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I think we will pay off our mortgage next year

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  • I think we will pay off our mortgage next year

    We will be in a position next year to have more than enough funds in our taxable account to pay off our mortgage on the new house in Dallas. I haven't talked to my wife yet, but I think that is a milestone we should consider. Every time I run the retirement numbers, that mortgage is a huge boat anchor and impedes freedom and choices. And the EF sure goes a long way without a mortgage payment.

    I know the math for payoff vs. not from a financial perspective. This isn't about math in my mind. This is about freedom. Even now as I type this, I get giddy thinking about finally, after all these years of debt, being 100% debt free.

    Anyone ever regret paying off their mortgage early?

  • #2
    Originally posted by corn18 View Post

    Anyone ever regret paying off their mortgage early?
    Not for one second!

    Your reasoning sounds valid.

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    • #3
      It took us 13, years [high interest rates in Canada] to pay off our initial mortgage, and we continued to manipulate events to remain mortgage free in spite of subsequent career moves to other cities. Our deal was, the sum of 1st mortgage payment would continue to go to economy appropriate retirement plan. Of course whatever you buy still has expenses attached like taxes, utilities, maintenance, updates/upgrades, furnishings and landscaping. Never regretted housing decisions but it did restrict choices. We had older, smaller homes than colleagues in more modest, middle class. neighbourhoods. The upside was learning DIY skill sets and lots of wonderful memories of family [friends and neighbours] working as a team to improve the house.

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      • #4
        I think it sounds like a great idea. I think that it's a huge stress relief to not have a mortgage. And it makes sense to retire without more debt.
        LivingAlmostLarge Blog

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        • #5
          I totally agree, and definitely encourage paying off the mortgage early/ASAP to anyone who can manage it. I paid off our rental home about a month ago, and even though we're not living there, having that mortgage gone has changed my entire viewpoint about the rental property, and also about how I view our current home. We still owe $290k on our current house, but paying off the rental has given me this unexpected feeling of freedom (that really is the perfect word to describe it) that no matter what, we have more options. Worst comes to worst, I can either sell the rental and nearly pay off our current home, or sell the current home & go back to live in the paid off house for almost no cost. There's a huge degree of security & freedom in having flexibility, and flexibility is exactly what paying off your home does for you. If nothing else, paying off your home frees up probably 15-30% of your monthly income for savings or other priorities.

          I am 100% certain that I will never regret paying off our rental, and eagerly look forward to doing the same with our current home.
          "Praestantia per minutus" ... "Acta non verba"

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          • #6
            And welcome to Texas by the way!

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            • #7
              I canít imagine many people regret paying off their mortgage. For me itís a requirement of being able to retire early.

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              • #8
                We paid off our mortgage a couple of years ago. Don't regret it.

                NOT
                ONE
                SINGLE
                BIT.

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