ba-bye house payment

[bow-tie]

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.

 

[Sam]

[-]What was the interest rate of the mortage?[/-] Congratulations!

 

[bow-tie]

[-]What was the interest rate of the mortage?[/-] Congratulations!

Around 6.5%

Let the debates rage. I love the feeling!

 

[brewer12345]

Congrats! I am not quite willing to give up the cheap money on the mortgage, but I will probably eventually do the same.

 

[CyclingInvestor]

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.

 

[Coach]

Excellent, Bow-Tie! I am jealous.

Coach

 

[Nords]

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"...

 

[W2R]

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.

 

[Outtahere]

Congratulations, you can't beat that feeling of being debt free and living in your 'own" home.

 

[Khan]

Paid mine off 12 years ago; a great feeling.

 

[bbbamI]

Congrats! I know the feeling.....

We paid our mortgage off in March of last year and that decision we shall never regret.

 

[Darryl]

Congratulations. Looking forward to following in your foot steps.

 

[Arif]

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.

 

[cute fuzzy bunny]

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.

 

[Moemg]

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.

 

[VoyT]

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.

 

[AlmostDone]

Congratulations! We just went under 20k left on ours. We hope to have it paid off very soon.

 

[smileydog]

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

Good job!

 

[laurence]

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....

 

[bow-tie]

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.

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.

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.

 

[bssc]

Congratulations. We are aiming for November.

 

[saluki9]

Congrats Bow Tie.

I'm only 6 months into my 30 year mortgage, and I'm already dreaming of the day I pay it off.

 

[W2R]

Congrats Bow Tie.

I'm only 6 months into my 30 year mortgage, and I'm already dreaming of the day I pay it off.

Ouch! But that day can come faster than you think possible, if you keep striving for it and challenge yourself to conserve money for it. I never would have imagined that I could pay mine off in four years. You'll get there one day and wonder how anyone could ever pay P&I or rent.

It's even more wonderful than I ever dreamed. It's a taste of freedom.

 

[saluki9]

Ouch! But that day can come faster than you think possible, if you keep striving for it and challenge yourself to conserve money for it. I never would have imagined that I could pay mine off in four years. You'll get there one day and wonder how anyone could ever pay P&I or rent.

It's even more wonderful than I ever dreamed. It's a taste of freedom.

I know that I won't be paying this one off in 4 years. What I would like to do is get it down from it's current level (over 400K) to a more manageable one like I had on my previous condo.

 

[ERD50]

It was painful to write a check that big, but damn it feels good to be a little closer to being FI.

I know there is an emotional side to this debate for many, but I just don't get it.

How does moving money from one investment to another get you any closer to FI?

If you hit a bad stretch, you can pay the mortgage and your grocery bill from the money in your account. If you pay off the mortgage, no mortgage payment, but you can't eat your house.

Personally, I feel better with the money in a liquid account. Hey, if it makes you feel better, fine. I'm just not so certain you should be counting this as moving you closer to FI.

-ERD50 ( with a mort fixed at 5% for 5 years - then we will see)