Author Topic: Paid off mortgage!  (Read 12919 times)

Juslookin

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Paid off mortgage!
« on: January 28, 2015, 11:35:11 AM »
We are paying off our mortgage this week.  After dreaming and dreaming of this there are no words for how exciting it is.

I'm going to meet DH at the bank on his lunch hour to deliver the check and than we're going for celebratory ice cream!

It is very exciting to share this with a group of like minded folks (except of course those of you who think we should have invested the money :).  We are 43 years old and have just seen our net worth exceed $1,000,000 between our home value and our savings.  DH who worries about his job security is thrilled to see this expense gone.

Paying off our mortgage was the best thing we could have done.

brandino29

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Re: Paid off mortgage!
« Reply #1 on: January 28, 2015, 12:25:16 PM »
Time to buy a boat with all that extra cash!

juuuuust kidding. Congrats!

FIreDrill

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Re: Paid off mortgage!
« Reply #2 on: January 28, 2015, 12:26:29 PM »
Congrats!

Neustache

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Re: Paid off mortgage!
« Reply #3 on: January 28, 2015, 12:41:56 PM »
Congrats!  Hope to be in your position in 5 years or so!

Juslookin

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Re: Paid off mortgage!
« Reply #4 on: January 28, 2015, 01:24:43 PM »
Time to buy a boat with all that extra cash!

juuuuust kidding. Congrats!

I was thinking convertible.  :)

It's funny you should say that though because we used to say we were going to go on a smancy Caribbean second honeymoon.

Ehhh, maybe we will eventually but right now ice cream is the extent of our celebration. Looking more forward to building up our cash surplus for right now.

infogoon

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Re: Paid off mortgage!
« Reply #5 on: January 28, 2015, 01:25:33 PM »
Congratulations!

Numbers Man

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Re: Paid off mortgage!
« Reply #6 on: January 28, 2015, 01:31:49 PM »
Awesome!

Exflyboy

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Re: Paid off mortgage!
« Reply #7 on: January 28, 2015, 02:40:47 PM »
I remember this feeling well..

March 2003... I had the biggest smile on my face.

Almost as big as whenn I walked out of my abusive employer for the last time with a big fat check...:)

1967mama

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Re: Paid off mortgage!
« Reply #8 on: January 28, 2015, 04:00:31 PM »
Wow! What a great feeling that must be! Hope to have that same feeling ... someday!

Mortgage Free Mike

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Re: Paid off mortgage!
« Reply #9 on: January 28, 2015, 05:01:41 PM »
Love hearing these stories! It reminds me of my mortgage payoff every time and I get a smile across my face. Enjoy an extra scoop of ice cream for me!

Yankuba

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Re: Paid off mortgage!
« Reply #10 on: January 28, 2015, 07:25:21 PM »
Well done

We are one year behind

Lyngi

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Re: Paid off mortgage!
« Reply #11 on: January 28, 2015, 10:14:30 PM »
Three years for us.  I pay a little extra principle each month as well as saving cash.   

MicroRN

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Re: Paid off mortgage!
« Reply #12 on: January 29, 2015, 01:09:33 AM »
Great work!

Ryan90UK

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Re: Paid off mortgage!
« Reply #13 on: January 29, 2015, 03:10:08 AM »
Congrats! I plan to do the same by your age!

Cheddar Stacker

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Re: Paid off mortgage!
« Reply #14 on: January 29, 2015, 11:05:21 AM »
Congrats on your badass accomplishment. I don't plan to do the same by your age, but I respect the hell out of it. $1M and no mortgage at 43 is amazeballs.

pdxbator

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Re: Paid off mortgage!
« Reply #15 on: January 29, 2015, 11:22:21 AM »
That's great! I did that a few years back. What a relief that no matter what the house is paid for. It certainly has helped me to squirrel away more money each month for FIRE.

James

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Re: Paid off mortgage!
« Reply #16 on: January 29, 2015, 11:26:18 AM »
That's awesome! Great to hear!!!

sagebrushmama

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Re: Paid off mortgage!
« Reply #17 on: January 29, 2015, 11:29:56 AM »
Congrats!  We just paid ours off this week too, on a teacher's and biologist's salary, plus with two small kids!  Hubs and I were feeling smug until I pointed out we have a shitty house and a shitty car (almost no car, basically).  But, meh, no house payment!!!!!!!!! 

Juslookin

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Re: Paid off mortgage!
« Reply #18 on: January 29, 2015, 01:59:47 PM »
Thanks guys! I knew if anyone would appreciate it you all would.

Of course, because of the unwritten code in our social circles, "thou shall not discuss finances" it would be a taboo subject around here with friends.

We never thought we would get here either. It is a little surreal.

Of course we have some more work to do. A lot of our money is tied up in 401ks. So now we will be focusing on savings that are more liquid so that we can retire early. We're not focused on retiring now but we'd like to go early fifties so that we can enjoy the ride a little. We also have two kids close to college age and DH has always wanted to help our kids with college so we'll also be able to do that.

I have heard people say it's easier to sleep when their house is paid off, it's true, slept like a baby last night.

pdxbator

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Re: Paid off mortgage!
« Reply #19 on: January 29, 2015, 04:05:58 PM »
Of course, because of the unwritten code in our social circles, "thou shall not discuss finances" it would be a taboo subject around here with friends.

I mentioned that we paid off our house to my mother-in-law thinking she'd appreciate how diligent we are with our finances. Big mistake. Suddenly this is out to the entire family. At a family gathering cousin's wife then mentions how nice it must be to make all this money and have all this disposable cash in a really snarky way. You'd think people would be happy for us. Instead I found out that people are pretty angry they haven't done the same and may be years away from doing the same. Of course our house was inexpensive, we are frugal in many ways, have no children, and don't do 'weekend girls trips to the beach'.

I'd recommend keeping that info to yourself or on here. People are strange when they learn about your finances.

Money Badger

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Re: Paid off mortgage!
« Reply #20 on: January 29, 2015, 07:58:25 PM »
Juslookin,  Fantastic job by both of you!    The ice cream celebration is classic frugal "sweet success".   

We're 46 but starting to have friends who hit 50 who are getting "the diagnosis" for various unpleasantries so a job with time flexibility and benefits at the trade-off of lower salary is becoming more appealing.

Build that into the FI plan from here.

Davids

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Re: Paid off mortgage!
« Reply #21 on: January 29, 2015, 08:07:58 PM »
Congrats. I hope to be in your boat by the end of 2018.

Juslookin

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Re: Paid off mortgage!
« Reply #22 on: January 30, 2015, 06:29:47 AM »
Of course, because of the unwritten code in our social circles, "thou shall not discuss finances" it would be a taboo subject around here with friends.

I mentioned that we paid off our house to my mother-in-law thinking she'd appreciate how diligent we are with our finances. Big mistake. Suddenly this is out to the entire family. At a family gathering cousin's wife then mentions how nice it must be to make all this money and have all this disposable cash in a really snarky way. You'd think people would be happy for us. Instead I found out that people are pretty angry they haven't done the same and may be years away from doing the same. Of course our house was inexpensive, we are frugal in many ways, have no children, and don't do 'weekend girls trips to the beach'.

I'd recommend keeping that info to yourself or on here. People are strange when they learn about your finances.

I know exactly what you're talking about. My own parents were smart with their money, paid off house, retired early etc.  So when I met DH, whose family was not very well off, his sister immediately took my parents money to mean I had money.

 Ummm, nope, my parents don't believe in giving away their money, they still need it.  She made snarky comments for years after DH and I were married about implying our money was given to us.

For anyone who has worked for their money that is freakin offensive. We both worked full time, built our own house stopped at two kids (although I wouldn't have minded a houseful) and saved while she has made less than stellar choices as a single mom.

This cat will not be getting out of the bag, which is why I am happy to find this forum. Lots of people who think like we do, that's rare in the "real world".

MandalayVA

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Re: Paid off mortgage!
« Reply #23 on: January 30, 2015, 06:36:16 AM »
Welcome to the club!  We paid ours off in November.  Isn't it a great feeling to be debt-free?

OddOne

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Re: Paid off mortgage!
« Reply #24 on: January 30, 2015, 07:00:35 AM »
Congratulations! Savor that ice cream!

stashy

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Re: Paid off mortgage!
« Reply #25 on: January 30, 2015, 07:48:12 AM »
Great Job!!!

brandino29

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Re: Paid off mortgage!
« Reply #26 on: January 30, 2015, 08:09:00 AM »
Of course, because of the unwritten code in our social circles, "thou shall not discuss finances" it would be a taboo subject around here with friends.

I mentioned that we paid off our house to my mother-in-law thinking she'd appreciate how diligent we are with our finances. Big mistake. Suddenly this is out to the entire family. At a family gathering cousin's wife then mentions how nice it must be to make all this money and have all this disposable cash in a really snarky way. You'd think people would be happy for us. Instead I found out that people are pretty angry they haven't done the same and may be years away from doing the same. Of course our house was inexpensive, we are frugal in many ways, have no children, and don't do 'weekend girls trips to the beach'.

I'd recommend keeping that info to yourself or on here. People are strange when they learn about your finances.

I know exactly what you're talking about. My own parents were smart with their money, paid off house, retired early etc.  So when I met DH, whose family was not very well off, his sister immediately took my parents money to mean I had money.

 Ummm, nope, my parents don't believe in giving away their money, they still need it.  She made snarky comments for years after DH and I were married about implying our money was given to us.

For anyone who has worked for their money that is freakin offensive. We both worked full time, built our own house stopped at two kids (although I wouldn't have minded a houseful) and saved while she has made less than stellar choices as a single mom.

This cat will not be getting out of the bag, which is why I am happy to find this forum. Lots of people who think like we do, that's rare in the "real world".

We've had similar experiences, catching grief from my brother and his wife who frequently make somewhat snarky comments about having enough money to afford two houses.  The thing is, we paid $81k for our house and $65k for our rental while they paid $250k for their home.  Last year we were considering buying a second rental, again hearing their comments, I tried to make the point that even if we bought a third house, we'd still owe less in all than they do with their one home.  It didn't seem to sink in. 

B&T@AV

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Re: Paid off mortgage!
« Reply #27 on: January 30, 2015, 01:52:28 PM »
Congratulations!

« Last Edit: February 01, 2015, 09:59:37 PM by B&T@AV »

Juslookin

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Re: Paid off mortgage!
« Reply #28 on: January 30, 2015, 02:03:29 PM »
B&T@MN: thanks for your comments about college.  Discussing who's paying for college has become like talking politics sometimes, everybody has a very strong opinion.

It is a challenge to decide what to do with college. Although we have not begun the process it doesn't appear likely that my kids will qualify for student loans due to our income. Our decision is that we will pay for four years of college. It's funny but we just sat down last weekend with our kids and spelled out the rules.

We will pay for good grades anything below a C they pay for. We don't pay for the 5 year plan, we don't pay for graduate school, medical school or the like.  They will be debt free after four years and the rest is on them. They are responsible for their own spending money, I don't buy pizzas or spring breaks, I buy class's and books. They are responsible for getting summer jobs and saving their spending money. 

Hopefully setting the rules, explaining the rules and sticking to them will mean we come out the other side unscathed.  :)

happy

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Re: Paid off mortgage!
« Reply #29 on: January 30, 2015, 02:24:57 PM »
Congratulations on mortgage payoff.

B&T@AV

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Re: Paid off mortgage!
« Reply #30 on: January 30, 2015, 03:22:24 PM »
By the way... wife just called me at work and got the payoff faxed to her.  We should be good to go for a payoff date of Feb 6th!  YAHOO!  You beat us to the first million but we are going to try and beat you to the second million!  LOL
« Last Edit: February 01, 2015, 09:59:58 PM by B&T@AV »

Juslookin

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Re: Paid off mortgage!
« Reply #31 on: January 30, 2015, 04:28:27 PM »
B&T@AV:
I will race you to the second million. :)

I did not take your post as argumentative in the least. No worries.  I think there are as many ways to handle college expenses as there are kids. It's a topic I have found people to be very passionate about.

I'm sorry about the struggle with your daughter. We all just are trying to do the best we can. I hope for your families sake that she figures out the direction she is headed, it is so hard to watch them make mistakes.  So very hard.
« Last Edit: January 30, 2015, 05:13:39 PM by Juslookin »

80Westy

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Re: Paid off mortgage!
« Reply #32 on: January 30, 2015, 04:44:03 PM »
From a fellow 43 year old who is only half way to a million, and with a stupid mortgage balance, I want to congratulate you on your accomplishment.  You stuck to the path while being ridiculed.  You spent considerable mental energy coming up with the plan.  You made it happen.  Enjoy the moment, and the peace of mind that will follow forever.  Congratulations!

MsGuided

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Re: Paid off mortgage!
« Reply #33 on: March 11, 2015, 11:16:26 PM »
Justlookin--congrats!  It is great you can share this news in the MMM tribe, where others see the value in the sacrifices you've made and cheer you on and use your example to encourage their own MMM goals.  You've done great--modestly priced home and rental.  It is frustrating when non-frugal types tell you that you only got where you are b/c of (blah, blah, blah) advantage they are sure you had or dismiss the value of it.  I've experienced enough of these reactions that now I do keep my excitement and victories to myself.  That makes me a little sad, but, knowing my friends, telling them would add to the weirdness.

Also, I have two kids and college looms large.  We have modest savings for both of them and 4 and 6 years to save etc.  We're not 100% about how we'll approach it, but will certainly contribute as much as we've saved.  I think your approach sounds great.  It avoids the horrible entitlement syndrome and supports them in a constructive way that will put them in a good position for financial success as young adults.

Meggslynn

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Re: Paid off mortgage!
« Reply #34 on: March 12, 2015, 11:53:53 AM »
Congratulations!! That is so exciting :)

I hope to be in the same boat when I hit your age!!


yoga mama

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Re: Paid off mortgage!
« Reply #35 on: March 13, 2015, 12:50:27 PM »
Congrats!  What an amazing feeling!  I'm so glad you have a place to share your news here :)

fartface

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Re: Paid off mortgage!
« Reply #36 on: March 14, 2015, 04:33:16 PM »
Inspiring!

I'm about two years behind you. Our scheduled payoff date is Dec. 2017. I'm itching to just pull the trigger and be done w/our remaining $53,000 balance. I've got $50K in brokerage + $25K in stock + $10K+ cash...sometimes I just want to clear it altogether.

Our current payment is $1640 with $135/month going towards interest....hard to justify w/such a low interest rate draining most of my liquid assets. Until then, patiently waiting and faithfully paying.


SwordGuy

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Re: Paid off mortgage!
« Reply #37 on: March 14, 2015, 06:55:47 PM »
Bravo!   We paid our house off several years ago and it was (and still is!!) a wonderful feeling.

steveo

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Re: Paid off mortgage!
« Reply #38 on: March 15, 2015, 02:44:25 PM »
Well done. We hope to do that this year.

Juslookin

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Re: Paid off mortgage!
« Reply #39 on: March 15, 2015, 06:54:22 PM »
Thank you all.  I will say this, it's a good feeling to have it paid off....but I expected more....I don't know what...birds singing, a marching parade everyday, I don't know. I just expected more.

After working towards it for so long, I think you just expect more. Don't get me wrong, it is great, but in the real world you can't really tell anyone so you're kind of excited all by yourself. :)

Neustache

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Re: Paid off mortgage!
« Reply #40 on: March 16, 2015, 05:33:09 AM »
It's such a shame that we can't tell people in the real world.  If you got a new, better job you could probably share that, at least with loved ones.  My daughter knows that if we ever go to WDW it will be because we've paid off our mortgage.  I have no doubts she'll tell people and I won't stop her (she'll be around 11 when we pay it off - 4 years from now).  But yeah, can't think of anyone we can tell really where there won't be weird feelings.  Could maybe tell the in-laws, but then it's just weird because their son has a much higher paying job than his dad did.  But they are the most likely to be happy for us, but we don't know that we can risk telling them. 

 

Wow, a phone plan for fifteen bucks!