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Mortgage paid off!! Totally debt-free!

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  • Mortgage paid off!! Totally debt-free!

    I called our mortgage company this morning to get the payoff figure. I then did a wire transfer from our bank for that amount. Assuming everything is in order, that should be it for us. If not, at worst we might owe a small amount of interest if things don't go through properly.

    So the home is paid off and, for the first time in our adult lives, we are totally debt-free. No mortgage. No credit card debt. No car loan or student loan. Nothing.

    Just a few hours after I did all of that, I get an email from the mortgage company saying they got my payoff request and would love to keep my business. They offered to match or beat any offer I've received elsewhere or give me a $250 gift card. Nope. Sorry. I'm done.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

  • #2
    Congrats on your new found freedom !
    Use that extra money on yourself and your family now instead of giving it to the bank.

    Comment


    • #3
      Originally posted by Fishindude77 View Post
      Use that extra money on yourself and your family now instead of giving it to the bank.
      I'll keep giving it to a "bank" but in the form of saving or investing rather than debt repayment.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

      Comment


      • #4
        Congrats! Knowing your primary focus the last several years wasn't paying down the mortgage as fast as possible, how many years did it take you from when you bought it? Bet that's a really good feeling!

        Comment


        • #5
          Congratulations!!

          i have seen folks comment on bogleheads that now you want to ensure your vehicles are safe to drive. If they are old consider replacing so you have the latest safety features, etc.

          i think the argument is no sense being in this financial position to only be in an accident and become disabled or dead.

          Only passing along that info - not my original thinking.

          Comment


          • #6
            Originally posted by riverwed070707 View Post
            Congrats! Knowing your primary focus the last several years wasn't paying down the mortgage as fast as possible, how many years did it take you from when you bought it? Bet that's a really good feeling!
            It took just over 25 years. We have almost always paid at least a bit extra by rounding up the payment to the next $100, it wasn't a main focus. Particularly the last few years at my old job when I wasn't making nearly enough and during the 4 years DD was in college, extra payments were modest. It's mainly been the past year since she graduated that I threw a lot more money at it.
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

            Comment


            • #7
              Originally posted by Jluke View Post
              i have seen folks comment on bogleheads that now you want to ensure your vehicles are safe to drive. If they are old consider replacing so you have the latest safety features, etc.

              i think the argument is no sense being in this financial position to only be in an accident and become disabled or dead.
              That's kind of funny actually as the next big ticket item on my agenda is replacing my car. It is a 2006. I've only had it since 2012 but it is nearly 14 years old. Mileage is pretty low but it's showing its age in other ways. I'm not running out tomorrow but I suspect within a year I may be shopping, sooner if anything expensive mechanically crops up with it.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

              Comment


              • #8
                Originally posted by disneysteve View Post

                That's kind of funny actually as the next big ticket item on my agenda is replacing my car. It is a 2006. I've only had it since 2012 but it is nearly 14 years old. Mileage is pretty low but it's showing its age in other ways. I'm not running out tomorrow but I suspect within a year I may be shopping, sooner if anything expensive mechanically crops up with it.
                What's really kinda funny is the fact that for a 14 y/o car, you've "only" had it for 7 years, and you're only just starting to think about possibly looking around at replacing it. That's a mindset totally separate from most Americans, and yet also likely a strong contributor to WHY you've got your house paid off. It's alot easier to succeed financially when you're not burning $15k-$30k every 3-5 years on new cars. Bravo.
                "Praestantia per minutus" ... "Acta non verba"

                Comment


                • #9
                  Originally posted by kork13 View Post

                  What's really kinda funny is the fact that for a 14 y/o car, you've "only" had it for 7 years, and you're only just starting to think about possibly looking around at replacing it. That's a mindset totally separate from most Americans, and yet also likely a strong contributor to WHY you've got your house paid off. It's alot easier to succeed financially when you're not burning $15k-$30k every 3-5 years on new cars. Bravo.
                  So true. Or even worse leasing and having a never-ending car payment.

                  It's a little weird to me to be thinking about getting another car after "only" 7 years since I had my last car for 14 years but that one was only 1 year old when I bought it. Part of me feels like I should get more years out of this car but I have to keep reminding myself that it was already 6 years old when I got it. 14 or 15 years isn't a bad run for any car.
                  Steve

                  * Despite the high cost of living, it remains very popular.
                  * Why should I pay for my daughter's education when she already knows everything?
                  * There are no shortcuts to anywhere worth going.

                  Comment


                  • #10
                    Originally posted by kork13 View Post

                    What's really kinda funny is the fact that for a 14 y/o car, you've "only" had it for 7 years, and you're only just starting to think about possibly looking around at replacing it. That's a mindset totally separate from most Americans, and yet also likely a strong contributor to WHY you've got your house paid off. It's alot easier to succeed financially when you're not burning $15k-$30k every 3-5 years on new cars. Bravo.
                    First of all, congrats Steve. As for kork's comments, some of us don't like to drive 7 or 14 year old cars. Some of us couldn't care less if our principal residence is debt free. Different strokes for different folks...
                    How can you have any pudding if you don't eat your meat?

                    Comment


                    • #11
                      Originally posted by TexasHusker View Post

                      First of all, congrats Steve. As for kork's comments, some of us don't like to drive 7 or 14 year old cars. Some of us couldn't care less if our principal residence is debt free. Different strokes for different folks...
                      I hate the entire car buying process so my goal is always to do it as seldomly as possible. I am 55 years old. I have only owned 4 cars in 37 years.
                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                      • #12
                        Originally posted by disneysteve View Post

                        I hate the entire car buying process so my goal is always to do it as seldomly as possible. I am 55 years old. I have only owned 4 cars in 37 years.
                        Yeah I hate the process too. But nice cars are my vice. I've owned about 10 times as many as you have, but there's no telling what I've spent for the privilege. I don't want to add it up.
                        How can you have any pudding if you don't eat your meat?

                        Comment


                        • #13
                          Guilty here too, regarding automobiles. We trade for new stuff about every 3-4 years and typically have third car as a "toy".
                          Pay cash for them and carry no debt, so it's just an expensive goofy luxury we enjoy.

                          My 2016 Silverado currently has about 80,000 miles, will probably replace it after winter.

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                          • #14
                            Congrats Steve!!

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                            • #15
                              Congrats, DS! Another 20 more years of payments for me. :
                              "I'd buy that for a dollar!"

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