I did it and feel great about it (paid off mortgage)

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gasdoc
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Re: I did it and feel great about it (paid off mortgage)

Post by gasdoc » Thu Aug 24, 2017 7:34 pm

Nice work!!!! Now what will you say when your colleagues talk about their mortgage payment? Nothing, of course.

gasdoc

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White Coat Investor
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Re: I did it and feel great about it (paid off mortgage)

Post by White Coat Investor » Thu Aug 24, 2017 7:40 pm

Steven in NC wrote:
Tue Aug 22, 2017 2:19 pm
I have been on the emotional seesaw for years about paying off the mortgage. Simple math tells all of us that it it best to keep a mortgage and invest. The emotional side of that equation tells us (me, at least) that being mortgage free is something that I really needed to experience. So I did it.

Yesterday I took my cash (that was at Ally at 1.1%) and some of my gains from the sustained bull market and paid it off.

I did it. I can't believe I actually did it but I did and I feel awesome. Now I have $1500/month free cash flow to rebuild my cash position or splurge on a cruise and the deed on my $400K home in the mail.

Just wanted to share with someone!
Congratulations! I paid mine off this summer as well after waffling about it for a couple of years.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

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MichaelRpdx
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Re: I did it and feel great about it (paid off mortgage)

Post by MichaelRpdx » Thu Aug 24, 2017 7:48 pm

It is a great feeling isn't it?
We paid ours off on May 1. Each month it feels better.
Be Appropriate && Follow Your Curiosity

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gasdoc
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Re: I did it and feel great about it (paid off mortgage)

Post by gasdoc » Thu Aug 24, 2017 7:49 pm

White Coat Investor wrote:
Thu Aug 24, 2017 7:40 pm
Steven in NC wrote:
Tue Aug 22, 2017 2:19 pm
I have been on the emotional seesaw for years about paying off the mortgage. Simple math tells all of us that it it best to keep a mortgage and invest. The emotional side of that equation tells us (me, at least) that being mortgage free is something that I really needed to experience. So I did it.

Yesterday I took my cash (that was at Ally at 1.1%) and some of my gains from the sustained bull market and paid it off.

I did it. I can't believe I actually did it but I did and I feel awesome. Now I have $1500/month free cash flow to rebuild my cash position or splurge on a cruise and the deed on my $400K home in the mail.

Just wanted to share with someone!
Congratulations! I paid mine off this summer as well after waffling about it for a couple of years.
It's about time you came around!!!

gasdoc

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cfs
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Re: I did it and feel great about it (paid off mortgage)

Post by cfs » Sat Mar 24, 2018 8:47 pm

Steven in NC wrote:
Tue Aug 22, 2017 2:19 pm
. . .I did it. I can't believe I actually did it but I did and I feel awesome . . .
I am reading this old note and I am laughing! In reality, you just don't know how good it feels until you actually do it. Oh what a feeling! Good feeling not to owe a penny to anyone, paying your monthly bills in full using automatic payments, paying your credit card balance each month, never carrying a credit card balance, walking with your wallet packed with dead presidents, paying cash at your favorite restaurant with your spouse and kids . . . Life is good, enjoy it! Gracias por leer ~cfs~
~ Member of the Active Retired Force since 2014 ~

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bengal22
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Re: I did it and feel great about it (paid off mortgage)

Post by bengal22 » Sat Mar 24, 2018 9:02 pm

I have a good feeling knowing that I could pay it off if I wanted to(Mortgage is about 5% of my portfolio) I see no benefit for me to pay it off early.
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley

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jimmyq
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Re: I did it and feel great about it (paid off mortgage)

Post by jimmyq » Sat Mar 24, 2018 9:03 pm

Congrats! Great feeling, isn't it? Paid mine off early a few years ago and never regretted it one bit.

Hillview
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Re: I did it and feel great about it (paid off mortgage)

Post by Hillview » Sun Mar 25, 2018 7:19 am

Awesome! We did this earlier this year and I am thankful every day.

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Earl Lemongrab
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Re: I did it and feel great about it (paid off mortgage)

Post by Earl Lemongrab » Sun Mar 25, 2018 1:06 pm

I didn't pay my loan off early. I felt great. Then it ran its course and ended late last year. I felt the same. I advise not getting emotionally wrapped up in financial matters.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

Mr.BB
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Re: I did it and feel great about it (paid off mortgage)

Post by Mr.BB » Sun Mar 25, 2018 1:09 pm

Congratulations! We paid ours off early the end of 2016, and it still feel great! In fact, we still take part of what would of been our monthly mortgage payment and invest it.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

ucla-engineer
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Re: I did it and feel great about it (paid off mortgage)

Post by ucla-engineer » Sun Mar 25, 2018 1:12 pm

DaftInvestor wrote:
Tue Aug 22, 2017 3:49 pm
selftalk wrote:
Tue Aug 22, 2017 3:37 pm
In order to get the mortgage paid off sooner and not pay more money each month speak to a bank representative about paying 1/2 the mortgage payment every 2 weeks. It lessens the time period to pay and it also lessens the total interest paid. There`s no extra charge for this. You have to fill out some papers with the lending institution. If you change your mind and want to go back to the previous payment way once a month there`s no charge. You can`t loose. I just did this this week.
There is sometimes an extra fee - it depends upon your mortgage compny. Some mortgage companies will do this for you in house for free - others will charge a fee or reference you out to a third party which will charge you a fee. In any case - you can always elect to pay extra principal on a monthly basis.
Exactly, why lock yourself into what is equivalent to 13 monthly payments per year? Don't fool yourself, the years saved on mortgage payments are due to the extra payments you are making, not some optimization of paying interest for only half the month.

JBTX
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Re: I did it and feel great about it (paid off mortgage)

Post by JBTX » Sun Mar 25, 2018 1:56 pm

Earl Lemongrab wrote:
Sun Mar 25, 2018 1:06 pm
I didn't pay my loan off early. I felt great. Then it ran its course and ended late last year. I felt the same. I advise not getting emotionally wrapped up in financial matters.
We carry a fairly modest 3.25 15 year old mortgage. I have no plans on paying it off any time soon and I am pretty sure I’d feel zero if we did. It comes out autodraft. I don’t even think about it. If I had it to do over again I would have taken out another $20k-$30k during our cash out refi.

I’ve never understood the emotional satisfaction of paying off a low interest mortgage.

OneWorld111
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Re: I did it and feel great about it (paid off mortgage)

Post by OneWorld111 » Sun Mar 25, 2018 2:14 pm

Hurray!!

Would u or any of u still pay off the mortgage if in near future (2-3 yrs) you are looking to upgrade to a bigger house? The plan (if it works) would be to rent the paid off house and have a mortgage whenever you buy a bigger house..

Keeping it simple, assuming we can still pay 20% down etc for the newer/bigger house and maxing all 401k, etc..

Spring is here,
OneWorld

AMG79
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Re: I did it and feel great about it (paid off mortgage)

Post by AMG79 » Sun Mar 25, 2018 2:35 pm

NICE!! I look forward to that feeling. Congrats!!

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cfs
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Re: I did it and feel great about it (paid off mortgage)

Post by cfs » Sun Mar 25, 2018 2:42 pm

IF YOU CAN . . . Get rid of that snake!

You are going to like the feeling . . . and just keep it to yourself and your significant other (no bragging allowed, and you know why).

Good luck with your investments, y gracias por leer ~cfs~
~ Member of the Active Retired Force since 2014 ~

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LadyGeek
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Re: I did it and feel great about it (paid off mortgage)

Post by LadyGeek » Tue Apr 17, 2018 6:58 pm

New member has a question which I've moved into a new post. See: [How should I pay off my mortgage?]

FYI - Anyone paying off their mortgage should celebrate in this thread: Post your Financial Milestone Announcements Here
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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LadyGeek
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Re: I did it and feel great about it (paid off mortgage)

Post by LadyGeek » Wed Jun 20, 2018 6:45 pm

ALinLI has paid off his mortgage. I moved his post and the replies into: Post your Financial Milestone Announcements Here

(Thread locked to redirect the discussion.)
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

Locked