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Paid off our mortgage!
Old 04-02-2020, 09:48 PM
  #1

Eleven years early. (Bought later in life due to DH’s military career).

Thought we would do it next month, but my husband decided to just “get it over with” since he had extra in savings.

No debt now!

Funny, it doesn’t feel as good as I thought it would. Probably due to the uncertainty of what’s going on in the world right now.


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Old 04-02-2020, 09:52 PM
  #2

Thatís quite an accomplishment.
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Congratulations!
Old 04-02-2020, 09:55 PM
  #3

Mortgage free is wonderful! Enjoy!
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Old 04-02-2020, 10:24 PM
  #4

Wow, congratulations!
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Old 04-02-2020, 10:44 PM
  #5

Congratulations!!


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Old 04-02-2020, 10:50 PM
  #6

Congratulations!!
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Well done
Old 04-02-2020, 11:39 PM
  #7

Congratulations that it such a good achievement. What a good time to do that!
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paid off
Old 04-03-2020, 02:20 AM
  #8

Congratulations! It is a good feeling to have that extra amount now each month.
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Old 04-03-2020, 02:48 AM
  #9

Well done! Congratulations! Itís a great feeling not to have a house payment and know you own your home 100%.
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Old 04-03-2020, 02:49 AM
  #10

Thatís terrific. Congratulations!


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Old 04-03-2020, 03:29 AM
  #11

Welcome to the club! Actually DH remarked last night that that with the uncertain economy at least we own our home.
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Old 04-03-2020, 04:56 AM
  #12

Congratulations! It doesnít feel quite real, does it, after all those payment years? But just wait til you see the difference in your bank account.

I love being debt free. Letís all pray the new world order doesnít alter the benefits of our hard work.
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Old 04-03-2020, 05:03 AM
  #13

Congrats!!!! 11 years early, wow!! We have been in our house for 31 years with a 25 year mortgage so we've been at least six years without a mortgage payment. We also don't have car payments now. It is so nice not to have those big monthly bills hanging over us :-)
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Whoa!!
Old 04-03-2020, 05:13 AM
  #14

That's AWESOME!! Congrats!!
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Old 04-03-2020, 05:14 AM
  #15

Congratulations, thatís wonderful.
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Old 04-03-2020, 05:19 AM
  #16

Yes, having no mortgage payments is absolutely wonderful !
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Mortgage
Old 04-03-2020, 05:44 AM
  #17

Paid ours off early too. Went from 30 to 15 years and was paid just after DH retired. Saves us plenty. Congrats!! Nothing like being debt free...
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Old 04-03-2020, 06:57 AM
  #18

Congrats!!
That is my goal! I just bought a house and our mortgage lender said if you may one extra payment a year to principal, you can reduce your mortgage by 10-15 years. That what I plan to do with some of my tax return each year.
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Old 04-03-2020, 07:00 AM
  #19

Congratulation!!! That is a blessing!
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Old 04-03-2020, 07:16 AM
  #20

That's awesome! Congrats!
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Old 04-03-2020, 07:22 AM
  #21

Fabulous! Thatís great news! I have four more years for mine.
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Old 04-03-2020, 07:24 AM
  #22

What a HUGE accomplishment! Congratulations!
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Old 04-03-2020, 07:44 AM
  #23

Maybe it just hasn't sunk in yet!

We will sell ours before we pay it off, but the goal is to be able to buy the next place on what we get from this one and our other place, so.... One day we will be able to say that, too. Last time we refinanced, I wrapped some debt up in ours (cars). I have been making those payments as extras each month.

I would have to run the numbers, but it doesn't seem like making 1 extra payment would save you 10-15 years off a mortgage. I know it adds up, but not that quickly. You might want to run the numbers yourself. There are plenty of calculators on line for this.
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Old 04-03-2020, 09:59 AM
  #24

Wow! Congrats!! Iím a little jealous tbh!😀
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Extra payment
Old 04-03-2020, 10:26 AM
  #25

The ideal situation is that the extra payment each year goes directly on the principle. I do remember there being some specifications about timing to make sure that the entire payment goes on the principle. I would check with the lender to make sure it is going on the principle.
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Old 04-03-2020, 11:42 AM
  #26

Congratulations! What a huge relief to know your house is yours and yours alone.
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Old 04-03-2020, 05:22 PM
  #27

CONGRATULATIONS! That is awesome!

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Old 04-03-2020, 05:30 PM
  #28

That is really perfect timing with everything going on! Right before all of this happened I was saying I was going to look into that deal where you pay a half payment every 2 weeks instead one payment every month- I believe it was something about it equaling two extra payments per year which allows you to pay it faster. The catch with my bank is that they make you pay one of those extra payments up front when you switch to that system.

I have a good amount of savings and I was supposed to get a big raise next year, so I thought it would work out perfectly. Now I'm so glad I didn't do it. With so much uncertainty moving forward I feel the need to hang on to every penny I have right now.
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I remember that strange feeling.
Old 04-03-2020, 05:54 PM
  #29

I guess that I expected balloons and confetti to come down from the ceiling. And now my car is paid off and that, too, wasn't the big thrill I hoped. Funny. But now that my savings account is growing, I am getting some delighted emotions. Maybe it just took time.
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Old 04-03-2020, 05:56 PM
  #30

ETA: This thread also reminded me of the time when I was visiting home and my parents told me there was something new in the house and they wanted to see if I noticed it. They made me look around for 10 minutes before telling me the "new" thing was that it was paid off/100% theirs. Couldn't I tell the difference?
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Old 04-03-2020, 06:08 PM
  #31

Congrats! Itís a great feeling, isnít it?
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Old 04-03-2020, 08:22 PM
  #32

Such awesome news. Congratulations!
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