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Posted: 8/29/2015 7:06:49 PM EDT
[Last Edit: 9/2/2015 5:22:15 PM EDT by agriebel]
Made a final lump sum payment of $28k and got out from under the house.  Good feeling.
Link Posted: 8/29/2015 7:08:29 PM EDT
Welcome to the club! :)
Link Posted: 8/29/2015 7:09:20 PM EDT
We just did that 2 months ago. Congrats.
Link Posted: 8/29/2015 7:09:44 PM EDT
Good on ya man.
As a guy who now owns two and is trying to unload one, i definitely feel the weight. Some day, I'll join your club.
Link Posted: 8/29/2015 7:10:28 PM EDT
Awesome, congrats!  That's gotta be a good feeling.  
Hopefully I know how it feels sooner than 27 years.
Link Posted: 8/29/2015 7:14:48 PM EDT
Welcome to the club. Your jacket and decoder ring will be on the way directly.
Link Posted: 8/29/2015 7:21:03 PM EDT
Link Posted: 8/29/2015 7:26:07 PM EDT

Welcome to the club  


Link Posted: 8/29/2015 7:27:38 PM EDT
Congratulations!
I just dropped my first home payment in the mail yesterday.
Link Posted: 8/29/2015 7:30:02 PM EDT
Me too. 8 years ago. Then the market cratered and section 8 moved in all over. Now it's worth $10k
I have neighbors that owe $70k on houses that will not sell at any price.

Link Posted: 8/29/2015 7:30:32 PM EDT
I don't have any idea how much I hVe left on my home loan.
Link Posted: 8/29/2015 7:30:36 PM EDT
That is very very cool. It has to be a darn nice feeling!
Link Posted: 8/29/2015 7:31:02 PM EDT
Congratulations!

I put the pedal to the metal as soon as Obama was elected and retired my home mortgage a few years ago.
Link Posted: 8/29/2015 7:32:06 PM EDT
Congrats OP.  My wife and I pay extra each month and are trying to do that as well as early as possible.
Link Posted: 8/29/2015 7:33:03 PM EDT

Good feeling isn't it.





It also frees up a ton of money, that you can spend how you want, invest or whatever.


Link Posted: 8/29/2015 7:33:38 PM EDT
[Last Edit: 8/29/2015 8:24:03 PM EDT by jharpphoto]
WOW! Congrats.  I've got  20yrs left. Prob be dead  before its paid off.
Link Posted: 8/29/2015 7:35:33 PM EDT
I'm a year out from doing the same.

Congrats, OP
Link Posted: 8/29/2015 7:35:38 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ToledoXJ:
Me too. 8 years ago. Then the market cratered and section 8 moved in all over. Now it's worth $10k
I have neighbors that owe $70k on houses that will not sell at any price.

View Quote


Houses worth 10k??

Where??  Toledo?
Link Posted: 8/29/2015 7:36:13 PM EDT
Awesome.

On the fast track payment plan
and just have 8 left.
Link Posted: 8/29/2015 7:36:51 PM EDT
Nice.......I owe 27,000  and had about 26,000 in the bank.  when my saving hit about 30 Im going to pay my off.
Link Posted: 8/29/2015 7:37:00 PM EDT
Link Posted: 8/29/2015 7:38:39 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By doug92386:


Houses worth 10k??

Where??  Toledo?
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By doug92386:
Originally Posted By ToledoXJ:
Me too. 8 years ago. Then the market cratered and section 8 moved in all over. Now it's worth $10k
I have neighbors that owe $70k on houses that will not sell at any price.



Houses worth 10k??

Where??  Toledo?

Run down crack house neighborhood, Maybe?    Detroit?
Link Posted: 8/29/2015 7:40:40 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Thunder_Stick:
Nice.......I owe 27,000  and had about 26,000 in the bank.  when my saving hit about 30 Im going to pay my off.
View Quote

Why would you wait that long with that kind of money in the bank?
Maybe pay a couple grand extra each month.
Link Posted: 8/29/2015 7:41:32 PM EDT
Congrats
Link Posted: 8/29/2015 8:15:25 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By flyby1971:

Why would you wait that long with that kind of money in the bank?
Maybe pay a couple grand extra each month.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By flyby1971:
Originally Posted By Thunder_Stick:
Nice.......I owe 27,000  and had about 26,000 in the bank.  when my saving hit about 30 Im going to pay my off.

Why would you wait that long with that kind of money in the bank?
Maybe pay a couple grand extra each month.

The wife and I pretend 25,000 is zero.  If we only have 25,000 then we dont spend any money on things like vacations and extras. So in our eyes we only have 2,000$.  I know it doesnt make sense but it saved us when our 2 year old have surgery.  15,000$ out of pocket.  But i told her once we have enough to pay off the house plus about 5 grand to float us Im paying it off.
Link Posted: 8/29/2015 8:20:47 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Thunder_Stick:
Nice.......I owe 27,000  and had about 26,000 in the bank.  when my saving hit about 30 Im going to pay my off.
View Quote



Pay it off. Whats the loan rate vs interest from bank?
Link Posted: 8/29/2015 8:37:05 PM EDT

Hope to be there soon
Link Posted: 8/29/2015 9:20:06 PM EDT
Payed extra each month and it knocked several years off the loan.
Link Posted: 8/29/2015 9:29:27 PM EDT
Gonna break below $390k to go next month! Wooooo!

Embrace the freedom, bro. If it all comes crashing down, you're high speed low drag and could live large off minimum wage if you had to. That kind of freedom is priceless.


Posted Via AR15.Com Mobile
Link Posted: 8/29/2015 9:30:54 PM EDT
It's good stuff.  My life has become exponentially easier since I paid off mine.

Link Posted: 8/29/2015 9:35:35 PM EDT
Congratulations!
May I ask how old you are?
Link Posted: 8/29/2015 9:35:52 PM EDT
[Last Edit: 8/29/2015 9:36:17 PM EDT by Palm]
It is a good feeling. Our house is paid off too.  Now we only pay $500 a month rent to the tax collector so we can still live there.
Link Posted: 8/29/2015 9:37:53 PM EDT
Congrats! I'm still waiting to make my first payment on mine, looking forward to the day I can say I'm done.
Link Posted: 8/29/2015 9:39:24 PM EDT
Nice!  Congrats.
Link Posted: 8/29/2015 9:48:28 PM EDT
The OP has Tiger Blood and Adonis DNA!
Link Posted: 8/29/2015 9:53:15 PM EDT
congratulations, we paid our off about10 years ago.
Link Posted: 8/29/2015 10:10:39 PM EDT

Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ToledoXJ:


Me too. 8 years ago. Then the market cratered and section 8 moved in all over. Now it's worth $10k

I have neighbors that owe $70k on houses that will not sell at any price.



View Quote
Buy them up,  and move in people you like.  Retake the neighborhood.  



 
Link Posted: 9/2/2015 5:23:02 PM EDT
Had to replace a failing AC unit.  Did the furnace at the same time....bye bye $9k
Link Posted: 9/2/2015 5:24:53 PM EDT
Congrats.



~22ish more years for me.  
Link Posted: 9/2/2015 5:26:17 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Thunder_Stick:

The wife and I pretend 25,000 is zero.  If we only have 25,000 then we dont spend any money on things like vacations and extras. So in our eyes we only have 2,000$.  I know it doesnt make sense but it saved us when our 2 year old have surgery.  15,000$ out of pocket.  But i told her once we have enough to pay off the house plus about 5 grand to float us Im paying it off.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Thunder_Stick:
Originally Posted By flyby1971:
Originally Posted By Thunder_Stick:
Nice.......I owe 27,000  and had about 26,000 in the bank.  when my saving hit about 30 Im going to pay my off.

Why would you wait that long with that kind of money in the bank?
Maybe pay a couple grand extra each month.

The wife and I pretend 25,000 is zero.  If we only have 25,000 then we dont spend any money on things like vacations and extras. So in our eyes we only have 2,000$.  I know it doesnt make sense but it saved us when our 2 year old have surgery.  15,000$ out of pocket.  But i told her once we have enough to pay off the house plus about 5 grand to float us Im paying it off.


Good plan.  Note the OP's update with an example why.


Link Posted: 9/2/2015 5:27:56 PM EDT
Originally Posted By agriebel:
Made a final lump sum payment of $28k and got out from under the house.  Good feeling.
View Quote


Good for you.

I've got $98k to go with no possibility of paying off early.  A lot of bad stuff happened about two weeks after I bought the house.  Now I'm pay check to pay check on a 30 year loan
Link Posted: 9/2/2015 5:34:53 PM EDT
[Last Edit: 9/2/2015 5:35:30 PM EDT by badredfish]
Originally Posted By agriebel:
Made a final lump sum payment of $28k and got out from under the house.  Good feeling.
View Quote


Good for you!

I will recommend a book to you - untapped riches - never pay off your house.

28K + compounding interest will out run 28K with straight interest

Of  course YMMV

Red


Link Posted: 9/2/2015 5:36:15 PM EDT
Congrats!  We sent off our last payment back in July.  We got it paid off in 11 years and 8 months...140 payments.
In August we purchased a property for hunting so it's back to monthly payments again but we plan to pay it off in 10 years...120 payments.
Link Posted: 9/2/2015 5:37:16 PM EDT
Congrats and welcome to the club!  Now save that payment in a good no load mutual fund and retire early!
Link Posted: 9/2/2015 5:37:29 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By ToledoXJ:
Me too. 8 years ago. Then the market cratered and section 8 moved in all over. Now it's worth $10k
I have neighbors that owe $70k on houses that will not sell at any price.

View Quote


Your neighbors need to walk away, and you need to become a section 8 landlord.

Posted Via AR15.Com Mobile
Link Posted: 9/2/2015 5:42:28 PM EDT
Congrats! We paid ours off in '05. Saved the old mortgage amount every month and stashed it away for seven years. Paid cash with it for our weekend lake place in '12.
Link Posted: 9/2/2015 5:46:19 PM EDT
My truck will be paid off in December
Link Posted: 9/2/2015 5:53:49 PM EDT
[Last Edit: 9/2/2015 5:54:46 PM EDT by ponykilr]
We are under 2 years out.

No veh pmnts or other loans either. Debt free soon baby.
Link Posted: 9/2/2015 5:56:22 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By MedicOC:


Your neighbors need to walk away, and you need to become a section 8 landlord.

Posted Via AR15.Com Mobile
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By MedicOC:
Originally Posted By ToledoXJ:
Me too. 8 years ago. Then the market cratered and section 8 moved in all over. Now it's worth $10k
I have neighbors that owe $70k on houses that will not sell at any price.



Your neighbors need to walk away, and you need to become a section 8 landlord.

Posted Via AR15.Com Mobile



this is what i don't understand.

its basically renting w/o any of the benefits of renting, as the house will never be worth that much again.
Link Posted: 9/2/2015 5:57:34 PM EDT
[Last Edit: 9/2/2015 5:57:44 PM EDT by westernhaikus1]
I'll play! I just wrote a check for $20,500 in student loans and wiped em out in 4 years after graduating (10 year loans).

Link Posted: 9/2/2015 5:58:04 PM EDT
i still got 230k to go, house is only worth about 160 right now...

i really should just short sale the damn thing but the payments are cheap enough
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