House payoff next week

[ezbtr]

no clue where orig post went, 55 med disability, will cost a chunk of change, BUT save me $721 a month. had no plans besides investing that money, dont need newer cars, zero debt, last kid out of college in 18 mos, will feel good, stress kills and a decent amount left invested, glad I escaped CA for TX where a better life IS much easier, house only 7 yrs old needs nothing, gaining equity at a great rate last 2 years.

 

[FunInDuhSun]

Congrats! I’m still 3 years and 10 months until done.
The day after payoff will be my first day of retirement!!

 

[Old Ironmaker]

I will never pay off a mortgage. As soon as I was ever close to being mortgage free when I was single I would take out some, not all, equity and use it to live a good life. Help relatives, travel, invest in more property, nice vehicles, nice furnishings, just nice stuff. But the helping is far more rewarding than nice stuff, but nice stuff is, well, nice. Now that I have found the love of my life 28 years ago we were always on the same page as far as finances go. Why you may ask? We are probably in a far different situation than most. I am 65 and my wife is 54, I think. We have never had children and do not bring any kids into our relationship. If there is anything left it will go to our nieces, nephews and a few Godchildren, not all, only those that know we are alive. So our priorities and legacy is much different than many of my relatives and friends with children and grand children. We have helped many nieces and nephews as well as freinds with their education costs and down payments for their first homes for example, he;ped not gifted, a big difference. Death taxes will kill you worse than the heart attack that drops you dead. I have always said it is much more satisfying to help now and see how our help is bettering the lives of loved ones while we are alive. I always told Mom and Dad the same thing when they were in a position to help the grand kids. They could enjoy seeing the kids get ahead in life with their help when they were alive to see it, no one can see in death that I know of. I don't think my brothers wanted to see their inheritance spent. I plan to owe a few million bucks when I die. My wife will figure it out.

 

[alldodge]

Congrats, its a great feeling. We have been zero debt for many years and retired. Its nice having all the income just go into bank and investments.

If we could only figure out how to pay off the utilities

 

[aspeck]

If we could only figure out how to pay off the utilities

you figure that out and you HAVE to promise to let me know how it is done!

 

[ezbtr]

Congrats, its a great feeling. We have been zero debt for many years and retired. Its nice having all the income just go into bank and investments.

If we could only figure out how to pay off the utilities

yeah that $721 a month saved will get reinvested, my retirement is pretty modest, 401K good, house only 7 yrs old, has gained value/equity fast (about 30 miles north of Austin) and boy to not have to think about any mortgage payments, car payments will be nice.

 

[Old Ironmaker]

.

If we could only figure out how to pay off the utilities

Wind turbines and solar power. It will eventually pay for itself. Not free but darn close.

 

[crazy charlie]

Welcome to the club!! I got extremely mad at our mtg company years ago ,Wells Fargo, when I tried to reach them to do a refinance at a lower rate.I tried for a month and was NEVER able to get through to anyone for assistance.The following year when rates had climbed a bit and refinances had declined,I got a solicitation call form guess who,WELLS FARGO ,asking me if I was interested in refinancing.I furiously gave the solicitor a blast he will probably never forget.I was so mad that the next morning I stroked a check and paid off the mortgage.It was a 15 year that I paid off in 11years and very happy that I did.No mortgage at age 41 was something to be proud of.Charlie

 

[ezbtr]

Welcome to the club!! I got extremely mad at our mtg company years ago ,Wells Fargo, when I tried to reach them to do a refinance at a lower rate.I tried for a month and was NEVER able to get through to anyone for assistance.The following year when rates had climbed a bit and refinances had declined,I got a solicitation call form guess who,WELLS FARGO ,asking me if I was interested in refinancing.I furiously gave the solicitor a blast he will probably never forget.I was so mad that the next morning I stroked a check and paid off the mortgage.It was a 15 year that I paid off in 11years and very happy that I did.No mortgage at age 41 was something to be proud of.Charlie

nice!

 

[redneck joe]

Yeah we got that way in spite of our spending habits, but now it feels awesome. With me not having a steady job in almost a year of has made it possible. Of course having a wife that make really good money has helped. Most all of my income was going to retirement funds anyway.

 

[ezbtr]

yup, done feels great - imho owing ZERO is a great way to save $

 

[dingbat]

Got to ask...how did you knock $721 a month of a house payment?

Interest rates have been within plus or minus a percentage point for quite sometime now

 

[Old Ironmaker]

Back in the 90's the boy's and I were having a leisurely lunch in a nice restaurant in town. The owner was an elderly businessman in the city that I grew up in Ontario. He was in there every lunch time and was in his 80's then. He came over to our table and asked if he could buy us a drink and join us, it was our honour. He owned most of the property downtown at one time or another and was the founder of a local trust company that was huge in the city owning several highrise rental properties and several strip malls in the city. He once owned the 4th largest airline in Canada. One of us asked him " To what do you owe your sucess to Mr. W?" In his thick eastern European accent he simply replied, " If a man doesn't go bankrupt at least 3 times in his life he is an idiot." Basically he said he owed 10 million dollars to Esso for fuel costs. He said to himself they can afford it and I don't like the airline industry, too much government interference. So he declared bankruptcy. I was always taught to treat people well and if you owe a debt you pay it. I have always said I need to look at my face in the mirror in the morning when I shave it. I have never declared bankruptcy, came close once but couldn't follow through. It would kill my Mother and Father so I hung in. But many "successful" business people have, many times and are still considered successful. I paid off many mortgages, one was at 17% in 1981, 17%!! At less than 5% mortgages here I am not a good businessman not to take advantage of almost free money. I have a line of credit at 2.9%, Paying of a mortgage is not always the prudent thing to do as long as that money is making you more than the interest is costing. What is that 750 bucks a month making you now? Get the equity in your home out now and buy more property. Single family homes have been going up in price in southern Ontario by an average of 2% a month for the last several years, some years as high as 6%. Minimally 24% a year. Show me a single financial firm that will give you a guarantee of more than 20% per year that isn't a Ponzy scheme and I'll invest. Property values not returning that in Texas? I would have said buy in Ontario but it may be too late. The Feds are taxing foreign investors high as most of the wise investors in the world did just that, including President Trump when he built Trump Tower in Toronto and sold it shortly afterwards pocketing millions.

 

[ezbtr]

Got to ask...how did you knock $721 a month of a house payment?

Interest rates have been within plus or minus a percentage point for quite sometime now

paid off the mortgage on my house