Without an Escrow account , taxes and insurance will be a shocking reality . We were able to freeze our assessed value for property tax purposes but the bastards keep proposing new taxes , or renewals . Can't catch a break .
Congrats , it is a good feeling though .

Sure takes a lot of pressure off when you have no mortgage or car payments.
Mine started in spring of 1981, a 30 year at 13.5%. By that fall rates were 19%, along with high inflation. The Jimmy Carter era.
I refinanced about 5 years later into a 9.75 and a few years later into a 15 year at 6.75%.
Anytime i could, I paid extra principal and that really accelerated the drop in loan balance.
Now I laugh at people that think 5% is a high rate.
For me, that just gave me a lot more freedom to do other things without worrying being a slave to those payments.
I would never want to factor making that payment into my retirement plans so be sure to get that behind you before those years arrive.

Congratulations.

Individual life journeys are different. I decided that in retirement, cash flow is king. While a home equity loan is certainly possible, I would rather have the cash our earning outside and also have leveraged returns on the value of my home.

To each his own. If I had more cash, I may have considered paying off my mortgage.

Congratulations, we did the same last year, however, the tax payments and insurance keep going up and up... Still, they are for now less than the mortgage amount.

You never really own you property, the county/state gets a piece in perpetuity, DeSantis was talking about ending property taxes, sure would be great.

Congratulations! Great feeling, eh?

We haven't had a mortgage payment in over 7 years, and yes, it is a big load off the plate.

Congrats. Mortgage was by far the largest monthly bill we had. Paid off the mortgage and it really made a big difference. Great to be old and not owe anyone anything. Gramps is at peace.

Big congrats!

quote:

Originally posted by 1967Goat:

quote:

Originally posted by Sig2340:
and now, I owe no one nothing

Except property taxes...or the bastards will come and take it!

That’s correct. I’ve said this to friends in the past regarding home or vehicle payoff. “I don’t owe anyone anything” Cool story bro. Don’t pay your property tax and the sheriff will come, evict you, and the county will own your property. Don’t pay your state registration tax on your vehicle(s) and they’ll impound it. You never really own anything, truly, unless you get get your got damn state government’s hand out of your pocket.

The cats are lucky to have you.

Congrats on your accomplishment!

I had a 30-year mortgage when I bought my house here in Tucson. Paid it off in just a few weeks under 9 years.

Good feeling

Yes, property taxes and all. I've been paying homeowners insurance all along so that won't change.

I'm hoping that seniors will get tax relief soon. Maybe not this year but within the next two. I don't like the idea of being held hostage in my own home by a municipal government that is not working in my best interests.

Congratulations!

We only paid ours off early last year. Which was 2 years into retirement. It was such a huge relief to me.

After my divorce about 9 years ago I had almost nothing aside from a modest 401k. I bought a small inexpensive town home and pumped everything I could into paying it down, while maximizing 401k. Then I met my now wife. We went all in on a premium resort home build and while it was very distressing to me to carry so much debt, we sold for enough profit to fund a comfortable retirement.

Going from a very unsustainable cash flow to being totally debt free is freedom beyond words.

Congrats on getting rid of your biggest headache!

Was able to pay off my house when I was 32. I tried to pretend it didn't happen and dumped house payment amounts of money in to my retirement accounts.

Seemed silly at the time, but I dumped most of it between 2008 - 2012 when the economy had been destroyed.

Congrats. I remember what a good feeling it was when we made the last payment. I was shooting for being mortgage free by 50 but I was 9 months over, just over 13 years in total.

quote:

Originally posted by vinnybass:
We paid ours off in 2010 & paid the same amount into stock accounts and cash accounts ever since. It's amazing how much it's added up to over the years.

I paid off mine last year and immediately started dumping that cash into many home projects that I've been putting off. The last big project that NEEDS to happen is going to get done in November. Its been amazing how fast you can put cash away without a mortgage. We've been able to cash flow it all. Next year will be the year we really ramp up our savings.

Paid off ours a few years ago. It is a great feeling!

quote:

Originally posted by Sig2340:
About an hour ago, I paid off my mortgage.

The reality is slowly dawning on me that this was my last major task as a father and husband, and now, I owe no one nothing save for my beloved two cats.

Others who have finished paying their mortgage, what response did you have after you paid yours?

I paid off my mortgage in January. I was debt free for ten days. Then I purchased a 2023 Corvette Stingray. It turned out that my new car payment was equal to my old house payment. LOL

quote:

Originally posted by Lunasee:
I paid off my mortgage in January. I was debt free for ten days. Then I purchased a 2023 Corvette Stingray. It turned out that my new car payment was equal to my old house payment. LOL

that’s how you are supposed to do it! Congrats! The Vette loan won’t be nearly as long as a house!

Congratulations. One of life's most worthwhile accomplishments. Are you going to have a mortgage burning party? We did, great time had by all.

Its official.

I checked my mortgage account online and it has a banner saying PAID IN FULL.

Sig2340, Congratulations!!! Enjoy!