Author Topic: Just paid the mortgage  (Read 1913 times)

Bartleby_the_Scrivener

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Just paid the mortgage
« on: February 17, 2019, 11:16:42 AM »
It took a few years, but my wife and I just paid the mortgage. I remember looking at the mountain of student loans and car loans back in February 2014 and thinking there was no way to pay that, but we did, and when we finished those, we didn't stop.

Onward!

SwordGuy

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Re: Just paid the mortgage
« Reply #1 on: February 17, 2019, 11:54:04 AM »
Bravo!

nereo

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Re: Just paid the mortgage
« Reply #2 on: February 17, 2019, 12:10:23 PM »
I paid my mortgage last month, and I'm going to pay it this month too!  I'm going to keep paying it as long as possible...

Dicey

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Re: Just paid the mortgage
« Reply #3 on: February 17, 2019, 01:21:09 PM »
I paid my mortgage last month, and I'm going to pay it this month too!  I'm going to keep paying it as long as possible...
Nereo, you are my hero!

To OP - are you US based or elsewhere?

beer-man

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Re: Just paid the mortgage
« Reply #4 on: February 17, 2019, 02:31:22 PM »
What was your original balance? Were you able to save for retirement along the way?
 Congrats!


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v8rx7guy

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Re: Just paid the mortgage
« Reply #5 on: February 17, 2019, 02:43:47 PM »
Congrats!  Don't let ^^these^^ Debbie Downers rain on your celebration.  Having a paid off mortgage is a huge accomplishment and is quite valuable for FIRE.

nereo

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Re: Just paid the mortgage
« Reply #6 on: February 17, 2019, 02:51:52 PM »
Congrats!  Don't let ^^these^^ Debbie Downers rain on your celebration.  Having a paid off mortgage is a huge accomplishment and is quite valuable for FIRE.

Yea, I really didn't mean to be a downer.  Congrats OP on getting your financial house in order.  I was just trying to be a little light-hearted, but i can see how it could interpreted differently. 

Bartleby_the_Scrivener

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Re: Just paid the mortgage
« Reply #7 on: February 17, 2019, 03:50:10 PM »
I paid my mortgage last month, and I'm going to pay it this month too!  I'm going to keep paying it as long as possible...
Nereo, you are my hero!

To OP - are you US based or elsewhere?

U.S.

Bartleby_the_Scrivener

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Re: Just paid the mortgage
« Reply #8 on: February 17, 2019, 03:53:21 PM »
I paid my mortgage last month, and I'm going to pay it this month too!  I'm going to keep paying it as long as possible...

Blah, blah, blah...I should have expected that someone just had to comment about that. Thanks. Although I didn't feel that explaining my exact financial circumstances that led me to the decision to pay the mortgage early was something anyone cared about, let's just say that I have completely valid non-financial reasons to settle for a lower rate of return. It's not the end of the world. I didn't go buy a Lexus or something.

nereo

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Re: Just paid the mortgage
« Reply #9 on: February 17, 2019, 04:09:20 PM »
I paid my mortgage last month, and I'm going to pay it this month too!  I'm going to keep paying it as long as possible...

Blah, blah, blah...I should have expected that someone just had to comment about that. Thanks. Although I didn't feel that explaining my exact financial circumstances that led me to the decision to pay the mortgage early was something anyone cared about, let's just say that I have completely valid non-financial reasons to settle for a lower rate of return. It's not the end of the world. I didn't go buy a Lexus or something.
see above (#4) - and congrats

BlueHouse

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Re: Just paid the mortgage
« Reply #10 on: February 17, 2019, 04:10:24 PM »
It took a few years, but my wife and I just paid the mortgage. I remember looking at the mountain of student loans and car loans back in February 2014 and thinking there was no way to pay that, but we did, and when we finished those, we didn't stop.

Onward!

Wow, from student loans and car loans and then just kept going!  That's terrific dedication and excellent that you guys were on the same page and did it together.  That's incredible and being debt free must feel so good.   

Congratulations and please enjoy the feeling without feeling as if you have to defend your decisions.  Great work!

highplainsdrifter

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Re: Just paid the mortgage
« Reply #11 on: February 17, 2019, 04:44:39 PM »
Congrats. Paying off a mortgage is some badassity at its finest.

I'm happy that my PMI will fall off within a couple months and drop $60 off my monthly mortgage rate.

Much Fishing to Do

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Re: Just paid the mortgage
« Reply #12 on: February 17, 2019, 05:12:27 PM »
Congrats! Thats awesome. 

A decade ago i paid off my home.   It made my expenses so low I felt I could get by on a low income for an indefinitely long time, which made me feel comfortable enough to leave my well paying ($150k/year) job and started a company even though I had a large family to support.

The past 3 years I made $400k, $600k, and $1M in profit and pretty much hit fatfire before I could even look up from the push.

I've now transitioned back to a part time consulting job that gives me something to do while I figure out whats next.

And on whether I really should have paid off this home or not...my answer in the end is just don't buy too much home.  My paid off home now represents less than 10% of my net worth, so whether its mortgaged or not it doesnt control me, or even effect me that much...

Bartleby_the_Scrivener

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Re: Just paid the mortgage
« Reply #13 on: February 17, 2019, 05:22:36 PM »
see above (#4) - and congrats

Sorry--I read that completely the opposite direction. There are a few ideologues on the forums when it comes to the question of paying down the mortgage, and I find them a little tiresome. My apologies. :)

Bartleby_the_Scrivener

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Re: Just paid the mortgage
« Reply #14 on: February 17, 2019, 05:25:23 PM »
What was your original balance? Were you able to save for retirement along the way?
 Congrats!
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I had a relatively small balance since I bought a 1000 sq. ft. home in a downscale neighborhood in a LCOL area in 2011. We're well under the median U.S. home price of $200k.

We have been funneling money into 401ks and IRAs as well.
« Last Edit: February 17, 2019, 05:27:25 PM by Bartleby_the_Scrivener »

Bartleby_the_Scrivener

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Re: Just paid the mortgage
« Reply #15 on: February 17, 2019, 05:29:49 PM »
A decade ago i paid off my home.   It made my expenses so low I felt I could get by on a low income for an indefinitely long time, which made me feel comfortable enough to leave my well paying ($150k/year) job and started a company even though I had a large family to support.

One of the main motivations for me is that I have more of a vision of working part time instead of complete FIRE. It will be easier for me to consult or start my own company with low monthly expenses.
« Last Edit: June 13, 2019, 08:26:48 PM by Bartleby_the_Scrivener »