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Posted: 6/18/2009 4:37:03 AM EST
Well, my wife and I went to the bank yesterday afternoon and got a certified check for the balance of our mortgage. Mailed it off this morning.

We bought this place new, a good-size four bedroom house on a lake in Viera, FL, and paid off the 15 year note in 7 years and 2 months.

We've never actually owned a house before. We've "owned" (us and the bank) half a dozen houses or townhouses or condos, but we always made the mortgage payment every month, so this is a new experience.

I can't tell you how good it feels. We own both the cars and have zero credit card debt. We're in great health and will probably live another 40-50 years.

Life is good!!
Link Posted: 6/18/2009 4:38:30 AM EST
I'm very Jealous. 14 years 1 month for me.
Link Posted: 6/18/2009 4:39:11 AM EST
Good for you! I can't wait until I get to that point.
Link Posted: 6/18/2009 4:39:28 AM EST
[Last Edit: 6/18/2009 4:40:14 AM EST by 2000Z3M]
congrats, how much was the pay off if you dont mind saying, also what where your monthly payments and did you pay extra, if so how much?

Been paying for 1 year on a 30 year note for me. I pay 6-100 dollars extra every month.
Link Posted: 6/18/2009 4:40:00 AM EST
Debt free is the only way to live.
I sacrificed, busted balls till they turned turned blue, lived within our means, and got there 5 years ago.
If we can do it, anybody can do it.

Stay focused on the goal folks!!
Link Posted: 6/18/2009 4:40:24 AM EST
I'm 5 years into a 30-year note. I'd give anything if I could go back and re-do our buy. I'd have bought less house and put it on a 15-year note.
Link Posted: 6/18/2009 4:41:05 AM EST
Congrats!
Link Posted: 6/18/2009 4:41:32 AM EST
[Last Edit: 6/18/2009 4:41:38 AM EST by RunsWithScissors]
You dummy! You should have just gone on a bender and let Obama pay it for you!
Link Posted: 6/18/2009 4:41:42 AM EST
I could buy two houses outright anywhere else in the country for the equity I have in my 3BR 1500sqft house in the city.

But as it is, I'm still making a hell of a mortgage payment. I'm on track to pay it off in under another 10 years, though.
Link Posted: 6/18/2009 4:42:27 AM EST
Originally Posted By Admiral_Crunch:
I'm 5 years into a 30-year note. I'd give anything if I could go back and re-do our buy. I'd have bought less house and put it on a 15-year note.


This. Congratulations on reaching the promised land.

My goal is to be more like Dave Ramsey from this point forward.
Link Posted: 6/18/2009 4:44:35 AM EST
Good for you!
Link Posted: 6/18/2009 4:45:50 AM EST

My place has been paid off since 2005, only have a small mortgage on some land I bought, that will be paid off in a couple years.

Good feeling, isn't it?
Link Posted: 6/18/2009 4:47:50 AM EST
Originally Posted By RunsWithScissors:
You dummy! You should have just gone on a bender and let Obama pay it for you!


That has crossed my mind but I'm not wired that way
Link Posted: 6/18/2009 4:50:02 AM EST
Congratulations!
Link Posted: 6/18/2009 4:53:48 AM EST
Contrats

Feels great doesn't it
Link Posted: 6/18/2009 4:59:03 AM EST
It's a great feeling isn't it.
Link Posted: 6/18/2009 4:59:55 AM EST
good for you..
Link Posted: 6/18/2009 5:02:25 AM EST
[Last Edit: 6/18/2009 5:03:02 AM EST by floridahunter07]
Originally Posted By double_trouble_2003:
Originally Posted By Admiral_Crunch:
I'm 5 years into a 30-year note. I'd give anything if I could go back and re-do our buy. I'd have bought less house and put it on a 15-year note.


This. Congratulations on reaching the promised land.

My goal is to be more like Dave Ramsey from this point forward.


+1. I'm lucky that I still live at home because I'm in school so I am looking ahead to when I move out to avoid any and all debt I possibly can.
Link Posted: 6/18/2009 5:02:38 AM EST
Great News!!! Congrats!!!
Link Posted: 6/18/2009 5:03:07 AM EST
That's awesome! I'm probably about even or maybe even upside down on my house right now. I hate making payments, knowing that I am probably just throwing money away as the value will fall just as fast as I can make payments. I'd consider selling and then just renting something, but that's not really any better. I think I'm just too late to the game.
Link Posted: 6/18/2009 5:05:12 AM EST
Congrats!

I paid mine off in March. It still hasn't sunk in all the way yet though. Wait until the bank account starts growing....good times
Link Posted: 6/18/2009 5:07:04 AM EST
Grats! now all you have to worry about is renting it from the government for the rest of your life (property tax).
Link Posted: 6/18/2009 5:09:44 AM EST
I'm just getting started. We close at the end of this month, and payment #1 will be due August 1st.

Congrats!!!
Link Posted: 6/18/2009 5:10:34 AM EST
Ain't out of the woods yet....you still have to pay the .gov rent.
Link Posted: 6/18/2009 5:13:28 AM EST
That must feel great, congrats!

I just refinanced for 30 years!
Link Posted: 6/18/2009 5:14:21 AM EST
Freedommm!!!!!

Very impressive. Congrats.
Link Posted: 6/18/2009 5:17:18 AM EST
Link Posted: 6/18/2009 5:17:44 AM EST
[Last Edit: 6/18/2009 5:24:59 AM EST by DriftPunch]
Originally Posted By Japle:
Well, my wife and I went to the bank yesterday afternoon and got a certified check for the balance of our mortgage. Mailed it off this morning.

We bought this place new, a good-size four bedroom house on a lake in Viera, FL, and paid off the 15 year note in 7 years and 2 months.

We've never actually owned a house before. We've "owned" (us and the bank) half a dozen houses or townhouses or condos, but we always made the mortgage payment every month, so this is a new experience.

I can't tell you how good it feels. We own both the cars and have zero credit card debt. We're in great health and will probably live another 40-50 years.

Life is good!!


Congrats, this is the single most important financial thing that you've ever done... Your 'shelter' requirement can now be had with just the money needed for maintenence, tax and insurance. You're not going to know what to do with the extra cash you now will have every month. The air will smell better, food will taste better, your attitude will improve...

I bought my house (1700 sqft colonial) in '95 for $128K. I was 24 and that was a mountain of money to me at my salary. Within a few years I was making much-much better money while indirectly riding the .com roller coaster, and I paid it off by 2000. Free and clear ownership is better than people think it will be. For example, in 2008, a year in which my only maintenence expenses were my water filter maintenence and a termite treatment update, I spent a total of about $3,200 on my home. That's a total of $267 per month for a combination of insurance, taxes, and maintenence.

It doesn't sound like you will, but whatever you do, don't use the equity. Since you will now be accumulating cash at a high rate, save up for large expenses, it won't take long.
Link Posted: 6/18/2009 5:18:25 AM EST
Welcome to the club! Congrats!
Link Posted: 6/18/2009 5:20:25 AM EST
Outstanding!!! Congratulations, It's very satisfying to have no debts looming over your head....... I'm the same, No mortgage, No CC debt, No car payments..... That enabled me to retire at 48...... So cheers to you, great job!!!
Link Posted: 6/18/2009 5:24:27 AM EST
[Last Edit: 6/18/2009 5:25:37 AM EST by DriftPunch]
Confused the edit button with the reply button again... Sheesh!
Link Posted: 6/18/2009 5:36:42 AM EST
You guys are sooooo un-American.
Link Posted: 6/18/2009 5:56:48 AM EST
I paid off my first last year and am at less than $7K on my second and congrats
Link Posted: 6/18/2009 5:58:43 AM EST
Congratulations man, that must feel great. I'm only a year into a 30-yr note myself.
Link Posted: 6/18/2009 6:08:27 AM EST
Congratulations to You and your wife. Its a good feeling when your home is paid for and you don't owe any one isn't it.
Link Posted: 6/18/2009 6:45:47 AM EST
congrats, how much was the pay off if you dont mind saying, also what where your monthly payments and did you pay extra, if so how much?


The original note was for $85,000 after we put down $50,000. On the 4.875% 15 year loan, we paid about a grand a month. The last few years we added a couple of grand from my military retirement when we could, which was most of the time. The final payoff was just over $10,000.

The key to getting to where we are is to pay cash or do without. You have to learn the difference between what you really, really, really want and what you actually need. Funny how I actually needed those 20 handguns and 7 rifles! And all the holsters, belts, ammo, reloading equipment and match fees. And the NRA Endowment membership.

Now, with my military retirement, her teacher's retirement and both our social security (for as long as that lasts!) we'll be able to get in the travel we've always wanted.

I'm gonna get a Garand from the DCM this year, too!
Link Posted: 6/18/2009 7:15:22 AM EST
Nice, congrats. Whenever I finally find the house I want to spend forever in I will try and do the same.
Link Posted: 6/18/2009 7:20:29 AM EST
Originally Posted By Japle:
Well, my wife and I went to the bank yesterday afternoon and got a certified check for the balance of our mortgage. Mailed it off this morning.

We bought this place new, a good-size four bedroom house on a lake in Viera, FL, and paid off the 15 year note in 7 years and 2 months.

We've never actually owned a house before. We've "owned" (us and the bank) half a dozen houses or townhouses or condos, but we always made the mortgage payment every month, so this is a new experience.

I can't tell you how good it feels. We own both the cars and have zero credit card debt. We're in great health and will probably live another 40-50 years.

Life is good!!


without knowing all the details.. did you make extra payments each month or did you just lump sum it a bunch of times
Link Posted: 6/18/2009 7:28:36 AM EST
Good for you. You guys have saved a bunch of money by paying up early, but then you got rid of a major tax deduction.
Link Posted: 6/18/2009 7:32:44 AM EST
I have about 28 years left on mine. Just bought our first home a couple of years back.
Link Posted: 6/18/2009 7:41:10 AM EST
Congrats!

Maybe now you can pony up $24 and support the Team!
Link Posted: 6/18/2009 7:52:46 AM EST
Congratulations!
Link Posted: 6/18/2009 7:52:50 AM EST
Great job! I paid off my house, but I am renting from Cook County. My property taxes are 1200 a month. I hope to be able to sell in 10 years and move to a low tax jurisdiction as I simply will not be able to afford renting from the Gubmit in retirement.
Link Posted: 6/18/2009 7:56:23 AM EST
Congratulations and well done!!! I hope to join you in the land of the debt free someday!
Link Posted: 6/18/2009 7:57:40 AM EST
Great news. Now get to work on mine.
Link Posted: 6/18/2009 8:00:05 AM EST
Originally Posted By hossack:
Great job! I paid off my house, but I am renting from Cook County. My property taxes are 1200 a month. I hope to be able to sell in 10 years and move to a low tax jurisdiction as I simply will not be able to afford renting from the Gubmit in retirement.


1200 a month? , thats what my monthly payment is
Link Posted: 6/18/2009 8:03:21 AM EST
Originally Posted By hossack:
Great job! I paid off my house, but I am renting from Cook County. My property taxes are 1200 a month. I hope to be able to sell in 10 years and move to a low tax jurisdiction as I simply will not be able to afford renting from the Gubmit in retirement.


Holy crap. That's higher than New Jersey? Cook County's biggest accomplishment !
Link Posted: 6/18/2009 8:05:29 AM EST
Congratulations! It's a great feeling, isn't it?! My wife and I became debt-free on June 1.
Link Posted: 6/18/2009 8:07:06 AM EST
congrats
Link Posted: 6/18/2009 8:15:23 AM EST
Originally Posted By Procyon:
Congrats!

Maybe now you can pony up $24 and support the Team!







Maybe that's how he payed off his mortgage, by not buying a membership renewal every year.

Shit I wished I was even half way through paying for my house.
Link Posted: 6/18/2009 9:10:31 AM EST
You guys have saved a bunch of money by paying up early, but then you got rid of a major tax deduction.


Nope. The standard deduction is so high and the payoff for itemizing is so low that I haven't gotten any tax benefit from the house in a very long time.
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