Only 2 more payments!

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jeffrefrig

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Well, we signed the papers for this place January 30, 2004 (I think the 30th) and moved in during a snowstorm. After Dec. & January the 30-year mortgage will be paid off. This is a first for me, sorta. Our old house was already my wife's when we got hitched and it got paid off when we sold it about the same time, but this place is OURS, so I'm gonna be happy sometime in January '22. I'm just excited about it, especially paying it off about 12 years early, if my math is turned on.
I could not have done this without having a good union trades job where they make us have annuities proper union wages. Plus, working for the PGH Public Schools put me in an excellent pension, also.
If there are any young people on the Forum or some of your sons & daughters, you don't have to push for a college degree. There are a lot of trades jobs coming. If you can get into Steamfitters, Electrical IBEW, Plumbers, Operators, Teamsters, etc., do yourself a favor. Trade School. What ever you want, it's out there. $$$$
 
Congrats on the upcoming final payment!
We owe $25k on our place and have a $28k CD that is about to mature.
We've decided that when it matures we're just going to pay the place off.
I'm looking forward to that!
 
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Paid off home rocks!

Congratulations!

I never went to college, maybe that's why I was more frugal than my sibling - college educated and up to their neck in debt. Paid our home off a couple years back. Now we can retire.
 
Paid ours off in 12 1/2 years. We both were working, and we sacrificed a lot to get it paid off. I made a EXCEL spreadsheet to show interest/principle paid each month, it helped to keep us on target.

Congratulations!!

Have a blessed day,

Leon
 
Congrats on the payoff!

Trades are currently hurting for people and it's the fault of our public school system. To the schools line of thinking, everyone should go to college or else work for minimum wage - period. When I went to school, it was in an automotive town (Pontiac) and the school system had excellent voc-ed training from junior high on up. Wood working, drafting, printing, electrical, welding, automotive and machine shop. While teachers/councilors steered smarter kids to college curriculum classes, they didn't dissuade them from shop classes either. Later when budget cuts came because of tax revenue lost when the auto plants closed, voc-ed and sports were the first casualties.

At the time, I administered the apprentice program at Pontiac. We made the sales pitch to the school board that a student could have a choice: pay for 4 years in college, and get a median paying college job of $30k or spend 4 years in an apprenticeship, get paid hourly wages, get paid for going to class tuition free, get free benefits like health care, dental and glasses, and graduate to a job where they could easily make $60k a year. We even offered to come to the schools and talk to the kids. Their reply: thanks but no thanks. :mad:

During that time, we had a kid from Detroit apply for the program who was in the top 5% of their graduating class. She didn't pass the test. It happens. The test isn't easy, but at the time, any one graduating with B's should at least pass, if not do well enough to be accepted. Thinking it might have been an off day, I reached out and told her I'd be willing to recommend some study materials if she would like a second chance in 6 months or a year. She said no thanks, the test was too hard. Her statement made me realize that our school system was headed to a really sad state and the intervening years has borne that out to be true.
 
Yes, I was never going to make it in college back in the '70s. Just glad it worked out when the steel mills all went down. I just regret not doing trade school sooner, but it all worked out. The main thought about this post was to suggest getting a trade if you're young or have children or grandchildren who aren't sure what they want to do, but know they don't want the expenses of college or aren't cut out for it. Some unions' apprenticeships train you so you don't even need to go to trade school, too. There's a lot of work out there and a heck of a lot coming up. Good luck to all the future HS grads.
 
To those who are at the beginning of a home loan. I paid off my original mortgage by simply rounding up the principle payment to the next even $10 or if very small to the next $20. My budget was based on 4 pay checks a month, when there were 5 the amount for the house payment went for principle in the next payment. A 30 year loan payed off in 15.5 years!

Ivan
 
When I started a Home Loan (back in 1977), every time I got an increase in salary, (either a COLA or merit inc.) I put 50% of that increase into my house payment, and the house was paid off way sooner than the 30 year loan. My current (condo) house I paid cash for from the sale of the previous house, and savings. Debt free is the only way when you are retired.
 
Congratulations jeffrefrig!

We doubled up and paid off our 25 year note in 15 years, then kept making payments to an investment account. That was 10 years ago.

I also agree with learning a trade, mine has really paid off.
 
quikdraw67 said:
Congrats!

Yes, trade school is a good choice.

Lots of openings in the trades of all fields.
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I enjoy watching the shows on HGTV, and seeing how the Canadian contractor Mike Holmes turns houses that are complete disasters in palaces. It was good to see him at a college graduation getting an honorary degree and being able to express how there is a need for a new generation of trades people to come up.
 
gregintenn said:
Way to go!

I paid mine off when I was 40. I’m now 48 and retired. Several folks told me how dumb it was to not have a mortgage. Far as I know, they’re all going to work in the morning. I’m going deer hunting.
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I wish I could give you a triple like for this. I paid off my mortgage about 5 years ago and it sure has made retirement a lot easier not having that $1100 a month going out the door.

My late father equated paying interest to slavery. So I was glad to get all of my debts paid off except for the first mortgage when it came time for me to retire. So from listening to Pop I developed an inate dislike for having debt, and I had my mortgage paid up a couple years ahead. Instinctively I felt it was a good idea to pay off a mortgage, but listening to Dave Ramsey finally allowed me to succinctly explain it. Dave Ramsey put it all into one sentence: "Why do you want to pay the bank a dollar in interest to save 28 cents in income tax?"
 
I have more than one college degree - all paid for by yours truly. I've learned a lot that has helped me through life. However the most valuable lesson I was ever taught was given to me by my father.

"Never a borrower nor a lender be".

Drifting off that course has always been expensive. Staying on course enriches me every time - without fail.
 
Our last home was built with my hands 23 years ago. Took a 15-year mortgage on completion, then we paid it off in 7 years with additional principal payments every month. After the mortgage was gone we continued putting the house payments into a money market fund every month (you don't miss it because you are accustomed to paying it out).

When I retired and sold the business in 2015 we purchased our retirement home using a check from the money market account. Then we sold the old house and put the money in certificates of deposit which (even at today's low rates) provide enough income to cover our property taxes, insurance, and utilities.

Debt-free is a great feeling. I can't imagine trying to retire with house payments or rent.
 
The time to pay additional principle on a home loan is at the beginning of the loan. Every time (early in the loan), we paid 50.00 additional principle, we saved about 500.00 in interest during the life of the loan.

Have a blessed day,

Leon
 
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