Free and clear

[flexagon]

We sent off a wire transfer for $70K and change this morning, and with that our mortgage is officially paid off. And with that, I'm debt free for the first time since this day in early 2004 when we closed on our first condo.

As most of you know, I hated being in debt, so this is awesome. Owning our home free and clear means my required expenses (and heisenbug's) just dropped through the floor; there's really only property tax and utilities and food, now, if it were to really come down to it. Of course, it hasn't come down to it. In real life I will be pleased to continue my discretionary spending (circus school!), and I'm just going to increase my savings rate by the amount of my old mortgage payments and be pleased at having one less transaction to participate in every month. Real life... it's not so bad, some days.

Comments

[nahele-101.livejournal.com]

whoa...make sure that transfer went to the right place! and AWESOME! If I land this job I applied for I plan on taking out small mortgage. I figured it out that if I rented it out I could possibly pay it off within 10 years. :)

And even better to hear that you are dumping your mortgage payments into savings!

Hope you two are celebrating!

[flexagon]

Haha, I totally did. I was in touch with the receiving bank asking them to confirm they got it, confirm the account number was correct and all that. :-) They got it and now we're just waiting for final paperwork, which will probably arrive next week. They send a cool, notarized Discharge of Mortgage thing.

A 10-year note isn't bad at all, in exchange for getting to be a homeowner. If you do it, I'll totally applaud.

[elbren]

wow. go you. i'm still about 5 years to go, at my current rate. what an accomplishment!

[flexagon]

Thanks! Funny thing about spans like "5 years"... they pass. Also, windfalls sometimes occur and can be thrown at mortgages. So you're next, in a while... excellent. :-)

[islenskr.livejournal.com]

Congratulations!!! :D

[randysmith]

Awesome! Congratulations, this is a wonderful feeling.

[flexagon]

It hasn't really sunk in yet. But it will. :-)

[khamsin.livejournal.com]

That's incredible! Congrats!

[coraline]

that's awesome and amazing. i doubt we'll get ours pared down that much under the stated mortgage limit :(

[flexagon]

stated mortgage limit? of what do you speak?

it takes a long time... we've been homeowners since early '04, and we dumped all our equity in the last place into this place to make it happen.

[coraline]

i.e. "30 year mortgage" -- i don't think we have plans to pay it off significantly sooner :(

buying earlier on a place that increased in value probably would have helped though :)

[miyyu.livejournal.com]

Wow, that's amazing. Congrats! I must admit I'm a little envious.

[flexagon]

Sure, this is huge -- I don't blame you!