Paid off the house!!

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If you can set up/change a mortgage or a renewal thereof from monthly payments to bi-weekly payments, you get the equivalent of an extra monthly payment in every year. As an example, that knocks a 25-year mortgage down to 20 years.

This was advice I learned from "The Wealthy Barber" and it knocked a 15-year mortgage down to paid off in just under 10 years...

The difference in cash allowed us to bank a lot for our kids' future education in just one year. Then came the overdue and necessary renovations...
 
Thanks everyone. It is a nice feeling and the extra money each month is sure gonna come in handy. To answer the question what are we gonna do. We plan on restoring it as much as possible to it's original condition. It's almost 100 yrs. old and has a lot of nice wood work. And your right Redness. It's not really ours, ever. But that's the way it goes with everybody. I also plan on saving some each month for the Cuda paint fund.

And congratulations to you toolmanmike for paying yours off too.
 
100 years old and you just paid it off, I would say Cathy doesn't look a day over 99 ........................ LOL

Congradulations, I paid mine off 3 years ago but the people wanted me to move in 15 days.

This house will probably be the same way. I get transfered, sell house move and get new mortgage.

Had we not sold the other house it would have been paid for in a few years

have fun with the house, 100 year old houses have so much more charm than new homes
 
green1 said:
Great! now put the $ in a Roth IRA, that is saved. SS ain't gonna give you diddley...
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Sound advice right there.


I paid mine off in December 09' and am just now meeting with a few financial advisers about retirement savings and how not to mess up college opps. for my children. If all goes well, I'm retiring when I'm 45 and working on resto projects. :toothy10:
 
Just remember your mortgage probably had an escrow account to cover insurance, taxes, etc.. Don`t forget to set up your own account to pay for those things that don`t stop with the home loan. Again, congratulations!
 
WildCat said:
100 years old and you just paid it off, I would say Cathy doesn't look a day over 99 ........................ LOL

You got lucky Larry. Cathy was standing right over me when I opened this up but she didn't look, LOL
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Congradulations, I paid mine off 3 years ago but the people wanted me to move in 15 days.

This house will probably be the same way. I get transfered, sell house move and get new mortgage.

Had we not sold the other house it would have been paid for in a few years

have fun with the house, 100 year old houses have so much more charm than new homes
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We think so too. Their are some real nice new houses too but it's hard to beat 100 year old woodwork that's in good shape.
 
Longgone said:
Just remember your mortgage probably had an escrow account to cover insurance, taxes, etc.. Don`t forget to set up your own account to pay for those things that don`t stop with the home loan. Again, congratulations!
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Actually we never had an escrow acct. We always remember to pay them. Thanks
 
Congrats on paying off the mortgage.

We just refinanced ours (again). This time it's a 15 year. We are making bi-weekly payments and paying $50 extra to principal each time. We also handle our own escrow account now. Homeowner's just comes out of our checking once a month, and we are stoking away money to cover personal property taxes at the end of the year. That's a biggie, right at the slowest time of the year for my business. But at least the mortgage company isn't holding on to that money all year. I keep it in a money market fund earning a little interest at least.

Must be a great feeling to not have that mortgage hanging over your head. Congrats again.
 
Congrats fishy.

Wife and I will have our home paid for this summer and are looking forward to the extra cash in hand. More IRA funding, son's college acct., and a newer SUV for my wife will be much easier to fund. We're finishiing a 15yr. mort. in 12yr. even with an addition built on.

Yep, we just rent everything in Kansas
 
Good for you Tracy and your wife of course, you now belong to a minority group of house owners with no mortgage, great feeling eh, same as I had 15 years ago when I joined the group and burned that wad of paper.:cheers::cheers::cheers: (got stinking drunk to)8)
 
WOW! congratulations Tracy! That extra play money is sure gonna come in handy. Your just getting done paying yours off and Im just getting started paying for mine! Johnny.
 
Thanks again everyone. Yeah the extra every month sure will come in handy. We had been working on remodeling it as money allows. An extra $500 month sure helps. We started remodeling the front room last week. Installing a wood burner too.
 
Congrats! I just purchased a house so I have a long way to go still... but I know how you feel a bit because my parents just paid off their house. They have used some of their extra money to help me with my purchase, lol.
 
Congratulations! We just refinanced ours into a 15 year fixed. We got a rate that was so low, we went from 25 years left on the mortgage to 15 and are paying only $75 more per month!

Now you can do a reverse mortgage and have the bank pay YOU every month. If you need help figuring out what to do with all that found money, I'm sure there are a few members here who would like to help! :cheers:
 
GoFish said:
Congratulations! We just refinanced ours into a 15 year fixed. We got a rate that was so low, we went from 25 years left on the mortgage to 15 and are paying only $75 more per month!

Wow that's a big difference!
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Now you can do a reverse mortgage and have the bank pay YOU every month. If you need help figuring out what to do with all that found money, I'm sure there are a few members here who would like to help! :cheers:
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I guess we could do the reverse mortgage but I don't think we'll worry about it for now.
 
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