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12-06-2006, 12:40 PM | #1 |
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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No Mortgage!
I just sent off my final mortgage payment! It took me 7.5 years of putting all of my extra money on it, but now my only debt is a 0% car loan. Even with my semipathological aversion to debt, I can't see myself paying that one off early.
Of course, I suddenly don't have that hefty tax deduction...
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
12-06-2006, 12:50 PM | #2 |
changed his status to single
Join Date: Apr 2004
Location: Right behind you. No, the other side.
Posts: 10,308
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good for you HM. now you need to turn around and get a hefty HELOC for a safety net. you can keep a zero balance on it, thus maintaining your debt free lifestyle while still keeping access to what is most likely your largest asset.
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Getting knocked down is no sin, it's not getting back up that's the sin |
12-06-2006, 12:56 PM | #3 |
Knight of the Oval-Shaped Conference Table
Join Date: Apr 2006
Location: Your Mom's house
Posts: 378
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Awesome job on the mortgage! If I might suggest though, if you have a 0% auto loan...milk that one for all its worth. Basically think of that as free money, and even in a basic savings account earning 1%, you've got a net benefit for yourself. Basically by paying it off now, you would be loosing money (even if it feels like you would be saving money)
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“I live only for posterity. Death is nothing, but to live defeated and without glory is to die everyday." - Napolean Bonaparte |
12-06-2006, 01:10 PM | #4 |
™
Join Date: Jul 2003
Location: Arlington, VA
Posts: 27,717
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Good job HM!
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12-06-2006, 01:23 PM | #5 | ||
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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Thanks all!
Quote:
Quote:
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
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12-06-2006, 02:09 PM | #6 |
When Do I Get Virtual Unreality?
Join Date: Dec 2002
Location: Raytown, Missouri
Posts: 12,719
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Dude, that is *awesome*. Congratulations on being disciplined enough to enhance your personal security to such a great degree. I am totally impressed.
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"To those of you who are wearing ties, I think my dad would appreciate it if you took them off." - Robert Moog |
12-06-2006, 02:47 PM | #7 |
The future is unwritten
Join Date: Oct 2002
Posts: 71,105
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Way to go HM, great feeling isn't it?
I had about a dozen years to go when I refinanced, upping the payment and reducing the term, then basically forgot about it. One day a letter arrives saying the payment was X instead of Y. WTF.... I call the bank ready to raise hell and was calmly informed the payment changed because it was the last one. Doh.
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The descent of man ~ Nixon, Friedman, Reagan, Trump. |
12-15-2006, 03:44 PM | #8 | |
Abecedarian
Join Date: Jan 2002
Location: Alberta, Canada
Posts: 170
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Congradulations. We're looking to move with an eye to taking advantage of the bubble to reduce our payment. It's quite refreshing.
Quote:
Anyways I call up my bank to arrange for payment and find out the amount owning and it's: $13.71 My regular payment this month would have covered it easily. Oh well, at least I can brag that I paid off my loan early by a whole three weeks. |
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12-06-2006, 02:56 PM | #9 |
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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Heh, that's what I was expecting to get. Instead, I got this three-page document printed in courier on onion paper saying to mail the final payment and some additional documentation to a different address than usual, and a prepaid envelope! Apparently the final payment is a completely different department!
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
12-06-2006, 03:05 PM | #10 |
The Prodigal Brat Returneth
Join Date: Dec 2002
Location: North Cackalacky
Posts: 1,107
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Merry <insert winter holiday of your preference here>
You just bought yerself a house! Congratulations - hard work with a good and profitable reward. K
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The Constitution gives every American the right to make a total fool out of himself. But that doesn't mean you need to. |
12-06-2006, 03:32 PM | #11 |
still says videotape
Join Date: Feb 2001
Posts: 26,813
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Yeah, nice present to yourself.
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If you would only recognize that life is hard, things would be so much easier for you. - Louis D. Brandeis |
12-06-2006, 03:56 PM | #12 |
UNDER CONDITIONAL MITIGATION
Join Date: Mar 2004
Location: Austin, TX
Posts: 20,012
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Congrats, HM! And even more congrats on keeping the same lifestyle and bumping up the 401K with the extra money. Your self-discipline is admirable.
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12-06-2006, 04:03 PM | #13 |
I think this line's mostly filler.
Join Date: Jan 2003
Location: DC
Posts: 13,575
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Now, I never said I wouldn't buy myself a snazzy new computer!
Once I recover from my final push and the holiday season, of course. My liquid assets are gonna be pretty low for a while...
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_________________ |...............| We live in the nick of times. | Len 17, Wid 3 | |_______________| [pics] |
12-06-2006, 04:13 PM | #14 |
Victim of gravity
Join Date: Mar 2005
Location: Hiding in plain sight
Posts: 1,412
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Wow! I am so totally impressed Good for you!
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Everything you've ever heard about Fresno is true. |
12-06-2006, 04:14 PM | #15 |
Gone and done
Join Date: Sep 2001
Posts: 4,808
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Congrats, HM! Now, maybe you can look into that vacation property you always wanted... The tax deduction is great, and the real estate market still has upside, if you choose wisely.
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per·son \ˈpər-sən\ (noun) - an ephemeral collection of small, irrational decisions The fun thing about evolution (and science in general) is that it happens whether you believe in it or not. |
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