Paid off mortgage!

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fittan
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Paid off mortgage!

Post by fittan » Tue Mar 26, 2019 8:38 am

I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.

grettman
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Re: Paid off mortgage!

Post by grettman » Tue Mar 26, 2019 8:44 am

CONGRATS!!

I hope to join the club in 4 yrs!

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SevenBridgesRoad
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Re: Paid off mortgage!

Post by SevenBridgesRoad » Tue Mar 26, 2019 8:48 am

fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Welcome to the debt-free club! :sharebeer A giant leap to becoming bulletproof. What are your plans for the extra cash each month?
Retired 2018 age 61 | "Not using an alarm is one of the great glories of my life." Robert Greene

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samsoes
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Re: Paid off mortgage!

Post by samsoes » Tue Mar 26, 2019 8:51 am

Congratulations! I did it in 2014 and haven't looked back!
Celebrate! :sharebeer
"Happiness Is Not My Companion" - Gen. Gouverneur K. Warren. | (Avatar is the statue of Gen. Warren atop Little Round Top @ Gettysburg National Military Park.)

Topic Author
fittan
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Re: Paid off mortgage!

Post by fittan » Tue Mar 26, 2019 8:53 am

SevenBridgesRoad wrote:
Tue Mar 26, 2019 8:48 am
fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Welcome to the debt-free club! :sharebeer A giant leap to becoming bulletproof. What are your plans for the extra cash each month?
Thanks. I "depleted" my emergency fund a bit so will build it up for the next few months. After that I guess I will invest in market (3 index fund portfolio).

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willthrill81
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Re: Paid off mortgage!

Post by willthrill81 » Tue Mar 26, 2019 8:54 am

Congrats! It must be an awesome feeling. We hope to be there in under a year.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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SevenBridgesRoad
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Re: Paid off mortgage!

Post by SevenBridgesRoad » Tue Mar 26, 2019 8:57 am

fittan wrote:
Tue Mar 26, 2019 8:53 am
SevenBridgesRoad wrote:
Tue Mar 26, 2019 8:48 am
fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Welcome to the debt-free club! :sharebeer A giant leap to becoming bulletproof. What are your plans for the extra cash each month?
Thanks. I "depleted" my emergency fund a bit so will build it up for the next few months. After that I guess I will invest in market (3 index fund portfolio).
Excellent! Very wise. But consider spending a little. You might reward yourself just a bit.
Retired 2018 age 61 | "Not using an alarm is one of the great glories of my life." Robert Greene

KSAL889813
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Re: Paid off mortgage!

Post by KSAL889813 » Tue Mar 26, 2019 9:20 am

fittan wrote:
Tue Mar 26, 2019 8:53 am
SevenBridgesRoad wrote:
Tue Mar 26, 2019 8:48 am
fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Welcome to the debt-free club! :sharebeer A giant leap to becoming bulletproof. What are your plans for the extra cash each month?
Thanks. I "depleted" my emergency fund a bit so will build it up for the next few months. After that I guess I will invest in market (3 index fund portfolio).
Congrats Fittan!!!! Not too steal your thunder but I too paid off our mortgage in November 2018 and also took a bit from our EF so I'm also building it back up a bit. That said, it's such an amazing feeling!!!

stoptothink
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Re: Paid off mortgage!

Post by stoptothink » Tue Mar 26, 2019 9:22 am

We're planning on hitting it in another 3yrs, right around the time I hit 40 and wife hits 35. Then the real works starts: trying to convince the wife that there is no reason for us to upgrade (I'm going to lose).

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willthrill81
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Re: Paid off mortgage!

Post by willthrill81 » Tue Mar 26, 2019 9:25 am

stoptothink wrote:
Tue Mar 26, 2019 9:22 am
We're planning on hitting it in another 3yrs, right around the time I hit 40 and wife hits 35. Then the real works starts: trying to convince the wife that there is no reason for us to upgrade (I'm going to lose).
"Honey, we just paid off our house, and you want to get another mortgage?" :oops:

Mortgage literally translates as "death pledge."
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

renue74
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Re: Paid off mortgage!

Post by renue74 » Tue Mar 26, 2019 9:31 am

stoptothink wrote:
Tue Mar 26, 2019 9:22 am
We're planning on hitting it in another 3yrs, right around the time I hit 40 and wife hits 35. Then the real works starts: trying to convince the wife that there is no reason for us to upgrade (I'm going to lose).
+1 We are 2 years away from paying off our primary home mortgage and I fight THIS battle about every 6 months. Wife is frugal, but occasionally, she'll get a wild hair about upgrading houses.

That's not in my plan. I'm hoping that once our boys go to college, we will downsize and minimalize.

BTW....Congrats. I'm sure the feeling of no mortgage is like Andy Dufrain slowly making his way out of Shawshank in the rain.

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JupiterJones
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Re: Paid off mortgage!

Post by JupiterJones » Tue Mar 26, 2019 9:37 am

That's awesome, fittan! Congrats. :beer
Stay on target...

Cycle
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Re: Paid off mortgage!

Post by Cycle » Tue Mar 26, 2019 9:49 am

Congrats! Next pay off your retirement or kids college
Never look back unless you are planning to go that way

Topic Author
fittan
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Re: Paid off mortgage!

Post by fittan » Tue Mar 26, 2019 9:49 am

renue74 wrote:
Tue Mar 26, 2019 9:31 am
stoptothink wrote:
Tue Mar 26, 2019 9:22 am
We're planning on hitting it in another 3yrs, right around the time I hit 40 and wife hits 35. Then the real works starts: trying to convince the wife that there is no reason for us to upgrade (I'm going to lose).
+1 We are 2 years away from paying off our primary home mortgage and I fight THIS battle about every 6 months. Wife is frugal, but occasionally, she'll get a wild hair about upgrading houses.

That's not in my plan. I'm hoping that once our boys go to college, we will downsize and minimalize.

BTW....Congrats. I'm sure the feeling of no mortgage is like Andy Dufrain slowly making his way out of Shawshank in the rain.
Thanks eveyone. Haha...my wife is starting browse homes in other towns (with better school district) and of course $$$ price tag. I am contended with my current place and hope we'll stay here for many more years.

GlennK
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Re: Paid off mortgage!

Post by GlennK » Tue Mar 26, 2019 10:30 am

Cycle wrote:
Tue Mar 26, 2019 9:49 am
Congrats! Next pay off your retirement or kids college
Interesting. After paying off my mortgage, I offered a deal with my kids. I would pay off their student loans if they would simply pay me back without interest. This was 5 years ago. I figured it would help them as they were just starting out. My daughter has paid me back in full and my son is working on it.

Anyhow, congrats on paying off the mortgage. It is a wonderful feeling.

Grt2bOutdoors
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Re: Paid off mortgage!

Post by Grt2bOutdoors » Tue Mar 26, 2019 10:42 am

Congratulations! :sharebeer
Now, treat yourself to a nice dinner or a bottle of bubbly, then redirect your old mortgage payment into your taxable account. Don't upgrade your lifestyle, save/invest it.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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djpeteski
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Re: Paid off mortgage!

Post by djpeteski » Tue Mar 26, 2019 11:04 am

fittan wrote:
Tue Mar 26, 2019 8:53 am
Thanks. I "depleted" my emergency fund a bit so will build it up for the next few months. After that I guess I will invest in market (3 index fund portfolio).
We did the same. Congratulations. Do something nice for yourself and family is my suggestion. We went to a nice steakhouse, and later (after the emergency fund was built back up) became SCUBA certified.

staythecourse
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Re: Paid off mortgage!

Post by staythecourse » Tue Mar 26, 2019 11:11 am

Congrats.

Off the topic for those who pay off their mortgage is that money in place of fixed income by treating the mortgage as a negative bond? Or is it in addition to holding fixed income?

For me, I have no plans to pay of my mortgage early as the interest rate is so low (3.25%) and have gotten MUCH better returns putting that money in the market. I'll just keep doing what I am doing now and then just sell and downsize when the kids are off to college (likely same time I will relocate for early retirement).

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

mattyslice
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Re: Paid off mortgage!

Post by mattyslice » Tue Mar 26, 2019 11:15 am

Congrats! So jealous! I am 3ish years away from doing this myself. Will have it done before I am 40.

Bully3000
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Re: Paid off mortgage!

Post by Bully3000 » Tue Mar 26, 2019 11:23 am

Congratulations, I cannot wait to be in this position. I am hoping another 5-8 years depending on how focused I am, had a divorce a couple years ago so trying to live a little also :D

Rus In Urbe
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Re: Paid off mortgage!

Post by Rus In Urbe » Tue Mar 26, 2019 11:28 am

Grt2bOutdoors
Congratulations! :sharebeer
Now, treat yourself to a nice dinner or a bottle of bubbly, then redirect your old mortgage payment into your taxable account. Don't upgrade your lifestyle, save/invest it.
+1 :beer :beer :beer :beer :beer

That's what we did about eight years ago. We went out to dinner. Then we re-directed the money toward more investments.

It's a fantastic feeling to know that not one hard-earned dollar is going to pay the dreaded, wasteful interest to someone else!

BTW....Make sure your reports at the 3 credit agencies reflect the final payment and closure of the mortgage loan. Just check it.

And.....For those who are tempted to "upgrade" once the mortgage has been paid off: consider upgrading the current house.
It's a whole lot cheaper than moving and you get just what you want.
I'd like to live as a poor man with lots of money. ~Pablo Picasso

SubieGirl14
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Re: Paid off mortgage!

Post by SubieGirl14 » Tue Mar 26, 2019 11:44 am

Congratulations!!! :beer :beer :beer :beer :beer

We paid ours off a couple of months ago and it still makes me smile every time I think about it! We also need to rebuild our EF and possibly get a new car, but we did go out for a nice dinner to celebrate :sharebeer

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FelixTheCat
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Re: Paid off mortgage!

Post by FelixTheCat » Tue Mar 26, 2019 11:45 am

Congratulations!
Felix is a wonderful, wonderful cat.

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whodidntante
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Re: Paid off mortgage!

Post by whodidntante » Tue Mar 26, 2019 11:50 am

Congratulations!

I might consider this for myself if I could figure out a way tp pay off my property taxes. :happy

CascadiaSoonish
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Re: Paid off mortgage!

Post by CascadiaSoonish » Tue Mar 26, 2019 11:58 am

Ditto on the congratulations!

We're about 8 years from our early payoff date. Expensive house in a HCOL area and a 3.5% mortgage so it doesn't work out for us to pay it off faster. But hopefully the stars will align around then; we'll have a good handle on the college costs at that point and that coincides with the age bracket where I'll be at risk of getting pushed out of tech :| so it will be nice to be in a position to make choices about downsizing or switching to a less remunerative but more rewarding industry without having the house finances be a big concern.

A440
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Re: Paid off mortgage!

Post by A440 » Tue Mar 26, 2019 12:04 pm

Grt2bOutdoors wrote:
Tue Mar 26, 2019 10:42 am
Congratulations! :sharebeer
Now, treat yourself to a nice dinner or a bottle of bubbly, then redirect your old mortgage payment into your taxable account. Don't upgrade your lifestyle, save/invest it.
+1
I don't know what the future holds, but I know who holds my future.

majiaknight
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Re: Paid off mortgage!

Post by majiaknight » Tue Mar 26, 2019 12:58 pm

Congrats!
Hope I could hit this big milestone by 2022~

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Meaty
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Re: Paid off mortgage!

Post by Meaty » Tue Mar 26, 2019 1:04 pm

fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Congrats! It’s a great feeling
"Discipline equals Freedom" - Jocko Willink

Sriracha
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Re: Paid off mortgage!

Post by Sriracha » Tue Mar 26, 2019 1:09 pm

fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
That's fantastic! Must feel great. We're not close yet, unfortunately. Although we might relocate for work within a year, which would give us a large gain on sale of the house. That combined with the much lower COL and housing prices in the new location would quickly put us in the debt free club.
Don't reach for yield.

ohai
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Re: Paid off mortgage!

Post by ohai » Tue Mar 26, 2019 1:46 pm

Ugh, but now you're no longer able to borrow money for 3.25% (before tax deduction).

Sriracha
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Re: Paid off mortgage!

Post by Sriracha » Tue Mar 26, 2019 1:53 pm

ohai wrote:
Tue Mar 26, 2019 1:46 pm
Ugh, but now you're no longer able to borrow money for 3.25% (before tax deduction).
We'd likely not even take a mortgage if we bought a place in the new location.
Don't reach for yield.

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Kitty Telltales
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Re: Paid off mortgage!

Post by Kitty Telltales » Tue Mar 26, 2019 2:30 pm

Congratulations!! Thanks for sharing. I love such posts. :sharebeer

Grt2bOutdoors
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Re: Paid off mortgage!

Post by Grt2bOutdoors » Tue Mar 26, 2019 2:32 pm

ohai wrote:
Tue Mar 26, 2019 1:46 pm
Ugh, but now you're no longer able to borrow money for 3.25% (before tax deduction).
You must work for a bank. Only a banker would say something like "now you can't borrow money at X%". :oops:
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Jack FFR1846
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Re: Paid off mortgage!

Post by Jack FFR1846 » Tue Mar 26, 2019 2:38 pm

Great Job!

First of the month is coming next week. Write out a check to the bank for $0. Then sit there looking at it and laugh. Paid mine off 17 years ago, among all my friends saying "oh, you shouldn't pay off your mortgage....invest in (insert random money losing scheme).
Bogle: Smart Beta is stupid

3504PIR
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Re: Paid off mortgage!

Post by 3504PIR » Tue Mar 26, 2019 2:53 pm

Congratulations! I've just started my mortgage and have a long way to pay it off, but remind myself that every dollar matters in getting it paid off. Your paying off your mortgage is an inspiration to me and many others! Well done.

Utahdogowner
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Re: Paid off mortgage!

Post by Utahdogowner » Tue Mar 26, 2019 2:59 pm

Congratulations! :sharebeer
I am filled with jealousy in a positive way.

Topic Author
fittan
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Re: Paid off mortgage!

Post by fittan » Tue Mar 26, 2019 3:18 pm

OP here. Thanks everyone for your well wishes again. Yes, I did brought wife and kids out for a nice dinner (although I didn't tell kids about this as they are still young).

It sounds like there are many other in this board that are close (few years away) to paying off theirs too. Great job, keep chugging away and subscribe to advice from this forum. Soon you will pay it off too!

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Nate79
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Re: Paid off mortgage!

Post by Nate79 » Tue Mar 26, 2019 3:54 pm

Congrats! I can't wait to join the club but still about 7 years off if I push it hard.

Mr.BB
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Re: Paid off mortgage!

Post by Mr.BB » Tue Mar 26, 2019 3:56 pm

Congratulations! Now take some of your new source of income and use it to add to your future retirement savings!
:sharebeer
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."

pennywise
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Re: Paid off mortgage!

Post by pennywise » Tue Mar 26, 2019 4:03 pm

fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Wonderful, I know you must be feeling hundreds of thousands of dollars lighter!

We're hoping to get back in the club very soon--lived mortgage free for decades then went back into debt to buy our dream vacation/retirement home. Putting current house on the market in a week or so and fingers crossed it sells fast so we can retire the mortgage same time we retire ourselves :D . Owning your home outright gives a sense of security and financial peace that's very powerful and very comforting, doesn't it?!

Nissanzx1
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Re: Paid off mortgage!

Post by Nissanzx1 » Tue Mar 26, 2019 4:04 pm

Congrats to you! What a feeling...

mptfan
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Re: Paid off mortgage!

Post by mptfan » Tue Mar 26, 2019 4:06 pm

Congratulations.

barnaclebob
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Re: Paid off mortgage!

Post by barnaclebob » Tue Mar 26, 2019 4:07 pm

It will be a good day in 10-15 years when I can make the same post.

pennywise
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Re: Paid off mortgage!

Post by pennywise » Tue Mar 26, 2019 4:08 pm

Rus In Urbe wrote:
Tue Mar 26, 2019 11:28 am
It's a fantastic feeling to know that not one hard-earned dollar is going to pay the dreaded, wasteful interest to someone else!
Indeed! I've been surprised at how much I resent paying mortgage interest.

Owing for the house, not so much because it is a piece of paradise I never could have imagined having--no regrets whatsoever about being in debt for it. But shelling out tens of thousands to a bank for the privilege of borrowing, money simply to make some company's profit statement better....hate it, hate it, hate it.

nexesn
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Re: Paid off mortgage!

Post by nexesn » Tue Mar 26, 2019 4:40 pm

Yaaaaay! Congratulations. We don't have a mortgage- still rent in a HCOL area. However, doesn't diminish the fact that I can still congratulate you on a job well done :happy :happy :happy

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JoeRetire
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Re: Paid off mortgage!

Post by JoeRetire » Tue Mar 26, 2019 5:11 pm

fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free
Congratulations on achieving your goal.
What was your mortgage rate?
Don't be a lemming.

Topic Author
fittan
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Re: Paid off mortgage!

Post by fittan » Tue Mar 26, 2019 5:53 pm

JoeRetire wrote:
Tue Mar 26, 2019 5:11 pm
fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free
Congratulations on achieving your goal.
What was your mortgage rate?
You had to ask :) It was 2.875%. I know it is technically free money after mortgage deduction. That’s why it took me a while to consider paying it off.

I refinanced in 2012 to a 15 year. I think it is what help made paying off faster.

runner3081
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Re: Paid off mortgage!

Post by runner3081 » Tue Mar 26, 2019 10:47 pm

Congrats. We paid ours off last October. Thought it would be exciting, it wasn't.

In hindsight, probably should have kept it (from a straight "logical" perspective).

PowderDay9
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Re: Paid off mortgage!

Post by PowderDay9 » Tue Mar 26, 2019 11:17 pm

fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Congrats fittan! This is a total coincidence but I paid off my mortgage today as well! I had been planning to do it this month since mid last year. My wife wasn't nearly as excited as I was but I celebrated tonight with a few bourbon drinks. Cheers!

EnjoyIt
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Re: Paid off mortgage!

Post by EnjoyIt » Tue Mar 26, 2019 11:22 pm

whodidntante wrote:
Tue Mar 26, 2019 11:50 am
Congratulations!

I might consider this for myself if I could figure out a way tp pay off my property taxes. :happy
Move to Hawaii where property tax is 0.27% average. Buy a $500k house and you will owe bout $1350/yr. Invest $50k in 30 year US treasury bonds that will give you a little more than $1350 a year. Thats the best I can do. Sorry.
fittan wrote:
Tue Mar 26, 2019 8:38 am
I finally paid off my mortgage today! First time in my life that I am completely debt free :) Thanks to everyone on this board who have been a great resource along the way.
Congrats. A part of me wishes my rate was 5% because that would have motivated me to to do the same. Instead I will wait 8 more years for it to happen on its own. I will not be getting another mortgage though.
Last edited by EnjoyIt on Tue Mar 26, 2019 11:31 pm, edited 1 time in total.

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