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+--- Thread: Woot!! Woot!! Mortgage is paid off!! (/showthread.php?tid=189254)
Re: Woot!! Woot!! Mortgage is paid off!! - lost in space - 03-20-2016
Congratulations, DD! We have a bit under two years left on our 15-year. Can't wait.
Re: Woot!! Woot!! Mortgage is paid off!! - Paul F. - 03-20-2016
Filliam H. Muffman wrote:
It's a great feeling, but it used to be the single best deduction you could have. I would refi the house with a single short loan to pay off all the other loans.
Pay $12,000 a year for a $3000 deduction?
Seriously, I read people whining about losing their penny-ante tax deduction by NOT PAYING THOUSANDS OF DOLLARS A MONTH ON A MORTGAGE, and I honestly wonder; do some of these people have the ability to add and subtract at a third grade level???
DinerDave;
Congrats! And good luck on getting the rest of the way out of debt, and putting that money you're no longer paying every month into your own bank account!
Re: Woot!! Woot!! Mortgage is paid off!! - Speedy - 03-20-2016
Congrats! We paid our 15 year off in '06. Having that extra cash really makes a difference in our lives.
>>>
I just paid our '16 property tax today: $1874 on our $146,400 'estimated for tax purposes' valued home:
$631.55 for the county
$581.75 for the city
$481.21 for the schools
$73.70 for the housing and redevelopment authority, economic development authority, watershed, transit, and regional rail authority
$105.79 for a non-school voter approved referenda levies (libraries, regional recreation facilities, etc.)
$10 for solid waste fee
We live in the lowest tax valued house in our sub-division which helps raise the actual market value of our home!
Re: Woot!! Woot!! Mortgage is paid off!! - Ombligo - 03-20-2016
Welcome to the club.
We paid off in 97, did it in five years by putting 100% of wife's pay into principal payments. Then did it a second time with an equity loan for some island property. Then everything went into investments for retirement.
It's a great feeling knowing that as long as you can pay the taxes, you have roof over your head.
Re: Woot!! Woot!! Mortgage is paid off!! - vision63 - 03-20-2016
Woot! Woot! Alright. Now we need to funnel that payment into some nice things for yourself.
Maybe a gold grill for you teeth? Classy. The possibilities are endless.
Re: Woot!! Woot!! Mortgage is paid off!! - Filliam H. Muffman - 03-20-2016
Paul F. wrote:
[quote=Filliam H. Muffman]
It's a great feeling, but it used to be the single best deduction you could have. I would refi the house with a single short loan to pay off all the other loans.
Pay $12,000 a year for a $3000 deduction?
Seriously, I read people whining about losing their penny-ante tax deduction by NOT PAYING THOUSANDS OF DOLLARS A MONTH ON A MORTGAGE, and I honestly wonder; do some of these people have the ability to add and subtract at a third grade level???
Have you run the numbers by a tax preparation expert about how much you can deduct with a $8k primary home loan (at 3.5%) versus $8k in credit card debt (at 12%)? You may not have experience with that, because it's 7th grade math. :wink:
Re: Woot!! Woot!! Mortgage is paid off!! - ztirffritz - 03-20-2016
Paid off my mortgage a year ago. It's amazing everything gets more expensive to consume that money...
Re: Woot!! Woot!! Mortgage is paid off!! - Paul F. - 03-20-2016
Filliam H. Muffman wrote:
[quote=Paul F.]
[quote=Filliam H. Muffman]
It's a great feeling, but it used to be the single best deduction you could have. I would refi the house with a single short loan to pay off all the other loans.
Pay $12,000 a year for a $3000 deduction?
Seriously, I read people whining about losing their penny-ante tax deduction by NOT PAYING THOUSANDS OF DOLLARS A MONTH ON A MORTGAGE, and I honestly wonder; do some of these people have the ability to add and subtract at a third grade level???
Have you run the numbers by a tax preparation expert about how much you can deduct with a $8k primary home loan (at 3.5%) versus $8k in credit card debt (at 12%)? You may not have experience with that, because it's 7th grade math. :wink:
Solution there is, don't have $8k of debt, period... Back to third grade ;-)
Re: Woot!! Woot!! Mortgage is paid off!! - testcase - 03-20-2016
Congratulations! I remember how happy I was after getting my 20-year mortgage paid off three years early. :boink:
Re: Woot!! Woot!! Mortgage is paid off!! - Rick-o - 03-20-2016
Cool! Congrats! (tu)
I paid my 15 year mortgage off in a little over 7 years and it was a great relief to be out from under the monthly "big one".
In hindsight, I should have went with my gut and put all of that insane overtime money I was getting back then into AAPL. (I did put a bunch into AAPL at that time, but the 'ol "don't put all yer eggs in one basket" bug bit me. I decided to use some of the extra cash to double up on the mortgage. I would have been waaaay more ahead if I had bet it all on AAPL. Such is life).