Has anyone paid off their mortgage?

I purchased my present home and farm for cash back in 2014.

Saved for YEARS in order to do that.

YES, I love the security of knowing its mine.

My property taxes are low here in Texas.

Yes, I paid mine off.

It’s FUN not having a mortgage to pay.

It’s REALLY FUN.

I LOVED the day I wrote the last check for my mortgage! Would you believe mortgage interest rates were 9 1/2% at that time? At the same time, interest rates in savings at the bank were high also, but it was difficult to save much when raising kids.

That was many years ago!

Last Edited by nutmeg on 02/27/2021 04:55 PM

Yes, paid off more than one

Last Edited by BOOM!™ on 02/27/2021 04:54 PM

Yep now house payment goes towards my car. Vroom vroom.

Yessirree! Gone....poof!

https://imgur.com/a/N31375i

Whether you pay it off or not, where else are you going to get hundred(s) of thousands to loan, for 1.9-2%?

I recall one time, did a simple cash out refi. Refi'd for lower rate and term. Pulled cash out. Used their money to make a mint in the markets because I know how to play them.
TA and charting, etc. Paid off a shit ton of stuff, almost the house entirely on their dime, and their petty cash out amount. It was a game.

Money is an illusion. It's an idea.

Paying off debt and a home is awesome. Really damn awesome. Sometimes, the individual can do even better than paying off a home. Sometimes, it makes no sense to pay off a home, unless you only want to keep it simple. Collectivism. Nothing wrong with that either.

That guy lied. Property taxes suck but they are nowhere near a house payment.

I thought about doing this, but decided having a paid off home was a better hedge against the markets tanking than anything else I could think of. And, last week showed I was right.

no debt is good no matter how low the rate.

paying it off enabled me to retire.

I am not comfortable investing in stocks, etc. My interest rate is close to 5% and to refinance would cost around $2,000. Paying off a mortgage is a gauranteed return.

Yes, it's a great feeling.

But I don't recommend living frugally as possible as some do to pay it off early. You also have to LIVE and that means enjoying yourself within reason.

A reasonable tradeoff goal is to have it paid off with around 10 years left _before_ you retire. That gives you 10 years to bank cash for the long cold winter called retirement.

Paid mine off back in 04, eleven years early. Thank You Penny stocks. Change yes, less stress for that bill and gives you the freedom with other monetary decisions. Plus having 100% equity if needed in an emergency, that is probably the biggest benefit for me personally.

He was in his 60's, and owned the house for decades. So, prooperty taxes of $15,000 / year was higher than the mortgage he had because he bought the house in the 1980s or something.

My dream! Or semi-retire!

Yes. It's bittersweet knowing that hyperinflation would raise taxes higher than I could afford, and I may lose the property to the government on a tax lien. Same situation with my HOA. I feel like the government could just sieze my entire net worth by executive fiat, and there's nothing I could do.

At least if I were renting, I'd have nothing to lose.

On the other hand, hyperinflation may just make outstanding debts vanish, in which case I'd be a sucker for paying off my mortgage, just like how now I feel like a sucker for paying off my student loans. In any case, when the government plays loose with currency and the constitution, owning property is a major liability.

Last Edited by Depluribus Unum on 02/27/2021 05:33 PM

It’s a great feeling to have our house paid off 16 years after we bought it. Now we pay 300 a month for taxes and insurance.

We are debt free and it is very liberating.

How? My property tax is higher than mortgage payments

200 grand left to pay...but I have about 750 thousand in equity

Will probably sell in the next year or two and move to Costa Rica

200 grand left to pay...but I have about 750 thousand in equity

Will probably sell in the next year or two and move to Costa Rica

And property tax is higher than mortgage in prime locations
Today , now and for millions of homeowners
Check Zillow if have doubts

Same. I still have income but now doing what I want and working for myself. I work as many hours or as few as I want as I no longer care about material possessions. There is an amazing freedom in giving up that desire!

Paid it off a few years ago. Much less stress and it gives you flexibility to take a few weeks off from the rat race knowing you don’t have that payment. The other benefit is you can save all of that cash to buy other houses with. I’ve bought 2 rent houses for cash since paying off the mortgage which now provides me with $1800 month income for doing nothing. Which that money is stockpiling for number 3.

I paid off my mortgage eighteen months ago. Having the house paid off has given me a new view on life. The sense of well being, particularly during COVID has been incredible.

Dave Ramsey is right. Pay off what you owe and then think about keeping the money you earn. What a concept. He is so right.

Yes, paid off house 2 years ago. Bought house at steep discount during Great Recession, 20% down, 30 year mortgage. (House now doubled in value.)

Before paying off, refi'd balance @ super low rate when rates dropped, capped term to 15 years.

Every time earned bonus, tax refund, or other unexpected incoming money event, we paid down mortgage.

Timing is key. Buy low, refinance when rates drop, and chip away at every opportunity.

those kind of property taxes make a landowner just a renter
to the state. i would recommend paying off a house where
the state or local gov't is not as corrupt. there are
plenty of states that have other types tax structures.

no , still have to pay taxes and garbage fees

Sold the really big house...which still had a mortgage on it, and bought a medium sized house after the kids left. Had enough equity to buy it with cash...no more payments...fucking relief

It is absolutely amazing not having a payment every month, and being on the asshole banks leash.

uh, my taxes are higher than my mortgage payment.

I paid off my house quickly by collecting social security at age 66 and continuing to work full time until 71. Then I retired and it’s very easy living off my SS check with no house payment.