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Re: Who has paid off their house? [Re: 3hundred] #2729644
01/03/20 12:11 PM
01/03/20 12:11 PM
Joined: Feb 2014
Posts: 1,150
central il.
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second 70 Offline
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central il.
Originally Posted by 3hundred
Originally Posted by SomeCarGuy
This post is still going? Lol


Yep, I did it! I just had to celebrate the unexpected surprise when I got home from the first day of work of the new year and found my mortgage had retired early. I didn't even get to sign the last payment, sincerely but no longer yours". wink

Robert


Congratulations Robert and welcome to the mortgage free club. Great surprise for the new year.

Re: Who has paid off their house? [Re: second 70] #2729662
01/03/20 01:25 PM
01/03/20 01:25 PM
Joined: Jan 2005
Posts: 6,564
Crook County, ILL
Mastershake340 Offline
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Crook County, ILL
Coincidentally I just got the letter from the mortgage company a week or so ago that mine is paid off. Finally after 30 years and 8 or 9 months! I did a cash out refinance of my 30 year mortgage in 2008 to a new 15 year mortgage just before the banks cut off doing that sort of thing with things collapsing, to get funds to tear down my 2 car garage and build a 3 car garage, and do a desperately needed kitchen remodeling. I've been paying a little extra every month to try to cut the years down, but about a year ago I ramped up the extra payments to get the loan paid off altogether and I'm glad I'm done with that!
My budget will be easier now, though sadly here in this mis-run state, taxes even on my modest abode are as high as many in other parts of the country pay for their mortgages. no

Re: Who has paid off their house? [Re: Mastershake340] #2729677
01/03/20 01:59 PM
01/03/20 01:59 PM
Joined: Sep 2003
Posts: 13,511
north of coder
moparx Offline
"Butt Crack Bob"
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Posts: 13,511
north of coder
paid mine off before i "retired" [laugh2], and haven't regretted it one bit !
welcome to the club ! you won't be sorry your house is paid for.
beer

Re: Who has paid off their house? [Re: moparx] #2729704
01/03/20 03:19 PM
01/03/20 03:19 PM
Joined: Jan 2003
Posts: 23,212
United Socialist States of Ame...
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tboomer Offline
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United Socialist States of Ame...
Mine will be paid off in August...maybe sooner. We have been thinking about building a new modular home but wow! The new basement would cost 40 grand! We may be stuck here... shake_head


"It's the end of the world as we know it"
Re: Who has paid off their house? [Re: tboomer] #2730009
01/04/20 01:43 PM
01/04/20 01:43 PM
Joined: Feb 2007
Posts: 881
iowa
copchaser Offline
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iowa
Loan company sold my loan. I called the new owner of the note to ask a few questions. They wouldn't talk to me. So I said ok, went to my bank and transferred the money and paid it off. The new loan company didn't own the note for a week, lol. Great feeling, lock, stock and barrel I own it!

Re: Who has paid off their house? [Re: copchaser] #2730183
01/05/20 04:56 AM
01/05/20 04:56 AM
Joined: Mar 2008
Posts: 9,550
Sacramento CA
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Morty426 Offline
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Sacramento CA
Originally Posted by copchaser
Loan company sold my loan. I called the new owner of the note to ask a few questions. They wouldn't talk to me. So I said ok, went to my bank and transferred the money and paid it off. The new loan company didn't own the note for a week, lol. Great feeling, lock, stock and barrel I own it!


I like it up

Re: Who has paid off their house? [Re: Morty426] #2730502
01/06/20 10:27 AM
01/06/20 10:27 AM
Joined: Jun 2003
Posts: 3,062
Southern Maryland
klunick Offline
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Southern Maryland
54 and mine has been paid off 2 years now. Took another 1 1/2 years to pay the new garage off. I'll admit my whole perspective on life has changed with not having that debt hanging over my head. We recently finished up redoing the first floor of the house after 22 years. Now it is the house that we wanted it to be and we got rid of the 32 year old furniture and bought nice real wood stuff. The projects(cars) have finally started moving(slowly) but we still have college for 2 to pay for so there is that. Just a great feeling when you know that when you go to work, it is because you are funding what you want.


67 Barracuda FB 69 Superbee "Southern Maryland: If you want a good looking woman, you had better bring her with you"
Re: Who has paid off their house? [Re: klunick] #2730517
01/06/20 11:44 AM
01/06/20 11:44 AM
Joined: Feb 2014
Posts: 1,150
central il.
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second 70 Offline
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central il.
It's hard to believe but I just realized it's been almost 30 years since I paid of my house and I'm only 62. My depression era parents taught me valuable lessons on saving. I bought the house on a 30 year contract for deed for $60,000 @ 9.75%. put down 20% ($12,000) so loan was $48,000. On a 30 Year loan you pay the interest back first so it only take a few dollars off the loan in the first years so paying as little as an extra $10 a month can shorten the loan by years. The interest on that loan for the 10 years I had cost me over $30,000. I was broke and had roommates, drove a $100 car with holes in the floorboard that always needed oil,ate peanut butter and drank cheap beer but it saved me around $60K and I still live here today.

Sometimes I forget how hard I worked and how much I did without to live so comfortable today.

Mike

Last edited by second 70; 01/06/20 02:55 PM. Reason: fuzzy math
Re: Who has paid off their house? [Re: klunick] #2730539
01/06/20 12:18 PM
01/06/20 12:18 PM
Joined: Dec 2007
Posts: 17,351
Mass
DAYCLONA Offline
I Live Here
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Originally Posted by klunick it does
Just a great feeling when you know that when you go to work, it is because you are funding what you want.



Agreed!, I paid off my 30 yr mortgage 10 years early, I didn't want to ride out the last 10 yrs worrying about the mortgage and the rest of life's other expenses, and it does change your out look and attitude knowing that the pressure is off, I always took on a ton of side work for decades outside my regular full time job just to keep ahead, now it's like "F@3k the side work!", I'm taking care of my priorities, more relaxed and more money at hand... I don't know how some today can handle having a $2000-$3000 a month 30 year mortgage, car payments, living expenses, etc, etc without worrying thru out the life of the loan that it might just go bust at the wrong time

Re: Who has paid off their house? [Re: DAYCLONA] #2730596
01/06/20 04:36 PM
01/06/20 04:36 PM
Joined: Mar 2004
Posts: 2,435
SW Ohio
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cgall Offline
top fuel
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Posts: 2,435
SW Ohio
First house was $72K in 1986, sold for $95K in 1990, second was $130K, sold for $175K in 1997, it was fun writing that $100K check to buy my current $350K house. I was on track to pay off the balance by 2021, when I will be 64 and ready to retire. This on two good incomes and raising 3 boys in private schools, two have graduated college. All the while I have been able to bracket race my '72 Duster, usually 10-12 races per year. All my plans hit a landmine in 2016 when my wife of 29 years packed her stuff and is now living with a man 10 years younger than I am. I had to pay her 1/2 of the equity in the house and refinance a new 30 year loan. So I will never own my house, I feel very fortunate to be able to hang on to it though, despite the $600 per month property taxes. I will be 63 this month and am thankful for good health and the ability to continue to work. When I retire, I will have to use retirement funds to pay the mortgage, or sell out and pay cash for a smaller place in a more rural area with lower taxes. I'm not complaining, I have a very blessed life, just offering up another tale of how unexpected changes can change your plans.

Re: Who has paid off their house? [Re: second 70] #2730600
01/06/20 05:02 PM
01/06/20 05:02 PM
Joined: Feb 2015
Posts: 1,377
CA
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crackedback Offline
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CA
Originally Posted by second 70
On a 30 Year loan you pay the interest back first so it only take a few dollars off the loan in the first years so paying as little as an extra $10 a month can shorten the loan by years.


You pay more in interest at first because the amount owed is higher, not that the interest is front loaded to benefit the lender. The lender wants to repaid on the amount that you owe, The interest decreases as the loan balance is reduced.

If you borrowed 100K at 10% you'd pay about $10,000 in interest the first year, same as on a 30 year loan/mortgage ($9975). Balance after 12 months of payments (99,444) Following year interest $9917. Check out an amortization calculator/schedule.

Yes paying a little extra every month can make a HUGE difference. I used to tell clients, if they were disciplined, to get a 30 year mortgage and pay the 15 year amortization amount. It will take about 15.5 years instead of 15 to pay off from a higher rate, but, it allows some flexibility in case something happens.

Last edited by crackedback; 01/06/20 05:07 PM.
Re: Who has paid off their house? [Re: crackedback] #2730638
01/06/20 08:02 PM
01/06/20 08:02 PM
Joined: Feb 2005
Posts: 276
Janesville, WI
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polarconvert Offline
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Janesville, WI
52yo, have a house with a 2.75% 15yr. I owe 1/4 its worth, 240k. Paid for my 3 children to gain degrees in the state university, None of them have a debt. all three drive cars nicer than mine. I have my old cars and an allowance my wife gives me and I could buy what ever I want to. But I do not care. I could die tomorrow. Its all about setting my kids up. I have the cushion to help them buy houses when the time comes, I rather spend the money on them now. The 3% is a drop in the bucket. The way I see it, YOU have to die broke! otherwise MOdern Medical will suck it up. Wake the [censored] up kids! Thats how the game is played. Help your kids, do not hoard your wealth.

Re: Who has paid off their house? [Re: polarconvert] #2730753
01/07/20 10:15 AM
01/07/20 10:15 AM
Joined: Jun 2003
Posts: 3,062
Southern Maryland
klunick Offline
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Joined: Jun 2003
Posts: 3,062
Southern Maryland
Here is a money saving tip: If you have kids that want to go to college, check into sending them to the local Community College for the first 2 years. Here, it runs about $4600 per year and many of the 4 year universities are set up to accept all the credits. In MD, the cheapest University my oldest wanted to go to was $10500 for tuition and another 20k for the dorm and food plan. Boom, instant savings of 25k for the first year. Once they finish the community college they transfer, find some friends with an apt and split the housing costs. Sorry for the hijack of the thread.


67 Barracuda FB 69 Superbee "Southern Maryland: If you want a good looking woman, you had better bring her with you"
Re: Who has paid off their house? [Re: crackedback] #2730768
01/07/20 11:03 AM
01/07/20 11:03 AM
Joined: Feb 2014
Posts: 1,150
central il.
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second 70 Offline
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central il.
Same advice I always gave take a 30 year loan and try and make the payment of a 15 year loan but you have the safety net if times get hard you can make the lower required payment.

The point I was trying to make using your example of 100 @10% is the payment would be $877.57 a month and after 5 years you would still owe $96,501 after 10 years $90,818. So in 5 years 60 payments you only reduced the loan by $3499 so just increasing your payments a little saves a lot. Total interest on loan $215,925.77

Last edited by second 70; 01/07/20 11:17 AM.
Re: Who has paid off their house? [Re: ScottSmith_Harms] #2730798
01/07/20 12:44 PM
01/07/20 12:44 PM
Joined: Jun 2006
Posts: 11,995
(Central) PA
Runner2go Offline
I Live Here
Runner2go  Offline
I Live Here

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Posts: 11,995
(Central) PA
Originally Posted by ScottSmith_Harms
Paid mine off in 2003, very glad I did, its not fancy but its comfortable and living modestly has made many other things I've done financially possible. One thing that sucks though, there's still property tax and it is always going up. Mine is about $250.00 a month now.


Haven't paid mine off yet, mainly because I'm down to the last 48months and it's only 3.375% loan... investments earn more than that.

What does suck are the property taxes in PA.... House is only accessed at $175k, and taxes are approaching $5500 per year.
They were just over $4k 11 yrs ago, and the house assessment has never changed... millage just keeps climbing!
Schools suck you dry, & back in 2015 the Mayor made York a sanctuary city, then in '16 & '17 they raised taxes 20% to pay for it.
We are now sitting just over 3.1% of accessed value, being paid every single year to the county, township & school district. rant

Re: Who has paid off their house? [Re: Runner2go] #2730802
01/07/20 01:01 PM
01/07/20 01:01 PM
Joined: Nov 2004
Posts: 15,083
California
BloFish Offline
I Live Here
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Joined: Nov 2004
Posts: 15,083
California
The next question is where to move to avoid these bull$#!¥ taxes thumbs


It doesn't really matter whether you win or loose...
as long as you look good doing it!

‘65 A100
‘69 Barracuda
‘06 Mega Cab 2500
‘14 Mercedes-Benz SLK
Re: Who has paid off their house? [Re: BloFish] #2730806
01/07/20 01:27 PM
01/07/20 01:27 PM
Joined: Nov 2007
Posts: 20,769
Kirkland, Washington
Pacnorthcuda Offline
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Posts: 20,769
Kirkland, Washington
Originally Posted by BloFish
The next question is where to move to avoid these bull$#!¥ taxes thumbs


Have fun in Cambodia.

Re: Who has paid off their house? [Re: BloFish] #2730807
01/07/20 01:34 PM
01/07/20 01:34 PM
Joined: Aug 2019
Posts: 2,741
Spudsville
Mr Potatohead Online rolleyes
Half Baked
Mr Potatohead  Online Rolleyes
Half Baked

Joined: Aug 2019
Posts: 2,741
Spudsville
Move to no place fly over country, My main house not attached to my farming would be 5x-6x its worth in a metro area. I pay 2.8 sales tax on anything and my property taxes are under $300 a year and thats even with my 75x30 shop on the property.

If your happy doing your own thing, like clean air and nearly zero crime= flyover land with very low population density is the ticket.

If not for my mopar habbit I could live great on 15k a year. Not including health care deductible.

However ive not seen anything come up for sale in years, but I have thought of dividing up some acreage but still market value around here would make it semi pointless.



Originally Posted by BloFish
The next question is where to move to avoid these bull$#!¥ taxes thumbs


STOP POTATO HATE!
Re: Who has paid off their house? [Re: crackedback] #2730808
01/07/20 01:39 PM
01/07/20 01:39 PM
Joined: Jan 2003
Posts: 4,167
Bloomington, IN
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HoosierTA Offline
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Posts: 4,167
Bloomington, IN
Originally Posted by crackedback
Originally Posted by second 70
On a 30 Year loan you pay the interest back first so it only take a few dollars off the loan in the first years so paying as little as an extra $10 a month can shorten the loan by years.


You pay more in interest at first because the amount owed is higher, not that the interest is front loaded to benefit the lender. The lender wants to repaid on the amount that you owe, The interest decreases as the loan balance is reduced.

If you borrowed 100K at 10% you'd pay about $10,000 in interest the first year, same as on a 30 year loan/mortgage ($9975). Balance after 12 months of payments (99,444) Following year interest $9917. Check out an amortization calculator/schedule.

Yes paying a little extra every month can make a HUGE difference. I used to tell clients, if they were disciplined, to get a 30 year mortgage and pay the 15 year amortization amount. It will take about 15.5 years instead of 15 to pay off from a higher rate, but, it allows some flexibility in case something happens.



Right, interest paid is based on the present balance. Paying against principle, even a little bit helps over the life of the loan. Installment loans such as for vehicles are indeed front loaded using the "rule of 78" in which the beginning part of a loan is primarily the first part, until 78/78ths of the owed interest is paid. If a person has a a year remaining on a five year loan on a car, there is little need to pay it off early. Other than it is annoying to still be on your books. I have a 450 dollar balance on a motorcycle. It bugs me to have two more months, but what the heck.


'70 Challenger R/T 383
'16 Hemi Durango SSV (work vehicle)
'15 Ram Police SSV
Re: Who has paid off their house? [Re: BloFish] #2730809
01/07/20 01:40 PM
01/07/20 01:40 PM
Joined: Jun 2006
Posts: 11,995
(Central) PA
Runner2go Offline
I Live Here
Runner2go  Offline
I Live Here

Joined: Jun 2006
Posts: 11,995
(Central) PA
Originally Posted by BloFish
The next question is where to move to avoid these bull$#!¥ taxes thumbs

Sad thing is its going to get harder to avoid them, as more and more people leave the High Tax States.
Those people are now invading low tax places like FL, TX & TN, and when enough of them finally show up, they will vote in the same type of idiots that raised the taxes in the States they fled from in the 1st place. Can't fix stupid. It was better for everyone else when they remained rooted in CA & the Northeast.

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