I got the original 30 year mortgage for my house in 1994. After 22 years of paying an extra 10% on the principal balance every month, my wife and I have finally paid the mortgage off, eight years early. Our goal all this time has finally been realized. It has been a long road, but especially satisfying knowing how much money we saved by lopping off 8 years of the original loan. It's something most any family can do, and can save you a boat load of money in the end.
Paid off the mortgage today!
- Thread starter gman2304
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It's a good feeling, innit?
Just don't make the same mistake many do...don't suddenly get spendy. Put those payments in a CD or something.
Just don't make the same mistake many do...don't suddenly get spendy. Put those payments in a CD or something.
JTK
$100 Site Donor 2025
Good for you gman! I've always done the same thing. Pay extra towards the principle, 10% minimum. I'm only 5yrs into the current 30yr though.
Congrats! I just refinanced into a 15 year so I have a ways to go.. haha
Congrats gman!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Did that several years ago, it's a wonderful thing!
John
John
Congrats!
Wow! Congrats!
Congrats!
My largest regret is not taking 15 year mortgage on my home originally.
My largest regret is not taking 15 year mortgage on my home originally.
Paid my house off about 1995. Much more peace of mind and lifestyle boost since then. You don't want to retire with a house payment. I see many local people who buy their "dream house" when their kids leave...then they can never retire due to that house payment...sad!
Originally Posted By: RF Overlord
It's a good feeling, innit?
Just don't make the same mistake many do...don't suddenly get spendy. Put those payments in a CD or something.
Congrats to the OPer...our house payments went into a 529 account for our daughter after we paid off the mortgage.
Glad we did that with tuition alone now being $50k or more a year at many private schools...
It's a good feeling, innit?
Just don't make the same mistake many do...don't suddenly get spendy. Put those payments in a CD or something.
Congrats to the OPer...our house payments went into a 529 account for our daughter after we paid off the mortgage.
Glad we did that with tuition alone now being $50k or more a year at many private schools...
It's a good feeling isn't it?
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