I just wrote the FINAL (read: PAYOFF) check to the Bank of America for the mortgage on our house. Doesn't make us any richer, but at least we can afford to pay our $8K yearly tax bill (for a couple of years, anyway). Just thought I'd share...
Woo-Hoo!
- Thread starter DAKSY
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Way to go Daksy that and super moderator, you are having a hell of year! I also have 2 years to go. My taxes are only $4500
Congrats! Paid off the house and then all the kids college....now I don't know what to do with my money! All of a sudden more is coming in than going out!
Yeah, the problem is that once the money starts flowing, your testostorone STOPS flowing......so hang gliding and mountain climbing is out of the picture. I can spend some money sailing...
Yeah, the problem is that once the money starts flowing, your testostorone STOPS flowing......so hang gliding and mountain climbing is out of the picture. I can spend some money sailing...
There's STILL my Ultra. With the idiots in their cages on the same roads, I get plenty of Adrenaline bursts. That kinda works like "Replacement Testosterone Therapy"...
You would know, neighbor. Plowed roads & a street light where my street intersects Burden Lake Rd.
No trash pickup. Sewer is taxed & the grinder pump is powered by MY electrical panel. I guess I could go up to the High School & see if I could jog around the track without keeling over...
Wow congrats daks! We just did a refi here, only 30 years to go
Yow. 30 years. Well, I bought the house 27 years ago & it took THREE refinances to get the mortgage down to an acceptable rate. 1985 the Interest Rate was 11.5% for a 30-year loan
I paid two years at about $750 a month & the principle went down $200. Refied once at 9.3% in 93 (20 years) & then another at 4.75% in 99 (15 years)...All done.
Yow. 30 years. Well, I bought the house 27 years ago & it took THREE refinances to get the mortgage down to an acceptable rate. 1985 the Interest Rate was 11.5% for a 30-year loan
Don't feel bad for me we only bought the house 3 years ago. The rates for a 15 year were not low enough to make that doable, but going to a new 30 cut our rate from 4.75 to 3.5% AND let us drop the PMI and escrows. All told its saving us more per month than Ive gotten in raises the last few years
Figure that once the kids are in school and my wife goes back to work we will start paying extra into the monthly and aim to shavea few years off it.
firebroad
Minister of Fire
Yippie-I-Ay!! Wunderful, Daksy. Now, don't be going out and get some mid-life crisis vehicle just cuz you don't have a mortgage.
Great! I have about 4-5 years (max) left on the cottage. I always try to makae the monthly and add a little extra to be applied to the principal at that point. Makes quite a difference that way. I hear you about the jump start for the heart from the motorists while on the bike. Around here, it seems that deer are more of a problem, though. Although I've had my share of bad driver encounters also. Ride safe.
eclecticcottage
Minister of Fire
Congrats! I can't wait to do that.
We're close to paying off the Old House, but a few years out on the Cottage (took a home equity on the Old House to buy it along with savings). Once we get the Cottage fixed up we're going to go through the Old House and fix all the stuff we never finished while living there and rent it out. THEN we should be able to pay off that mortgage and the home equity in 2-3 years since we bought that place cheap and we'll just apply most of the rent and the $$ we save from not paying utility bills right to the principle on the loans while continuing to pay the regular payments. We paid into the principle on the Old House many times over the past 15 years since we bought it, so we'll pay off well before the 30 years on that loan are up.
We're lucky with taxes, both places are small (about 850 and 700 sq feet) w/o central heat so we're not assessed too high-I think the Old House runs about $1,900 a year and the Cottage about $2,200.
We're close to paying off the Old House, but a few years out on the Cottage (took a home equity on the Old House to buy it along with savings). Once we get the Cottage fixed up we're going to go through the Old House and fix all the stuff we never finished while living there and rent it out. THEN we should be able to pay off that mortgage and the home equity in 2-3 years since we bought that place cheap and we'll just apply most of the rent and the $$ we save from not paying utility bills right to the principle on the loans while continuing to pay the regular payments. We paid into the principle on the Old House many times over the past 15 years since we bought it, so we'll pay off well before the 30 years on that loan are up.
We're lucky with taxes, both places are small (about 850 and 700 sq feet) w/o central heat so we're not assessed too high-I think the Old House runs about $1,900 a year and the Cottage about $2,200.
House has been paid off for about 4 years, my ratted and rusted out truck for over 6 years. The Dragon Lady has a small car payment and a little bit yet on her kitchen remodel. Man am I glad that I don't have any payments at my age (56). Kids are gone wife has a good job with Bennies (35 years at same place),and my hours are down to 60 hours a week! Golden years my ass!
Gary
Gary
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