Home Equity Loan paid off!

[disneysteve]

I went to the bank this morning and made the final payment on our HEL! Fortunately, I was paying attention because the teller handed me the receipt and it was for $2 less than the balance. I had her double check and I was right so she re-did it for the proper amount.

The one problem is that the loan is set up for auto-pay. The teller said that I have to call the mortgage department to stop the automatic payments. They can't do that at the branch. I'll call Monday morning. I just hope they will stop it immediately because the next scheduled payment is this week.

We are now officially debt-free except for our mortgage. Most of the money freed up by paying off the HEL will go to savings. Starting Jan. 1, it will go to max our Roth contributions sooner. After that, some of it will go to extra mortgage payments.

[maat55]

Congradulation, i'm in the same boat looking forward to finishing the last hurdle of paying off the 1srt mortgage. Want to race? I have 16.7 years paying only regular payments.

[disneysteve]

Congradulation, i'm in the same boat looking forward to finishing the last hurdle of paying off the 1srt mortgage. Want to race? I have 16.7 years paying only regular payments.

You're ahead of me. We've got 19 yrs, 5 mos of regular payments.

[ScrimpAndSave]

Disneysteve...that is awesome! I know you had an article a while ago about paying off your student loans early. When you were paying off your student loans, did you just stick to your regular house payments or were you paying off a little more on the principal of your home as well?

Thanks!

[disneysteve]

Disneysteve...that is awesome! I know you had an article a while ago about paying off your student loans early. When you were paying off your student loans, did you just stick to your regular house payments or were you paying off a little more on the principal of your home as well?

When I was paying the student loans, I only made the regular payments on the home loan.

[maat55]

You're ahead of me. We've got 19 yrs, 5 mos of regular payments.

Thanks for the head start, I'll see ya at the finish line.

[disneysteve]

I just pulled out the loan paperwork as I, myself, didn't remember the details, original amout, timeline, etc.

We took out the loan in August 1999 with a 20-year term for $28,284 at 8.5%.

We refinanced in July 2003 with a 15-year term for $25,851 at 5.99%.

So we went from a 20-year to a 15-year and actually paid it off in 9 years, 4 months from the original date.

[Ima saver]

Congratulations! Wait til you get the house paid off, it will free up lots of money for savings.

[creditcardfree]

Congratulations!! Job well done.

[Like2Plan]

Disneysteve,
Sweet!

[amberbamber]

Congratulations! That is awesome! And must FEEL great!

[asmom]

That's great, what an amazing accomplishment! I am really struggling with whether or not I should pay mine off earlier.

[MoneyTrev]

Being able to pay off loans that have a slight size does take some effort. Congratulations to you and I hope that you won't be faced by any sudden events that disrupt your debt repayment!

[Jazzmint98]

Congratulations! Great job!

[ScrimpAndSave]

Hey Disney, why did you originally take out the HELOC loan?