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Re: IT'S DONE! I'm Free from the bank!
[Re: Finster]
#8118572
04/09/24 09:44 PM
04/09/24 09:44 PM
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Joined: Apr 2009
Posts: 14,971
South Ga - Almost Florida
Swamp Wolf
trapper
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trapper
Joined: Apr 2009
Posts: 14,971
South Ga - Almost Florida
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Congrats! But, property taxes and home owners insurance still results in a monthly home bill .... 
Thank God For Your Blessings!
Never Half-Arse Anything!
Resource Protection Service
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Re: IT'S DONE! I'm Free from the bank!
[Re: Finster]
#8118627
04/09/24 11:21 PM
04/09/24 11:21 PM
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Joined: May 2011
Posts: 8,408
Montana
beartooth trapr
trapper
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trapper
Joined: May 2011
Posts: 8,408
Montana
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Congrats, we paid ours off last month.
5 years early.
Feels good
Let me sugar coat this
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Re: IT'S DONE! I'm Free from the bank!
[Re: Finster]
#8118646
04/10/24 12:18 AM
04/10/24 12:18 AM
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Joined: May 2011
Posts: 19,122
Oakland, MS
yotetrapper30
trapper
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trapper
Joined: May 2011
Posts: 19,122
Oakland, MS
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Some of y'all really need to move. You need to ask permission to build a shed? You pay more taxes a month than we do a year?
Just give me one thing, that I can hold on to. To believe in this livin' is just a hard way to go.
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Re: IT'S DONE! I'm Free from the bank!
[Re: Finster]
#8118682
04/10/24 05:13 AM
04/10/24 05:13 AM
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Joined: Dec 2006
Posts: 11,645
Philippines, s.e. asia,ohio
west river rogue
trapper
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trapper
Joined: Dec 2006
Posts: 11,645
Philippines, s.e. asia,ohio
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Just wanted to share my joy. The wife and I paid off the mortgage today! 9 Years early!!!! We now own our home free and clear. Feels great to not be in debt and if anything happens to me, she is now secure. What a load off my mind. I agree,also paid mine off 10 yrs early which allowed me to retire early to other things. Congrats!!
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Re: IT'S DONE! I'm Free from the bank!
[Re: TreedaBlackdog]
#8118913
04/10/24 01:02 PM
04/10/24 01:02 PM
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Joined: Dec 2006
Posts: 7,919
WI
T-Rex
trapper
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trapper
Joined: Dec 2006
Posts: 7,919
WI
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Have 6 years left on ours but have the money in hand to pay off today if decided to. I have debated both scenarios. Currently my extra income is making over 7% interest for me which is above my mortgage cost of 3.25%. To me, I am making an extra 4% on my money by using the banks money for our mortgage while my money is making more. If any time the markets collapse and I can not make at least 4% interest or growth - I will pay off our house immediately. It is a very good feeling to be in the position to do what we want with our money. Truly a blessing of the Lord. Makes perfect sense to me. Not only that, but you still have the mortgage interest to write off on your taxes.
Man who mistake shillelagh for fairy wand; see pixie dust, also.
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Re: IT'S DONE! I'm Free from the bank!
[Re: Finster]
#8118915
04/10/24 01:13 PM
04/10/24 01:13 PM
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Joined: Mar 2009
Posts: 1,470
Akron, Ohio
bass10
trapper
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trapper
Joined: Mar 2009
Posts: 1,470
Akron, Ohio
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Great feeling and nice job. My wife used to complain a lot about my endeavor into rentals. I I get it, spent
a lot of time away from family I won’t get back. But when I sold one that a 18 year tenant basically paid off for
us and I paid off our Residence with the proceeds her tune changed. Both vehicles paid for but at 58 won’t stay that way forever!
"The more people I meet the more I love my dog!"
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Re: IT'S DONE! I'm Free from the bank!
[Re: Gary Benson]
#8118920
04/10/24 01:18 PM
04/10/24 01:18 PM
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Joined: May 2011
Posts: 384
Ohio
Mike C
trapper
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trapper
Joined: May 2011
Posts: 384
Ohio
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Congrats! But you don't own it. You rent it from the county assessor/treasurer. And you have to have their permission to build anything outside. Yep, we pay our “rent” to the county every six months, which is now equal to what our house payments were for six months.
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Re: IT'S DONE! I'm Free from the bank!
[Re: TreedaBlackdog]
#8118922
04/10/24 01:23 PM
04/10/24 01:23 PM
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Joined: Dec 2007
Posts: 164
MONTANA
MTHunter
trapper
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trapper
Joined: Dec 2007
Posts: 164
MONTANA
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Have 6 years left on ours but have the money in hand to pay off today if decided to. I have debated both scenarios. Currently my extra income is making over 7% interest for me which is above my mortgage cost of 3.25%. To me, I am making an extra 4% on my money by using the banks money for our mortgage while my money is making more. If any time the markets collapse and I can not make at least 4% interest or growth - I will pay off our house immediately. It is a very good feeling to be in the position to do what we want with our money. Truly a blessing of the Lord. Use Bankrate.com to see the breakdown of payments. Making one extra payment per year will turn a 30 year loan into 23 years saving a lot of money. Home loans are “front loaded” with payments mostly interest until the end of the loan where payments are mostly principal. My last house payments were $900 interest and $100 principal at the start of the loan. I could make 10 extra principal payment's with a $1,000 bonus check saving me $9,000 in interest. If I put that $1,000 in the stock market at 7%, I would make $70 at the end of the year.
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