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?

Accomplished this 10 years ago. Yes, it's a great feeling. Congrats!

When we got our mortgage down to a few thousand dollars, I sent a check to Chase. I was contacted by the local Chase branch manager, who told me that I "had to come in to the office" to pay the mortgage off.

I told him the I did not have time to do that, but he was welcome to come to my office (i.e. "pound sand"). I subsequently received a letter acknowledging full payment of the mortgage, along with a check for a few dollars -- I had miscalculated the interest and overpaid by just a bit.

Congratulations. That is a wonderful and a great feeling once accomplished. Taxes still suck..and insurance as well.

Congratulations on this milestone.

We paid ours off in 2021 and never looked back.

We have not had a car payment since 2005, when I paid of my (then) 2003 Honda Pilot.

Yes, it is very freeing, not owning (yes, except property taxes and insurance).

It gave me a better outlook, because I am no longer beholden to a Lender.

I think I paid ours off around 2007, made my wife very happy. Three years earlier we had a boat payment and a mortgage payment in NJ, we moved to Utah and had a minimum mortgage, so I just paid it off.

Our mortgage will be paid off in I think 5 months. Then it's just taxes which I think is $1200.00 every six months and insurance which is an even bigger rape job

Being debt free means more money for you when you are not paying interest to others. I am able to pay cash for my new vehicles, of course I usually keep mine for 10 +yrs.
Re the lower credit score: it can hurt your cost for insurance as it is often based on your credit score.

Congrats!!! Especially after all you've been through since we first met...just awesome to hear.

We made some decisions early this year and did the same last month; it's nice not having that payment but it also seems so....non-event'ish. You know you will at some point and for us, we did it 13 years after buying our current place which was bigger than we needed but the smallest SFH we could find less than 10yrs old when we bought.

I guess for us, we'll start spending some $$$ on stuff we want to do around the house; we've purposefully not dumped large somes like others have around us to focus on paying it off. I do wonder the logic in clearing out six figures of debt at historically low rates vs. using the cash for something else. I tried to do some calcs on that adjusted for inflation but rapidly confused myself in the process; I slept better with the thought that "eff it; everybody is better off without a monthly loan payment, no matter the terms"

Congratulations sir!