« previous next »
Pages: 1

Author Topic: I finally paid off my mortgage!!  (Read 4716 times)

dummy

  • 5 O'Clock Shadow
  • *
  • Posts: 36
I finally paid off my mortgage!!
« on: December 21, 2019, 01:09:01 PM »
Wow, does it feel amazing!

No more debt.

With sacrifices I was able to pay it off in 16 years.  Now what? Lol.
Logged

RWD

  • Walrus Stache
  • *******
  • Posts: 6610
  • Location: Arizona
Re: I finally paid off my mortgage!!
« Reply #1 on: December 21, 2019, 01:45:28 PM »
You could take out a home equity loan now and invest in index funds.
Logged

Life in Balance

  • Bristles
  • ***
  • Posts: 435
  • FIREd in 2019
Re: I finally paid off my mortgage!!
« Reply #2 on: December 21, 2019, 01:48:09 PM »
Congratulations on paying off your house!  Sticking to a goal for 16 years is impressive.
Logged

MrThatsDifferent

  • Handlebar Stache
  • *****
  • Posts: 2317
Re: I finally paid off my mortgage!!
« Reply #3 on: December 21, 2019, 02:35:36 PM »
Quote from: RWD on December 21, 2019, 01:45:28 PM
You could take out a home equity loan now and invest in index funds.

Lol
Logged

Serenity

  • 5 O'Clock Shadow
  • *
  • Posts: 19
Re: I finally paid off my mortgage!!
« Reply #4 on: December 21, 2019, 02:54:22 PM »
Congrats. I really don’t care what anyone says about the downside of mortgage payments versus other investments, it’s an amazing achievement and a huge psychological boost to know you have zero debt. I’m happy for you and envy you enormously. Well done!
Logged

dummy

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: I finally paid off my mortgage!!
« Reply #5 on: December 21, 2019, 03:33:12 PM »
Thanks guys!!

I know it is a hot button topic but I do not want to get back in debt and it is time to enjoy the life that I worked so hard to achieve.

Logged

Buffaloski Boris

  • Handlebar Stache
  • *****
  • Posts: 2121
Re: I finally paid off my mortgage!!
« Reply #6 on: December 21, 2019, 05:03:50 PM »
Congratulations! That’s a great milestone.

As for paying off debt being a “hot button” topic, I’d rather be controversial and out of debt.  Debt slavery is overrated.
Logged

May2030

  • 5 O'Clock Shadow
  • *
  • Posts: 59
Re: I finally paid off my mortgage!!
« Reply #7 on: December 21, 2019, 05:48:46 PM »
Give yourself a small reward then set up an automatic saving for your old mortgage payment. For me the extra money burned a hole in my  pocket.
Logged

Greenback Reproduction Specialist

  • Bristles
  • ***
  • Posts: 483
  • Location: Running barefoot thru Idaho mountains
Re: I finally paid off my mortgage!!
« Reply #8 on: December 21, 2019, 06:26:14 PM »
Congrats! I bet you made a lot of sacrifice to make that happen!

It's a great feeling :)
Logged

BFGirl

  • Pencil Stache
  • ****
  • Posts: 766
Re: I finally paid off my mortgage!!
« Reply #9 on: December 23, 2019, 09:55:35 AM »
Congratulations! It feels awesome to eliminate debt!
Logged

LoanShark

  • Stubble
  • **
  • Posts: 128
Re: I finally paid off my mortgage!!
« Reply #10 on: December 23, 2019, 02:16:09 PM »
Congrats! Now take that cash flow that you were using to retire debt and start plowing it into other investments.
Logged

moof

  • Pencil Stache
  • ****
  • Posts: 809
  • Location: Beaver Town Orygun
Re: I finally paid off my mortgage!!
« Reply #11 on: December 23, 2019, 02:36:29 PM »
Awesome!  Good job!
Logged

joshuagraham_xyz

  • 5 O'Clock Shadow
  • *
  • Posts: 58
Re: I finally paid off my mortgage!!
« Reply #12 on: December 23, 2019, 09:36:16 PM »
Quote from: MrThatsDifferent on December 21, 2019, 02:35:36 PM
Quote from: RWD on December 21, 2019, 01:45:28 PM
You could take out a home equity loan now and invest in index funds.

Lol
I don't see this as funny at all.  A home mortgage can be gotten at about 4-5%, and equity funds can do much better than that.  That said, I think the USA stock market is overpriced, but other markets in the world are priced very attractively.
Logged

Metalcat

  • Senior Mustachian
  • ********
  • Posts: 17615
Re: I finally paid off my mortgage!!
« Reply #13 on: December 24, 2019, 06:46:21 AM »
Quote from: dummy on December 21, 2019, 01:09:01 PM
Wow, does it feel amazing!

No more debt.

With sacrifices I was able to pay it off in 16 years.  Now what? Lol.

"Now what?" depends entirely on your goals.
Logged

Fishindude

  • Magnum Stache
  • ******
  • Posts: 3075
Re: I finally paid off my mortgage!!
« Reply #14 on: December 24, 2019, 07:16:23 AM »
Quote from: RWD on December 21, 2019, 01:45:28 PM
You could take out a home equity loan now and invest in index funds.

... or take the home equity loan money to casino and try your luck
Logged

ender

  • Walrus Stache
  • *******
  • Posts: 7402
Re: I finally paid off my mortgage!!
« Reply #15 on: December 24, 2019, 07:17:34 AM »
Congrats.

Logged

achvfi

  • Pencil Stache
  • ****
  • Posts: 542
  • Location: Midwest
  • Health is wealth
Re: I finally paid off my mortgage!!
« Reply #16 on: December 24, 2019, 10:46:16 AM »
Congratulations! Now put that increased cash flow to other bolster other investments.
Logged

Wrenchturner

  • Handlebar Stache
  • *****
  • Posts: 1341
  • Age: 36
  • Location: Canada
Re: I finally paid off my mortgage!!
« Reply #17 on: December 24, 2019, 12:07:17 PM »
Congrats!  Now this:

Quote from: achvfi on December 24, 2019, 10:46:16 AM
Congratulations! Now put that increased cash flow to other bolster other investments.
Logged

friedmmj

  • Bristles
  • ***
  • Posts: 429
  • Age: 57
  • Location: USA
Re: I finally paid off my mortgage!!
« Reply #18 on: December 24, 2019, 12:41:28 PM »
Congratulations!  I'm sure it feels wonderful!
Logged

Jonboyz

  • 5 O'Clock Shadow
  • *
  • Posts: 11
Re: I finally paid off my mortgage!!
« Reply #19 on: December 25, 2019, 09:25:05 PM »
Quote from: dummy on December 21, 2019, 01:09:01 PM
Wow, does it feel amazing!

No more debt.

With sacrifices I was able to pay it off in 16 years.  Now what? Lol.

Good job! Congratulations with your discipline and hard work.
Logged

Photograph 51

  • Guest
Re: I finally paid off my mortgage!!
« Reply #20 on: December 26, 2019, 05:07:29 AM »
Quote from: MrThatsDifferent on December 21, 2019, 02:35:36 PM
Quote from: RWD on December 21, 2019, 01:45:28 PM
You could take out a home equity loan now and invest in index funds.

Lol

When I told people that I had paid off my mortgage, several people's immediate response was that I should sell my house and use the money for a down payment for a "nicer" house in a "better" neighborhood.  Why in the world would I work so hard to pay off a debt just to get into another debt?  It made no sense to me.  Enjoy your paid off house- living without a mortgage is the gift that keeps on giving.
Logged

Mrs. Healthywealth

  • Bristles
  • ***
  • Posts: 430
Re: I finally paid off my mortgage!!
« Reply #21 on: December 28, 2019, 09:34:20 AM »
Congrats! Must be a great feeling. Hope you celebrated.
Logged

Fomerly known as something

  • Handlebar Stache
  • *****
  • Posts: 1642
  • Location: CA
Re: I finally paid off my mortgage!!
« Reply #22 on: December 28, 2019, 05:45:19 PM »
Quote from: Photograph 51 on December 26, 2019, 05:07:29 AM
Quote from: MrThatsDifferent on December 21, 2019, 02:35:36 PM
Quote from: RWD on December 21, 2019, 01:45:28 PM
You could take out a home equity loan now and invest in index funds.

Lol

When I told people that I had paid off my mortgage, several people's immediate response was that I should sell my house and use the money for a down payment for a "nicer" house in a "better" neighborhood.  Why in the world would I work so hard to pay off a debt just to get into another debt?  It made no sense to me.  Enjoy your paid off house- living without a mortgage is the gift that keeps on giving.

So you can have double the tax bill forever by moving up in house.  (Co-worker who lives in the same town as I do but in a "fancier" subdivision has almost double the tax bill that I do.  I actually am in the "better" HS.)
Logged

ColoAndy

  • Stubble
  • **
  • Posts: 102
  • Location: Colorado
Re: I finally paid off my mortgage!!
« Reply #23 on: December 30, 2019, 11:34:35 AM »
Congrats!  Would you mind sharing the particulars?  Amount? term? Rate?
Logged

dummy

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: I finally paid off my mortgage!!
« Reply #24 on: January 17, 2020, 12:44:29 AM »
Quote from: ColoAndy on December 30, 2019, 11:34:35 AM
Congrats!  Would you mind sharing the particulars?  Amount? term? Rate?

Not at all.

I started off at $325,000, got married about 5years later, then got a divorce which added an additional $85,000 to the loan.  30 year fixed, re-financed maybe 4 times? Not sure on the interest average but was market rate or maybe a bit better.
Logged

Bigjones

  • Stubble
  • **
  • Posts: 116
Re: I finally paid off my mortgage!!
« Reply #25 on: January 17, 2020, 10:30:01 AM »
Im beyond Jeleous and think you accomplished something great!  I wouldnt listen to the static. Personal Finance is full of PERSONAL decisions and i think you made a great one.  Im working hard and hope by Jan 2021 i also will be mortgage free! 
Logged

DireWolf

  • 5 O'Clock Shadow
  • *
  • Posts: 66
Re: I finally paid off my mortgage!!
« Reply #26 on: January 17, 2020, 10:30:13 AM »
Once you have it paid off, it’s such a massive shot in the arm towards FIRE. Your annual spending goes way down. Your savings goes way up. Knowing you have all that equity you can tap if you ever need to is great peace of mind. If I sold my home and used a SWR from the proceeds towards rent, it would barely cover a small apartment here.

I understand ownership doesn’t work for everyone, but has been terrific for me
Logged

bluebelle

  • Pencil Stache
  • ****
  • Posts: 647
  • Location: near north Ontario
Re: I finally paid off my mortgage!!
« Reply #27 on: January 17, 2020, 10:36:25 AM »
Quote from: achvfi on December 24, 2019, 10:46:16 AM
Congratulations! Now put that increased cash flow to other bolster other investments.
+1
this was my road to FI.   DH could understand paying off the mortgage, but wouldn't have bought in to saving 50%.....once he was used to living on 50%, I just quietly diverted the cash flow to savings.....

Logged

Bird In Hand

  • Pencil Stache
  • ****
  • Posts: 842
Re: I finally paid off my mortgage!!
« Reply #28 on: January 17, 2020, 11:45:49 AM »
Quote from: bluebelle on January 17, 2020, 10:36:25 AM
this was my road to FI.   DH could understand paying off the mortgage, but wouldn't have bought in to saving 50%.....once he was used to living on 50%, I just quietly diverted the cash flow to savings.....

Tee-hee!  I'd like to do something similar, but my wife is keenly aware of how much more disposable $$ we'll have once the mortgage is gone -- and she has lots of ideas on how to spend it!

It's not ideal from my POV because I'd really like more savings and less spending.  On the other hand, my wife's happiness is more important to me than having a rock-star savings rate.  It's a foregone conclusion that some of the $$ will go to things my wife values: remodeling around the house, longer family vacations, etc.  Fortunately we're already close to FI, so I can compromise on my desire for much higher savings rate without much impact on FI/RE.
Logged

Altons Bobs

  • Bristles
  • ***
  • Posts: 339
Re: I finally paid off my mortgage!!
« Reply #29 on: January 17, 2020, 03:27:39 PM »
I'm a little late to the party. Congrats!!! :-)
Logged

Focus_on_the_fire

  • Stubble
  • **
  • Posts: 120
Re: I finally paid off my mortgage!!
« Reply #30 on: January 17, 2020, 10:12:19 PM »
Congratulations! It's a great accomplishment. Kudos! This is my 2020 goal! :)
Logged
Pages: 1
« previous next »