PAID OFF THE MORTGAGE

[jcm71]

LOML and I paid of the mortgage yesterday 10 years early. Feels real good. What with the interest being paid up front and principle at the end of a loan, we only saved about $6600 in interest. But, hey, it's nice not to have to worry about that payment anymore.

 

[wiset1]

Awesome! We have our VERY FIRST payment in August....30 years to go

 

[ElMostro]

Congrats!
Here in Texas even if the mortgage is payed off the property taxes and insurance will eat you up...so you are never really mortgage free

 

[thewishman]

Congrats! That must be a good feeling.

 

[Buzzzz4]

Fantastic! You just gave yourself a raise. Congratulations!

 

[Drstrangefart]

I can only imagine. I hope to do that next time I buy a house. Last time wasn't so successful. Congratulations, that is on my bucket list.

 

[Chuck Key]

Awesome! We have our VERY FIRST payment in August....30 years to go

Same here. First payment Sept 1. 3.875% with -0.25% Points.

 

[jcm71]

Congrats!
Here in Texas even if the mortgage is payed off the property taxes and insurance will eat you up...so you are never really mortgage free

That's true, probably everywhere. My taxes here in TN will be due in one lump sum in the fall. Gotta plan for it. To all, if you can pay extra every month, applying it to the principle. It pays off in the long run.

 

[btboone]

Congratulations. It feels good to do it. I did it as well, and as long as we can pay taxes, the bottom can fall out of the economy, and we'll at least have a place to live! Peace of mind is one of those things that doesn't show up in the equations.

 

[MesquiteMan]

Congrats!

I too just did it a few months ago...sorta! Wife and I owned a mini-storage and sold it. We had enough equity in it to cover capital gains tax and still pay off the house. The only thing is, we owner financed about 1/2 of it. We are charging the same interest rate as our home loan and the payment from the buyer is more than our house payment. It is technically not paid off but it is in our eyes and will be truly in 7 years, maybe sooner. We are thinking about selling the loan to my Father-in-law so we can go ahead and cash out and truly pay it off. Feels good regardless! Normally we would still have 21 years on the note.

 

[PTsideshow]

Yes it does pay to get out from under it, if you can. About 6 years before I retired we started to pay it off to remove a big thing hanging over our head. And yes after wards you have to plan for the taxes and home owners insurance. But it still is a nice feeling to know, you always can tell the bank to stick it any time.
:clown:

 

[Glen Schumann]

To all, if you can pay extra every month, applying it to the principle. It pays off in the long run.

This is excellent advice.

 

[alamocdc]

Awesome!