Author Topic: I paid my mortgage off today!! (Read 7708 times)

1lillith · « **on:** March 30, 2023, 10:55:36 AM »

I just wanted to share with the MMM community - I'm 48 and have been following the MMM blog since inception. It feels so good to hit the goal, finally!!!

Dogastrophe · « **Reply #1 on:** March 30, 2023, 11:08:11 AM »

Congrats!

JupiterGreen · « **Reply #2 on:** March 30, 2023, 12:12:56 PM »

I remember that amazing feeling, congratulations time to celebrate!

LifeHappens · « **Reply #3 on:** March 30, 2023, 12:17:15 PM »

Congratulations!! What an awesome milestone.

GardenBaker · « **Reply #4 on:** March 30, 2023, 01:51:09 PM »

Congratulations!!!

1lillith · « **Reply #5 on:** March 30, 2023, 02:45:50 PM »

Thanks everyone! It really is a nice feeling. I will be sure to celebrate. :) CHEERS to continuing the MMM lifestyle.

cupcakery · « **Reply #6 on:** March 31, 2023, 06:07:20 AM »

Congratulations!

Omy · « **Reply #7 on:** March 31, 2023, 06:22:05 AM »

Congrats...but don't tell anybody at the DPOYM club!

uniwelder · « **Reply #8 on:** March 31, 2023, 08:40:15 AM »

Congratulations! If you don't have one already, consider getting a HELOC. I know borrowing rates are high now, but you don't need to actually use it. HELOC's are nice to keep around in your back pocket just in case.

StarBright · « **Reply #9 on:** March 31, 2023, 09:07:58 AM »

congrats!! I hope you have a lot of peace and happiness from having this taken care of :)

Sandi_k · « **Reply #10 on:** March 31, 2023, 09:12:38 AM »

Congrats! That's huge!

cincystache · « **Reply #11 on:** March 31, 2023, 11:08:36 AM »

That's amazing! Great job

gooki · « **Reply #12 on:** March 31, 2023, 11:36:10 AM »

Fuck yeah.

DrinkCoffeeStackMoney · « **Reply #13 on:** March 31, 2023, 04:45:26 PM »

Congratulations!

Anette · « **Reply #14 on:** April 01, 2023, 02:08:51 AM »

Congratulations!
I imagine feelings of relief and freedom

kindoflost · « **Reply #15 on:** April 01, 2023, 06:44:28 AM »

Congratulations!
What plans for the "extra income"?

LeftA · « **Reply #16 on:** April 01, 2023, 06:56:25 AM »

Congratulations! I can imagine how amazing it feels.

I’m not far away. 2.5 months to go for me. Can’t wait!

RWD · « **Reply #17 on:** April 01, 2023, 08:28:24 AM »

Quote from: Omy on March 31, 2023, 06:22:05 AM

Congrats...but don't tell anybody at the DPOYM club!

>.>

mspym · « **Reply #18 on:** April 01, 2023, 02:55:04 PM »

Congratulations!

sisto · « **Reply #19 on:** April 01, 2023, 03:37:22 PM »

Congratulations! We paid ours off almost a year ago and it still feels amazing to have zero debt.

calimom · « **Reply #20 on:** April 01, 2023, 08:48:04 PM »

Well done! I am looking at making a similar post, at basically your age.

How will you invest the $$ you currently were allocating toward your mortgage?

ca-rn · « **Reply #21 on:** April 01, 2023, 09:13:56 PM »

OP, CONGRATS!!!!!!!

Must feel amazing!!!!!!!!!

I'm resisting paying extra principle to accelerate banishing the mortgage. Extra funds are being thrown into index funds BUT plan to pay off remaining balance once RE date is set!

Congrats again!

jinga nation · « **Reply #22 on:** April 19, 2023, 06:26:43 AM »

Congratulations on getting rid of that rock on your back. Sleep well and sleep long!

Just Joe · « **Reply #23 on:** August 01, 2023, 12:57:04 PM »

You're free of that ball and chain. Enjoy it!

Cozzmo · « **Reply #24 on:** October 04, 2023, 12:47:38 PM »

Congratulations,
For me, that is when my finances really took off!
I could then feel more confident to apply money to other more lucrative investments.

erp · « **Reply #25 on:** October 05, 2023, 02:11:39 PM »

Congratulations! That's amazing

jnw · « **Reply #26 on:** October 07, 2023, 03:38:41 AM »

Quote from: 1lillith on March 30, 2023, 10:55:36 AM

I just wanted to share with the MMM community - I'm 48 and have been following the MMM blog since inception. It feels so good to hit the goal, finally!!!

Congratulations! So are you 100% debt free now? :)

Louise · « **Reply #27 on:** October 07, 2023, 09:18:17 AM »

That's awesome! We've always enjoyed being mortgage free. I can't say that we've always saved/invested that mortgage payment every month though lol.

REatc · « **Reply #28 on:** October 08, 2023, 02:14:26 PM »

What was your strategy in paying it off? Just pay extra over time, invest until you had enough for a lump sum, both? How long did it take? Trying to find tips from real life examples from those who pay their mortgages off

uniwelder · « **Reply #29 on:** October 09, 2023, 11:40:51 AM »

Quote from: REatc on October 08, 2023, 02:14:26 PM

What was your strategy in paying it off? Just pay extra over time, invest until you had enough for a lump sum, both? How long did it take? Trying to find tips from real life examples from those who pay their mortgages off

My wife and I paid off a mortgage that was at 6.75% about 6 years ago. We probably had about 30k left on the principle. In general, you want to do it as a lump sum because if anything goes wrong with your finances--- unemployment, sickness, etc, the money you've paid toward the mortgage isn't readily accessible and the bank won't forgive nonpayment even though you've already put forth extra. You might as well save it somewhere that you'll hopefully be getting more than what the mortgage interest costs, and then pay the mortgage off all at once.

jnw · « **Reply #30 on:** October 09, 2023, 01:07:04 PM »

Quote from: REatc on October 08, 2023, 02:14:26 PM

What was your strategy in paying it off? Just pay extra over time, invest until you had enough for a lump sum, both? How long did it take? Trying to find tips from real life examples from those who pay their mortgages off

I'm getting 15%+ return holding onto the cash and churning bank accounts with it. Going to save up a $50k churning fund then I guess start paying off home. Home interest is around 4.5%. I owe around $40k.

Must_ache · « **Reply #31 on:** October 24, 2023, 08:15:59 AM »

My mortgage is at 2.625% so there's no way I'm paying it off right now, I would LOSE money.
I have a balance of $50K and by putting it in 5% short-term risk-free T-bills instead of paying the mortgage off, I am getting an extra $1,200+/yr.

grantmeaname · « **Reply #32 on:** October 24, 2023, 08:55:33 AM »

I'm jealous. I have a 5% 15 year... Would have been almost 6% if I went for 30. And rates are two points higher today (11 months later). At that rate, it's a riskless better-than-stock-market return. No brainer.

kindoflost · « **Reply #33 on:** October 25, 2023, 05:20:40 AM »

Quote from: uniwelder on October 09, 2023, 11:40:51 AM

Quote from: REatc on October 08, 2023, 02:14:26 PM
What was your strategy in paying it off? Just pay extra over time, invest until you had enough for a lump sum, both? How long did it take? Trying to find tips from real life examples from those who pay their mortgages off

My wife and I paid off a mortgage that was at 6.75% about 6 years ago. We probably had about 30k left on the principle. In general, you want to do it as a lump sum because if anything goes wrong with your finances--- unemployment, sickness, etc, the money you've paid toward the mortgage isn't readily accessible and the bank won't forgive nonpayment even though you've already put forth extra. You might as well save it somewhere that you'll hopefully be getting more than what the mortgage interest costs, and then pay the mortgage off all at once.

good point on the lump sum, you can pay all the capital you want but if you miss a payment you are screwed. this is the reason I never paid extra. Now I have about 4 years left on my 4 mortgages and I wonder if the bank would "entertain" giving me a "bonus" for paying it off considering I pay between 3% and 3.87% on them. They could do the math and free up that money to start making 7 or 8% on it. I did some googling but couldn't find anything close.

J.P. MoreGains · « **Reply #34 on:** October 25, 2023, 07:57:24 AM »

That's awesome! It has to feel great!

TimCFJ40 · « **Reply #35 on:** December 13, 2023, 01:37:19 PM »

Congrats! We paid off our ...GASP... 3.25% mortgage earlier this year. Sure, we could have made a bit of money otherwise investing those funds, but we're now putting $2500/mo automatically into VTSAX. On top of that, the feeling of having VERY LOW minimum spending needs per month is very freeing. It put us in the situation where we could theoretically live off of my DW's 18 hr/week part time job if we needed/wanted to.

News:

Author Topic: I paid my mortgage off today!! (Read 7708 times)