 |
|
Paid off the mortgage this week
09-03-2009, 07:06 PM
|
#1
|
|
Recycles dryer sheets
Join Date: Apr 2007
Posts: 491
|
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  .
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
09-03-2009, 07:20 PM
|
#2
|
|
Moderator Emeritus
Join Date: Sep 2007
Posts: 17,774
|
What, without consulting us? Then I only have one thing to say--Congratulations!
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
|
|
|
|
|
09-03-2009, 07:34 PM
|
#3
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
|
Thanks for joining us. (and for being brave enough to post). Hurray!
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
|
|
|
|
|
09-03-2009, 07:35 PM
|
#4
|
|
Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
|
As Bobby McFerrin said, " ".
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
|
|
|
|
|
09-03-2009, 07:37 PM
|
#5
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
|
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!!! 
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
|
|
09-03-2009, 07:38 PM
|
#6
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
|
Welcome to the world of Debt Free and the financial peace it brings. Optimal money move or not, it sure feels good!
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
|
|
|
|
|
09-03-2009, 07:43 PM
|
#7
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
|
I'm gonna have to go out and get a home equity loan to counteract this tear in the Universe.
|
|
|
|
|
09-03-2009, 07:44 PM
|
#8
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
|
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.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
|
|
|
|
|
09-03-2009, 08:16 PM
|
#9
|
|
Recycles dryer sheets
Join Date: Mar 2009
Posts: 357
|
 Quote:
Originally Posted by Culture
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.
|
|
|
|
|
09-03-2009, 08:26 PM
|
#10
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2008
Location: Naples
Posts: 2,179
|
Quote:
Originally Posted by Culture
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.
|
|
|
|
|
09-03-2009, 08:27 PM
|
#11
|
|
Full time employment: Posting here.
Join Date: Jul 2007
Posts: 500
|
Congratulations! Technical analysis aside its the move we made also and have never regretted it.
__________________
Worked the plan and now living the Dream!
|
|
|
|
|
09-03-2009, 08:27 PM
|
#12
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,296
|
This thread deserves the double dancing banana.... 
Another early mortgage payer offer here too.  Congratulations!
__________________
There's no need to complicate, our time is short..
|
|
|
|
|
09-03-2009, 09:09 PM
|
#13
|
|
Full time employment: Posting here.
Join Date: Jul 2008
Posts: 619
|
 Congrats and WOO HOOOOO!!!
|
|
|
|
|
09-03-2009, 09:18 PM
|
#14
|
|
Recycles dryer sheets
Join Date: Jan 2006
Posts: 346
|
Congrats. I'm in the same boat as I paid it off last year at 33
|
|
|
|
|
09-03-2009, 10:30 PM
|
#15
|
|
gone traveling
Join Date: May 2008
Posts: 3,864
|
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... 
|
|
|
|
|
09-03-2009, 10:39 PM
|
#16
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
|
Quote:
Originally Posted by accountingsucks
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.
|
|
|
|
|
09-04-2009, 04:55 AM
|
#17
|
|
Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,602
|
Congrats! I don't care what the other side says, the peace of mind from being debt free is hard to beat.
|
|
|
|
|
09-04-2009, 06:23 AM
|
#18
|
|
Moderator
Join Date: Sep 2006
Posts: 4,066
|
Congrats! Can't wait to experience that day myself. We have about 5 yrs left to go on our mortgage.
__________________
simple girl
less stuff, more time
(55, married; Mr. Simple Girl, 59. FIRED 12/31/19!)
|
|
|
|
|
09-04-2009, 07:49 AM
|
#19
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Posts: 6,506
|
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.
__________________
There must be moderation in everything, including moderation.
|
|
|
|
|
09-04-2009, 08:10 AM
|
#20
|
|
Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,346
|
Welcome to the club! There's nothing in the world like the feeling that you don't owe anybody anything.
__________________
When I was a kid I wanted to be older. This is not what I expected.
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
