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Paid off the mortgage

beneteaubeneteau Member Posts: 8,552 ✭✭✭
edited May 2017 in General Discussion
This morning. About 10 years early. No more house notes. Now, I can R.I.P., when the good Lord calls me home, knowing my wife will have a comfortable place to live without the mortgage expense.
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  • WearyTravelerWearyTraveler Member Posts: 2,019 ✭✭✭
    edited November -1
    Feels good, eh?
    ”People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
    - GEORGE ORWELL -
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  • 84Bravo184Bravo1 Member Posts: 10,461 ✭✭
    edited November -1
    That is great!!

    I cashed out my "Profit Sharing," from a Co. I worked at, up N.for
    26 years.

    Right after 2008-2009, I lost $52K. (Like a lot of People.)

    Said enough of that.

    Paid $57K in taxes, but the rest was mine.

    Came down to TN after selling my 1947 Chestnut log cabin, on Greenwood Lake. (NY/NJ)

    Worked a Cash deal on my House here in the Mtns. of NE TN.

    Bought it outright. Its a good feeling.

    Taxes were $5k/year up N.

    Taxes are currently apprx $450 year here. What??



    Good for you.
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  • rogue_robrogue_rob Member Posts: 7,033 ✭✭✭
    edited November -1
    Yeah in Jonesborough, I'm only paying 5-600 a year taxes. Not too bad.
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  • Horse Plains DrifterHorse Plains Drifter Forums Admins, Member, Moderator Posts: 40,244 ***** Forums Admin
    edited November -1
    quote:Originally posted by beneteau

    This morning. About 10 years early. No more house notes.
    Congrats on that! Feels good, doesn't it? There'll be someone along shortly to tell you that was a dumb move.
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  • TfloggerTflogger Member Posts: 3,399 ✭✭✭✭
    edited November -1
    quote:Originally posted by rogue_rob
    Yeah in Jonesborough, I'm only paying 5-600 a year taxes. Not too bad.

    another $50 a month insurance and you're cool. I'm jealous.
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  • badchrisbadchris Member Posts: 1,676 ✭✭✭
    edited November -1
    Congrats. [:)]
    Enemies of armed self-defense focus on the gun. They ignore the person protected with that gun.
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  • Don McManusDon McManus Member Posts: 23,695 ✭✭✭✭
    edited November -1
    Congrats.

    Now the challenge of saving/investing instead of pissing it away on toys to fill the safe.
    Freedom and a submissive populace cannot co-exist.

    Brad Steele
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  • select-fireselect-fire Member Posts: 69,540 ✭✭✭✭
    edited November -1
    WTG
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  • wpageabcwpageabc Member Posts: 8,760 ✭✭
    edited November -1
    Congratulations on getting past the bank part...
    "What is truth?'
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  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    YES SIR....great move...i have paid off every machinery, expense, land note early or on time since about 1974....got totally out of debt before i retired from farming and will never go in again....still the fact that you can never truly own something if govt can tax it(and take it) bugs me..
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  • 11b6r11b6r Member Posts: 16,584 ✭✭✭
    edited November -1
    Congratulations!- And yes, it DOES feel good, doesn't it? We paid our place off about 7 years ago. It is amazing how much more money you have when you are not paying someone interest.

    Due to good planning by my wife, we have no debt. One credit card that we pay off once a month, and enough put away for retirement that we can enjoy it.

    Whether paying off a mortgage is sound financially or not, it is a great feeling to own the roof over your head.

    Micah 4:4

    ?But they shall sit every man under his vine and under his fig tree; and none shall make them afraid: for the mouth of the LORD of hosts hath spoken it.?
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  • perry shooterperry shooter Member Posts: 17,105 ✭✭✭
    edited November -1
    yes best feeling ever Only house I ever bought and one week before I got married
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  • CaptFunCaptFun Member Posts: 16,678 ✭✭✭
    edited November -1
    Right when I paid off my last house, the county decided to move the school zone line about a hundred yards and move us from the best high school and middle school in the county to some of the worst. So we moved about 6 miles north to the next county well away from the zone boundaries. Sold that house for twice what I paid for it right before the crash. In about 3 yrs when the kids graduate from college, this one will be paid for and then I will be a happy camper!!!
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  • Chief ShawayChief Shaway Member, Moderator Posts: 6,289 ******
    edited November -1
    Congrats! We've been debt free going on two years now.
    What a great feeling it is.
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  • Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    Great move,..I paid mine off in 2006 at 45 years of age.
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
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  • danielgagedanielgage Member Posts: 10,588 ✭✭✭✭
    edited November -1
    congrats
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  • woodhogwoodhog Member Posts: 13,115 ✭✭
    edited November -1
    This place was/is a payday house. We just spent as much as we could each payday. I bought a timber sale in 1976 and it took two years to log it, mill up the lumber and process the logs for the walls. We moved in in 1980, finished it up in 1982
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  • retroxler58retroxler58 Member Posts: 32,693 ✭✭✭
    edited November -1
    quote:Originally posted by Don McManus
    Congrats.

    Now the challenge of saving/investing instead of pissing it away on toys to fill the safe.
    NOW THAT'S the hard part...

    But the way I look at it... Is an investment in COLD Blued Steel and real cool wood! [:D]
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  • BoltactionManBoltactionMan Member Posts: 2,048 ✭✭✭
    edited November -1
    Congrats Man! It's a great feeling to be done.

    In my case it was a great feeling.....until I bought this new place. Oh well.

    KC
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  • tccoxtccox Member Posts: 7,379 ✭✭
    edited November -1
    BENETEAU: Congrats!! Like you and others here, the mortgage is paid off. Whee, now we own it. However, just miss a property tax payment and see who REALLY owns it. Tom

    PS: I am old enough to qualify for homestead exemption so the burden is manageable. T
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  • jerrywh818jerrywh818 Member Posts: 2,573 ✭✭✭✭✭
    edited November -1
    I'm in Oregon. My prop. tax is $3000.00 a year. My house will be paid for when I'm 105. This place is turning from a paradise into a cesspool for libs. The Democrats running this state have sold the farm to buy votes from the Public employees. Funny part is there is no money to pay off the public employees. I have visions of Argentina. I will try and sell my house to another succor and move to Idaho. There is one small town here with about 300 people that has 4 pot stores.
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  • pickenuppickenup Member Posts: 22,844 ✭✭✭✭
    edited November -1
    Congrats, now she doesn't have that payment to worry about.
    Funny how we think of the ladies when planning.....
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  • jltrentjltrent Member Posts: 9,344 ✭✭✭✭
    edited November -1
    Taxes on my house in SW VA are a little over $500/yr. My dad and I with some help built my house. I had less than half what some estimates were from other carpenters.
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  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    we own three homes...refurbed big old farmhouse in the country, totally redone one near the town square and remodeled lake home in eastern kansas...only downside is they keep getting older and the taxes keep getting higher...NO one in local, state, or federal govt can grasp the idea of limiting spending...homestead exemption is a saving grace on one if applied...farmhome is up about 5x + when i first moved here in 1964, lake is 2.4x in 12 years, and remodel town has an abatement for 5 years for doing remodel..i bet wife will faint when that runs out and the appraiser dances in the driveway
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  • droptopdroptop Member Posts: 8,363 ✭✭
    edited November -1
    My taxes are 300,000 pesos per year or about $90 dollars or less than $10 per month. Have one rental that's $15 dollars per year. All paved streets, utilities and internet are available. Satellite or cable T.V.

    Darn taxes keep going up every year. 10 years ago they were $70 dollars.
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  • He DogHe Dog Member Posts: 51,593 ✭✭✭✭
    edited November -1
    quote:Originally posted by Don McManus
    Congrats.

    Now the challenge of saving/investing instead of pissing it away on toys to fill the safe.




    [:0] Wait! I keep reading here on GunBroker that guns are the best investment, guaranteed to evaluate better than gold.



    Congrats Beneteau!
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  • SperrySperry Member Posts: 5,006 ✭✭✭
    edited November -1
    Don't tell anyone.

    I know a fella, George, paid off his mortgage. Then when George's brother was discovered to have skipped paying taxes for years, his family talked George into paying off the IRS so the brother could avoid jail. Then brother went ahead and stuck it to the IRS again, as well as the state dept of revenue.
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  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    bet he skips on brother George too
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  • buddybbuddyb Member Posts: 5,395 ✭✭✭✭
    edited November -1
    I paid my mortgage off about 10 years ago.A guy I work with said when he and his wife were married in the mid 70s,they bought 3 acres and had their house built.Total mortgage was about 28,000.He said they both worked and lived off what one of them made,the other paid the entire salary toward the mortgage,and paid off a 30 year mortgage in 4 years.
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  • 11b6r11b6r Member Posts: 16,584 ✭✭✭
    edited November -1
    For some of the younger folks that have not figured this out-

    In the early years of a mortgage, much of your monthly payment goes to interest, not to retiring the loan. A 100 k 30 yr at 3.65% is $552 a month, of which about $50 goes to the loan. In the later years of the mortgage, that is reversed ($500 to loan, $50 interest).

    During that first 5 years, if I send the bank a check "to be applied to the principal" say for $500- that does not knock out one monthly payment. It knocks out about TEN monthly payments. Which saved us about FIVE THOUSAND in interest. You do not have to do it every month, and it does not have to be $500, but the key is during the early years of the mortgage.
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