Paid off Mortgage Early!

Discussion in Mortgage & House Payments started by novasparker • Oct 4, 2012.

  1. novasparker

    novasparkerActive Member

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    We did it! We paid off a 30 year mortgage in 20 years. We were so excited to make that final payment. We paid extra on the principle every month (nearly every month!) We would put an extra amount that we felt comfortable with towards the principle and chipped away at our debt. Now it's paid off and we're going on a vacation
     
  2. ryels

    ryelsNew Member

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    Congrats! That is a big accomplishment. I can only imagine what I would do with that extra money each month. And the best part is that you probably saved thousands in interest.
     
  3. deansaliba

    deansalibaActive Member

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    Congratulations, I bet that is a MASSIVE weight lifted off the chests of you and your husband. :) I know of a few people who have paid off their mortgage early but never TEN YEARS early, it just shows what you can do if you manage your money in a sensible way. :)
     
  4. Jessi

    Jessi<a href="http://www.quirkycookery.com">QuirkyCooke

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    I'm a little late on this thread, but it just got bumped up.

    Congratulations!!

    That is so exciting. Most of us know that it's a good idea to pay more in order to cut down the length of time, but few of us are so dedicated in actually doing it. Did you happen to pay biweekly instead of monthly, too?
     
  5. green_momma2007

    green_momma2007New Member

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    Congratulations! You must be so proud of yourself. Do you plan on continuing to pay the "mortgage" and putting it away in a savings account? I would probably do something like that. Maybe use half for fun stuff and save the rest.
     
  6. Treighsie

    TreighsieActive Member

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    That is exciting!!! Congrats!!!
     
  7. crossunitedfate

    crossunitedfateMember

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    I don't even know you and I'm excited and happy for you lol. That has to be a serious load off your shoulders. Nothing like getting closer to that dream of financial freedom. Congrats :)
     
  8. gabstaff

    gabstaffMember

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    Congrats!! I know you must be so proud of yourselves! How did the vacation go?? What are you doing with the extra money??
     
  9. Pat

    PatWell-Known Member

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    Add me to the list wishes you well wishes. It is a big accomplishment to pay it off early on your own. All the interest you saved is now available for saving or a good long well deserved vacation.
     
  10. MakingCents

    MakingCentsActive Member

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    I'm late to the party but that's great! We pay a little extra towards principle each month but nothing close enough to getting us paid off 10 years early. We don't plan to stay here this long anyway, so we just want to get ahead so we can bank some extra when we sell it.
     
  11. dissn_it

    dissn_itActive Member

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    That is so awesome! Congatulations on knocking ten year of pyaments off the length of the loan. That is quite an accomplishment. A well deserved vaction!
     
  12. tspires2

    tspires2Member

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    Congrats! That is a major accomplishment and in this economy major accomplishment is an understatement! Enjoy the well deserved vacation and many more with the amount of money you have saved yourself! I wish you all the continued success!
     
  13. ExpertAdvice

    ExpertAdviceActive Member

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    Hahaha! Congratulations @Novasparker! I really hoped that you enjoyed that vacation and that, after two years, you can still remember the good times that you had on that vacation! I personally think that mortgage companies should give bonuses and gifts to those who successfully pay of their mortgages, I mean,the companies shouldn't only think about it from a business perspective, they should also think about it from a social perspective, a person has spent 20 years of their lives paying you back, the principal amount on the house plus interest! interest that has contributed in making your business flourish, at least give them some cash back, lol, so that they can be able to pay down on another house and use your services again :) makes sense? lol
     
  14. legendia

    legendiaNew Member

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    Congratulations. That is a huge accomplishment and a huge weight off your shoulders I'd imagine. A lot of people don't realize how just a little bit every month can make a big difference in the end. Just like how compound interest pays off in the long term, paying off compounding debt is also the same.

    I just purchased my first and only property in 2012. I'm far away from paying it off completely, but just seeing the number '2042' as my last payment just really scared me..lol. I specifically remember the day I went to close, I signed a ton of documents all day, but that particular number stuck out to me. God that's such a long time away.

    I'm still looking to acquire a couple more properties in the near future for investment purposes, so, it feels like I'll always have a mortgage to pay off. It would feel really nice once I have at least one of the properties paid off. As it is right now, I'm just about breaking even on my first property (it's currently rented out), but once it's paid off, my profits will jump significantly, and I won't have to worry about vacancies as much any more.

    Anyway, getting off track here. Good to hear your mortgage is over. I'm sure that's a fantastic feeling for you.
     
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