Woot!! Woot!! Mortgage is paid off!!

[lost in space]

Congratulations, DD! We have a bit under two years left on our 15-year. Can't wait.

[Paul F.]

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!

[Speedy]

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!

[Ombligo]

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.

[vision63]

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.

[Filliam H. Muffman]

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:

[ztirffritz]

Paid off my mortgage a year ago. It's amazing everything gets more expensive to consume that money...

[Paul F.]

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 ;-)

[testcase]

Congratulations! I remember how happy I was after getting my 20-year mortgage paid off three years early. :boink:

[Rick-o]

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).