Author Topic: Paid off mortgage  (Read 6051 times)

mobileagent

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Paid off mortgage
« on: September 03, 2015, 12:40:15 PM »
We have taken a big step today by paying off our mortgage. It is such a great feeling to not owe anything to the Bank and be completely debt free. We feel blessed to own a house outright at our age (~40), that is worth about $1M. It now lowers the monthly cash flow needs significantly, which further reduces any stress or uncertainties about jobs. We are planning to aggressively save and invest with the extra cash flow until we have sufficient funds to be financially independent. This blog and forum has been a huge inspiration to us. Thank you.

fiveoh

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Re: Paid off mortgage
« Reply #1 on: September 03, 2015, 12:53:28 PM »
Congrats!  Awesome accomplishment.  I hope to do the same in the next few years.

tonysemail

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Re: Paid off mortgage
« Reply #2 on: September 03, 2015, 01:18:31 PM »
Congratulations! 

seemsright

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Re: Paid off mortgage
« Reply #3 on: September 03, 2015, 01:22:57 PM »
it is pretty cool...we did this a few weeks ago.

congrats.

Friar

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Re: Paid off mortgage
« Reply #4 on: September 03, 2015, 01:26:18 PM »
Congratulations. We're working on getting our first house soon, so we have many years to go to be in your shoes!

mobileagent

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Re: Paid off mortgage
« Reply #5 on: September 03, 2015, 01:49:41 PM »
Thanks everyone! The feeling of freedom is starting to sink in. Now, we have to make sure that we stay focused on saving and investment without inflating the lifestyle.

Heckler

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Re: Paid off mortgage
« Reply #6 on: September 03, 2015, 06:22:25 PM »
10 biweekly payments left for us, and Im literally tingling in anticipation!   Congrats!

Lady Fordragon

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Re: Paid off mortgage
« Reply #7 on: September 04, 2015, 10:08:36 AM »
Congrats!  It is definitely an awesome feeling.

Debts_of_Despair

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Re: Paid off mortgage
« Reply #8 on: September 04, 2015, 05:42:51 PM »
So awesome! I hope to follow you in a few months.

marty998

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Re: Paid off mortgage
« Reply #9 on: September 04, 2015, 05:46:43 PM »
ooh ahh well done. I'm nearly there too. 11 days to go.

Tick Tock...

clarkfan1979

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Re: Paid off mortgage
« Reply #10 on: September 05, 2015, 08:05:30 PM »
word.

SwordGuy

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Re: Paid off mortgage
« Reply #11 on: September 05, 2015, 08:53:22 PM »
Congrats to all of you who've paid off your mortgages!

MrsPrettyInPink

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Re: Paid off mortgage
« Reply #12 on: September 05, 2015, 08:56:17 PM »
That is awesome!  I'm sure coming home and turning the key will have a different feel from this moment forward!

mr_orange

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Re: Paid off mortgage
« Reply #13 on: September 05, 2015, 08:58:39 PM »
Congratulations!  I am hoping to pay ours off in the coming 2-3 years.  It seems like a great thing for your peace of mind to have it paid in full even though it is sub-optimal financially in most cases. 

MakingSenseofCents

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Re: Paid off mortgage
« Reply #14 on: September 07, 2015, 12:13:55 PM »
Congrats! That is awesome!

Lady Fordragon

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Re: Paid off mortgage
« Reply #15 on: September 10, 2015, 10:43:11 AM »
Congratulations!  I am hoping to pay ours off in the coming 2-3 years.  It seems like a great thing for your peace of mind to have it paid in full even though it is sub-optimal financially in most cases.

Completely agree!  My husband and I paid off ours almost two years ago even though we could have gotten a better ROI from the stock market.  There's just that peace of mind that makes it all worthwhile.  :-)

Bajadoc

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Re: Paid off mortgage
« Reply #16 on: September 10, 2015, 08:06:47 PM »
After paying off our mortgage we continued to pay "rent" to ourselves in the same amount as the mortgage. We still do. I am trying to get up enough nerve to raise the "rent" on the wife. I would hate to foreclose on her.

Lady Fordragon

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Re: Paid off mortgage
« Reply #17 on: September 11, 2015, 08:06:33 AM »
After paying off our mortgage we continued to pay "rent" to ourselves in the same amount as the mortgage. We still do. I am trying to get up enough nerve to raise the "rent" on the wife. I would hate to foreclose on her.

Haha.  I love this idea!  Great way to save some extra money.

acroy

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Re: Paid off mortgage
« Reply #18 on: September 11, 2015, 08:24:57 AM »
congratulations!!
We're in a position to pay off the mortgage, but the money is costing us net about 3% (after taxes) while earning long-term 8.x% in investments. So as good as 'no mortgage' sounds, we're still paying.

nora

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Re: Paid off mortgage
« Reply #19 on: September 14, 2015, 02:41:03 AM »
That's fantastic. I hope to join you in February!

cheddarpie

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Re: Paid off mortgage
« Reply #20 on: September 30, 2015, 03:13:05 PM »
Awesome, awesome, awesome. Congratulations!!

ozbeach

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Re: Paid off mortgage
« Reply #21 on: October 01, 2015, 12:00:20 AM »
Thanks everyone! The feeling of freedom is starting to sink in. Now, we have to make sure that we stay focused on saving and investment without inflating the lifestyle.

Paying off my mortgage got my started on the road to ER. I just continued with the spending budgets I had set, and the mortgage payments went into investments instead.

I understand all the arguments for not paying a mortgage, especially with the low interest rates you have in the US, but isn't it the best feeling in the world!

asauer

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Re: Paid off mortgage
« Reply #22 on: October 02, 2015, 06:53:58 AM »
Wow!  Congratulations.  I hope to be only a year behind you!

clarkfan1979

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Re: Paid off mortgage
« Reply #23 on: October 18, 2015, 10:51:59 AM »
Paying off the mortgage is more about emotion than numbers. However, emotion often drives behavior.