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07-11-2007, 11:13 AM
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#1
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Full time employment: Posting here.
Join Date: Mar 2004
Posts: 688
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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. 
__________________
Diggin' my way to financial freedom, one buck-at-a-time
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07-11-2007, 11:27 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 2,155
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What was the interest rate of the mortage? Congratulations!
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07-11-2007, 11:37 AM
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#3
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Full time employment: Posting here.
Join Date: Mar 2004
Posts: 688
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__________________
Diggin' my way to financial freedom, one buck-at-a-time
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07-11-2007, 11:38 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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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.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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07-11-2007, 12:06 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,708
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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.
__________________
learn, work, save, invest, fire
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07-11-2007, 12:18 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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Excellent, Bow-Tie! I am jealous.
Coach
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07-11-2007, 12:21 PM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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 Quote: 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"...
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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07-11-2007, 12:29 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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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.
__________________
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!
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07-11-2007, 12:40 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2005
Posts: 1,677
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Congratulations, you can't beat that feeling of being debt free and living in your 'own" home.
__________________
Dogs aren't our whole lives, but they make our lives whole. - Roger Caras
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07-11-2007, 12:57 PM
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#10
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Gone but not forgotten
Join Date: Aug 2006
Posts: 6,924
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Paid mine off 12 years ago; a great feeling.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
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07-11-2007, 12:58 PM
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#11
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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
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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.
__________________
There's no need to complicate, our time is short..
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07-11-2007, 03:25 PM
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#12
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Full time employment: Posting here.
Join Date: Mar 2007
Posts: 577
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Congratulations. Looking forward to following in your foot steps.
__________________
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
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07-11-2007, 04:47 PM
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#13
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Full time employment: Posting here.
Join Date: Jun 2005
Posts: 761
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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.
__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
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07-11-2007, 05:40 PM
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#14
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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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.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-11-2007, 07:12 PM
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#15
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Quote:
Originally Posted by Khan
Paid mine off 12 years ago; a great feeling.
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I'm right behind you I haven't had a mortgage for 11 1/2 years.
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07-11-2007, 07:31 PM
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#16
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Recycles dryer sheets
Join Date: Feb 2005
Posts: 445
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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.
__________________
"Coffee: the finest organic suspension ever devised." -- Kathryn Janeway
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07-11-2007, 07:44 PM
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#17
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Recycles dryer sheets
Join Date: Oct 2006
Posts: 92
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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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07-11-2007, 08:26 PM
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#18
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Recycles dryer sheets
Join Date: Feb 2007
Posts: 193
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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!
__________________
Oh Look, a squirrel!
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07-12-2007, 10:32 AM
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#19
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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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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07-12-2007, 11:03 AM
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#20
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Full time employment: Posting here.
Join Date: Mar 2004
Posts: 688
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Quote:
Originally Posted by Nords
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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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
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.
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Absolutely. Being 31 with no pension, I heartily agree with your perspective. I love the flexibilty and the burden being removed.
Quote:
Originally Posted by laurencewill
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.
__________________
Diggin' my way to financial freedom, one buck-at-a-time
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