Bye bye Mortgage

[dess1313]

Through a small windfall, and some nice planning i will be free of my Mortgage in July of this year.  I'm 30.

I bought when the market crashed 6-7 years ago, bought a fixer uper, and did a ton of DIY work fixing it up to be what it is today.  Value has probably gone up 60% with all the updates and fixes.  I did get lucky in that way i was able to buy very low.

I could have stuck it out on the 25 year mortgage and spent spent spent the rest, but i kept my payments fairly high, and now with the end in sight (about 2-3 years still) I have decided to lump sum the rest to death.  (I picked a mortgage with good repayment abilities for this reason) 

This give me more flex for my next hurdle which will be car related.  Time for my little corolla to retire at 18yrs old.  Already been saving for this for a while. 

Now to reboost my savings with my previous mortgage amount.  Starting my MMM style path. 

[Two9A]

Yes! This is more or less exactly the path I'm taking. I started out a few years ago with three mortgages, a personal loan and CCs; now I'm down to two mortgages (having sold a property) and aggressively throwing money at them.

You'll be surprised how much money you have left over per month when your repayments are no longer a factor.

[Farmgirl]

Congratulations!  Only 23 more payments for us, and I can't wait!

[Exflyboy]

Congrats.. I remember the last payment I made on mine back in 2003.. At that point my liquid NW was zero (paid off house was worth about $250k).

Since then I kept saving and became FI a couple of years ago.

Your rate of saving starts snowballing without a house payment so keep going..:)

[NearlyThere]

Outstanding. It's the biggest achievement we've had to date (Mortgage free at 30) and certainly makes the monthly bills more manageable

While on paper it wasn't the best investment, because we paid it off so quickly the difference was only a few hundred vs investing. Mentally it means everything to us

[Fastfwd]

I paid my mortgage in 9 years and then went on a luxury spending spree for a few months. Learn from my mistake and get that extra money to work now.

[h2ogal]

Congrats!   Many Mustachians dont put a big value on living mortgage-free, but for us it was worth it to pay the house off.  I feel I have a lot less stress in my life than most people and not having any debt at all is HUGE.

I agree with FastFwd - be careful of lifestyle creep.  Have you decided how you will invest the extra cash each month?

[Exflyboy]

I paid my mortgage in 9 years and then went on a luxury spending spree for a few months. Learn from my mistake and get that extra money to work now.

Hah.. After my last payment I was desperate for some tools.. just a ratchet and some hex sockets.. All came to $35.. I almost put them back as I could barely be so frivolous in wasting money "like that" on myself...:)

[Cassie]

WE also love having our home paid for.Congrats on doing it so young!

[dess1313]

Its going to go straight into long term savings. Might take one month a year to do something special with, but i need to up my TFSA savings now.  Been very focused on getting this done and my car savings up since that's next on my list of to do's, (and especially since that's what i raided to finish this monster off)  I didn't want both payments on my plate at the same time. 

I've been working on reducing my lifestyle creep that's semi happened. Nothing horrendous unless i was comparing direct to what i read about MMM.  I've cut cable this year, working on trimming the budget and sticking to it better.  I've followed a lot of Gail VazOxlade's books and shows which has helped keep me on track decently so far.  Now looking around and trying to learn more new good habits.

[mandy_2002]

Through a small windfall, and some nice planning i will be free of my Mortgage in July of this year.  I'm 30.
.....
Now to reboost my savings with my previous mortgage amount.  Starting my MMM style path.

Great job!  I'd say with your aggressive payment approach, you're already on the path.  Stay strong and live well! 

[My Own Advisor]

Congrats!!!

We hope to be mortgage free in another 5-7 years as we build up our stock war chest.

[Frugalite]

That's great! I salute you, fellow mustachian!

[Tami1982]

That's awesome!  I can't wait to get started.  Congratulations!!

[richgirlfinance]

That's amazing! My SO is about two months away from paying of the last of his student loans and then we're going (nearly) all-in on the house. Can't imagine how great it must feel...congrats!