well.


Quote:
Originally Posted by Arif View Post
Congrats Bowtie,
We plan to have our home paid off next year. One thing I think really early retirees need to consider is the increased level of security one feels when that big debt is gone. Being 34 and no pension I know that my funds have to last at least 60 years. There's a lot that can happen in those 60 years and paying off the mortgage just helps absorb the bumps and bruises along the way.
Absolutely. Being 31 with no pension, I heartily agree with your perspective. I love the flexibilty and the burden being removed.

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A coworker of mine simply can't be phased, calm as a cucumber, no matter the troubles at work. His secret? No mortgage for 5 years. He lives in a parallel universe compared to the rest of us wage slaves! Congrats!
...just 18 years to go on mine....
Yeah, but you're out there in San Diego in real estate la la land, and I'm in Iowa. That's a considerable difference. You'll get there, my man.


Now... if I could just ditch the wage slave gig. Then I could affix the non-stop grin.
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