Today I paid off my house!

[accountingsucks]

Sweet, good job man...I feel like a chump. I'm 32 and oh so close to having my mortgage paid off. It's sitting at 32K and I have 31K in a high interest account set aside to pay off the mortgage. Two more weeks and I'll be there. Actually I'll probably wait the 12 months until renewal because paying it off early means a 3 month prepayment penalty. Once that rolls around I can sock away every last red cent into my retirement plans and hopefully be FIRE at around 48...

 

[CyclingInvestor]

Congratulations. Very impressive at 29. I celebrated reaching FI 3 years ago at 46 by paying
mine off. Nice to be debt free.

 

[Breitling]

Thanks Guys!

My pre-penelty payment reset the same day my ARM went up a full 3%. In all, I only held the mortgage for 2 years and 10 days. Long enough for me!

Next months household bills: $350.00!

 

[Kate16]

Woohoo, that's great! Mine will be gone next summer at the 10 year point.

 

[macdaddy]

Congratulations! I imagine it must feel great. I can't bring myself to do this as the rate is low 5% fixed and I believe the market will return 10% or close to it. And there would still be property tax, utility bills anyway. But I do think it would be a great feeling to be debt free and a very impressive feat at your age!

 

[clifp]

I thought I was doing well to pay off my mortgage at 32, 29 is fantastic! congratulations. I always made the distinction when people would ask "do you own this house. " I use to say "well some but the bank owns most", it was nice to be able say yup free and clear.

Next goal Brietling is to beat my FIRE date 39 and 9 months.

 

[W2R]

I thought I was doing well to pay off my mortgage at 32, 29 is fantastic! congratulations. I always made the distinction when people would ask "do you own this house. " I use to say "well some but the bank owns most", it was nice to be able say yup free and clear.

Next goal Brietling is to beat my FIRE date 39 and 9 months.

I think 29 and 32 are BOTH fantastic! It took me until age 58 before I had a paid off house and I think you are both doing very well.

 

[ERD50]

I would pay off the mortgage in full. .... and wired the pay off balance to the mortgage holder.

Man did that feel good!

Congrats on being able to save/invest enough money to cover your mortgage at your age. Wow, that is an accomplishment!

On the flip side of the 'feel good' statement though - how do you feel when you look at the account balance at Fidelity, and see that it is down by that
mortgage amount?

I'm going to run the numbers when my rate is adjusted at the end of this year (it was fixed at 5% for five years), and that's the part I dread if I pay it off - less money in my account! I look at that account everyday!

-ERD50

 

[cute fuzzy bunny]

Next goal Brietling is to beat my FIRE date 39 and 9 months.

39 and 8 months But then, I sold it all at 74 so I had an edge.

Everyone's brave when we're in the 5th year of a bull market. I'll take the debt free 13.6% annualized return I've gotten since retiring in april 2000.

 

[audreyh1]

39 years, 9 months and 1 week. I'm behind!

Audrey

 

[tryan]

Congrats! Geez, 29 .... WOW!

I just can't bring myself to payoff a 4.875% fixed 15 year note.

 

[theloneranger]

Yes, at a low interest rate it is better to keep the money invested elsewhere and take the tax deduction.

 

[unclemick]

Hmmm - well heck, I thought it was amazing they gave me a new 30 year mortgage at age 62 - they're more optimistic than the IRS with their RMD who just 'know' I'm going to croak at 84.6.

Just kidding!

Congrats.

heh heh heh

 

[Calgary_Girl]

Congratulations!

We also paid off our mortgage early - I was 29 and DH was 31. I think we had our mortgage for a record of 2 MONTHS. Since then, we've been socking away what would have been our mortgage payment into after-tax investments to get out of the rat race ASAP.