Paid off the mortgage today! [Archive]

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TVRodriguez

6-12-15, 9:45am

I'm super excited! Ten years ago (6/30/2005) we bought our house on a 30 year mortgage. Well, we paid it off today!!! Woohoooooooo!!!
Holy cow holy cow holy cow!!! I just let out a biiiiig SIGH of relief . . .

MANY thanks to those of this forum!!

CathyA

6-12-15, 9:48am

Wow! A big CONGRATULATIONS to you!! Good job! Isn't it a great feeling?! :cool:

herbgeek

6-12-15, 9:51am

Super achievement! Congratulations!

ToomuchStuff

6-12-15, 11:04am

You will sleep differently tonight, congratulations.

catherine

6-12-15, 11:06am

Congratulations!! That is REALLY wonderful and inspirational.

Float On

6-12-15, 11:23am

Wow that's wonderful!

kib

6-12-15, 12:18pm

:cool::cool::cool:

Radicchio

6-12-15, 1:04pm

Congratulations!! We did the same about nine months ago, and it's been wonderful. Still amazing how many bills we still pay, but no credit, not interest to be paid.

Tradd

6-12-15, 1:21pm

Yes!

awakenedsoul

6-12-15, 3:56pm

Congratulations. That's a milestone. My cottage is paid off, too. It's a great feeling. Your expenses really drop once you own your home outright.

Tussiemussies

6-12-15, 3:57pm

That is just fantastic! Congratulations to you!!!

TVRodriguez

6-12-15, 5:12pm

Thanks, all!! I'm psyched about it. We paid off the student loans first, and the cars are paid for, so this is our last loan. Is it weird that I feel a bit guilty about it?

Gardenarian

6-12-15, 5:16pm

Yay :)

rosarugosa

6-12-15, 9:10pm

Hey TV! Doing the happy dance in your honor in Massachusetts!

jp1

6-13-15, 12:43am

Congratulations. Major achievement!

SteveinMN

6-13-15, 8:17am

My congratulations as well. Fantastic!

Your expenses really drop once you own your home outright.
as, I'm curious as to how that happens. Sure, you lose the mortgage payment. But, depending on when you bought and how much you paid, that may not be a ton of money (my neighbor bought his house 40 years ago for a quarter of what these houses go for now. I'll bet his current car payment is larger). Have you found other expenses go down as a result of having no mortgage?

Gardnr

6-13-15, 2:48pm

Gardnr

6-13-15, 2:59pm

Thanks, all!! I'm psyched about it. We paid off the student loans first, and the cars are paid for, so this is our last loan. Is it weird that I feel a bit guilty about it?

I hear ya. I think that bit of guilt is because our culture is not a debt-free culture. You are not living the American dream of always bigger and better with nary a discussion of the attached debt. People work to "pay the man" and now you're free of that with NO debt left. Now your paid employment is much more a choice. Our total expenses in 2014 were 30% lower than in the year 2000 and that was before we purchased the cabin.

I think it's rather magical that we spend so much less now that we have so much more expendable cash. It of course is all going into retirement funding that will allow earlier retirement by choice!

I cannot account for why the shift other than total freedom. All that debt management work created a mindfulness that is innate-2nd nature, without thought. Part of me thinks we want less because we could have it? Does that make sense? Now that I can write a check for a blingy new car I could care less and my 16yo serves me very well and I appreciate its reliability every day.

I am anxious to hear over the next year how your money habits and thoughts on money change.

Am I just rambling and it's time for a nap?:~)

ToomuchStuff

6-13-15, 3:01pm

My congratulations as well. Fantastic!

as, I'm curious as to how that happens. Sure, you lose the mortgage payment. But, depending on when you bought and how much you paid, that may not be a ton of money (my neighbor bought his house 40 years ago for a quarter of what these houses go for now. I'll bet his current car payment is larger). Have you found other expenses go down as a result of having no mortgage?

Wondering the same!!!
I think the reasoning behind that, IMHO, is false, but based more on a sense of security and on building up a fund, based on putting house payment money in the bank, so you have a larger emergency fund. Things that the house or you still need, feel smaller when the money is there for it.

awakenedsoul

6-13-15, 4:49pm

Lainey

6-13-15, 6:57pm

Good going, TVRodriguez! wish we had a special emoji for "I'm debt free" or "we burned the mortgage" :)

JaneV2.0

6-13-15, 9:33pm

Freedom from debt is powerful. Congratulations!

gimmethesimplelife

6-13-15, 11:57pm

Very very cool! Enjoy this debt being out of your life permanently!!!!! Rob

Selah

6-14-15, 12:28pm

Fantastic! Congratulations! I look forward to that very day that you worked so hard to achieve. Well done!

TVRodriguez

6-15-15, 3:34pm

Congrats TV:cool: And you can party here all you want. It was almost deflating when we paid off ours because we really had no one to tell. Today's culture does not celebrate and I really wanted to throw a big mortgage burning party.

So party on and I for one will party with you as a mortgage-free family. Welcome to the club!!!!!:welcome:

Thanks, Gardnr! Yes, I told DH that I'd like to throw a party but feel weird telling anyone. He said I could tell anyone I want but that he's not mentioning it anywhere. And that we can have a party if I want :)

iris lilies

6-15-15, 7:22pm

I am so glad the Simple Living Forums provide a place to shout this kind of news. It's a great accomplishment!

TVRodriguez

6-16-15, 10:32am

I hear ya. I think that bit of guilt is because our culture is not a debt-free culture. You are not living the American dream of always bigger and better with nary a discussion of the attached debt. People work to "pay the man" and now you're free of that with NO debt left. Now your paid employment is much more a choice. Our total expenses in 2014 were 30% lower than in the year 2000 and that was before we purchased the cabin.

I think it's rather magical that we spend so much less now that we have so much more expendable cash. It of course is all going into retirement funding that will allow earlier retirement by choice!

I cannot account for why the shift other than total freedom. All that debt management work created a mindfulness that is innate-2nd nature, without thought. Part of me thinks we want less because we could have it? Does that make sense? Now that I can write a check for a blingy new car I could care less and my 16yo serves me very well and I appreciate its reliability every day.

I am anxious to hear over the next year how your money habits and thoughts on money change.

Am I just rambling and it's time for a nap?:~)

Thanks for your post, Gardnr. I had thought I had replied, but I guess I forgot to hit submit. :|(

I think you are correct. Freedom is sweeter than a new car. We got so used to keeping a low overhead b/c our debt payments were such a burden (students loans and the mortgage--both about the same total). We had some leaner years where we relied only on my part-time income to get by. So when we had some good fortune in higher income years, we didn't think twice--we just sent that money to pay off debt or to invest for retirement (or both).

Actually, when I thought twice, I came here for inspiration and to think through my calculations (with long-winded posts). Each time I was rewarded with thoughtful comments from board members.

So everyone give yourselves a pat on the back for being such a great group of folks who take the time to cheer others on!!

TVRodriguez

6-16-15, 10:38am

And fyi, I told my dad and one brother last night that we paid off the mortgage. They were thrilled for us, which was great. My dad, who has not yet paid off his own mortgage (which began in 1980 and was refinanced and refinanced and refinanced), was thrilled for me. He has always been straight with me about money and encouraged me to learn from his experiences. And I did.

TVRodriguez

6-16-15, 10:44am

Steve and TMS, Once my mortgage was paid off, that shaved $600.00 off my monthly expenses. I've also gone car free since paying off my home, but I don't want to change the subject. If you save that money, it's a big help. I spend less per year. Just here to congratulate TVRodriguez.

Thanks! This is similar to our plan. The amount that would have gone to the mortgage will go to retirement and the kids education funds, accelerating those planned "payoff" dates.

awakenedsoul

6-16-15, 3:59pm

Thanks! This is similar to our plan. The amount that would have gone to the mortgage will go to retirement and the kids education funds, accelerating those planned "payoff" dates.

That's great. When I was younger, I didn't have that awareness. I would just spend blindly. You're really moving in the right direction. I just found out that I inherited a car. It's a beautiful VW Bug with low mileage. It's in perfect condition. What a gift...
Once I stopped using credit, I became willing to wait and save for big purchases. This was totally unexpected, and it came at the perfect time. Keep up the great work!

Geila

6-17-15, 10:54am

Congratulations!!! We have felt such a sense of peace from owning our home outright. And the freedom of having zero debt is wonderful!!!

Packratona!

6-29-15, 9:50pm

So happy for you! It is a huge load off the mind! What is the next step to FI?

TVRodriguez

6-30-15, 3:13pm

So happy for you! It is a huge load off the mind! What is the next step to FI?

Thanks! We are setting aside money for the kids -- for college. We have a plan for that and we're partway there. That plan was already underway, we just gave it a bit of a shove now. And we're putting more into retirement/investment accounts.

We did splurge this month after the payoff--we are getting a couple of things that we've been putting off for years and years, so this first month without the mortgage payment does have a larger discretionary spending amount than usual--about double! But we're not going to get into that as a habit.

whisperingpines

7-1-15, 6:35am

Congratulations. We paid ours off 3 years ago. It is a wonderful peaceful feeling.

lhamo

7-12-15, 6:27pm

Williamsmith

7-12-15, 6:32pm

When you figure out how to pay the taxes off...let me know. That's when I'll sleep better.

TVRodriguez

7-27-15, 10:20am

Wow -- I was going to post a congratulations on your other thread where you mentioned making this a goal, and now I see you already paid the darn thing off. CONGRATULATIONS!!!! I still remember when you had the student loan debt hanging over your heads and were a bit worried about adding a mortgage. So happy to see that things have turned out so well for you guys.

Thanks, lhamo! We are loving that the first of the month comes without the mortgage. DH just said the other day, "boy, it's a lot easier to manage bills and money when there's no mortgage!" It totally is. Thanks for your comment and remembering our large student loan debt. That really was where we began--it's nice to share this journey with like minded folks.

And congrats to you on your move and change of everything!! Very exciting stuff happening for you. I actually made my way over to MMM and registered just so I could find your journal, believe it or not. I haven't read all of it but have caught up a bit--I hope all is going well for you and your family.

Ultralight

7-27-15, 10:26am

Congrats!!!!!

Packratona!

9-15-15, 9:11am

Great job! We have paid off 30 years on two different homes, so did it twice, in less than 15 years each. I know that a lot of people say invest the money instead, but I just like the feeling of one less onerous monetary obligation each month, and the instant feeling of FREEDOM! Worth it, to my way of thinking.