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Old 12-06-2006, 12:40 PM   #1
Happy Monkey
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No Mortgage!

I just sent off my final mortgage payment! It took me 7.5 years of putting all of my extra money on it, but now my only debt is a 0% car loan. Even with my semipathological aversion to debt, I can't see myself paying that one off early.

Of course, I suddenly don't have that hefty tax deduction...
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Old 12-06-2006, 12:50 PM   #2
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good for you HM. now you need to turn around and get a hefty HELOC for a safety net. you can keep a zero balance on it, thus maintaining your debt free lifestyle while still keeping access to what is most likely your largest asset.
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Old 12-06-2006, 12:56 PM   #3
Shocker
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Awesome job on the mortgage! If I might suggest though, if you have a 0% auto loan...milk that one for all its worth. Basically think of that as free money, and even in a basic savings account earning 1%, you've got a net benefit for yourself. Basically by paying it off now, you would be loosing money (even if it feels like you would be saving money)
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Old 12-06-2006, 01:10 PM   #4
glatt
 
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Good job HM!
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Old 12-06-2006, 01:23 PM   #5
Happy Monkey
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Thanks all!
Quote:
Originally Posted by lookout123
good for you HM. now you need to turn around and get a hefty HELOC for a safety net. you can keep a zero balance on it, thus maintaining your debt free lifestyle while still keeping access to what is most likely your largest asset.
Interesting. I'll look into that. A one-time $1000 (or so) fee for a decade or two of hundreds-of-thousands-of-dollars-worth of credit sounds like a deal (if I understand my quick Googling correctly).
Quote:
Originally Posted by Shocker
Awesome job on the mortgage! If I might suggest though, if you have a 0% auto loan...milk that one for all its worth. Basically think of that as free money, and even in a basic savings account earning 1%, you've got a net benefit for yourself. Basically by paying it off now, you would be loosing money (even if it feels like you would be saving money)
Yeah, the only money I'd be saving is stamps. I'll be bumping up my 401k instead.
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Old 12-06-2006, 02:09 PM   #6
Elspode
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Dude, that is *awesome*. Congratulations on being disciplined enough to enhance your personal security to such a great degree. I am totally impressed.
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Old 12-06-2006, 02:47 PM   #7
xoxoxoBruce
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Way to go HM, great feeling isn't it?

I had about a dozen years to go when I refinanced, upping the payment and reducing the term, then basically forgot about it.
One day a letter arrives saying the payment was X instead of Y.
WTF.... I call the bank ready to raise hell and was calmly informed the payment changed because it was the last one.
Doh.
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Old 12-06-2006, 02:56 PM   #8
Happy Monkey
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Heh, that's what I was expecting to get. Instead, I got this three-page document printed in courier on onion paper saying to mail the final payment and some additional documentation to a different address than usual, and a prepaid envelope! Apparently the final payment is a completely different department!
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Old 12-06-2006, 03:05 PM   #9
Dagney
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Merry <insert winter holiday of your preference here>

You just bought yerself a house!

Congratulations - hard work with a good and profitable reward.

K
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Old 12-06-2006, 03:32 PM   #10
Griff
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Yeah, nice present to yourself.
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Old 12-06-2006, 03:56 PM   #11
Clodfobble
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Congrats, HM! And even more congrats on keeping the same lifestyle and bumping up the 401K with the extra money. Your self-discipline is admirable.
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Old 12-06-2006, 04:03 PM   #12
Happy Monkey
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Now, I never said I wouldn't buy myself a snazzy new computer!

Once I recover from my final push and the holiday season, of course. My liquid assets are gonna be pretty low for a while...
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Old 12-06-2006, 04:13 PM   #13
Tonchi
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Wow! I am so totally impressed Good for you!
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Old 12-06-2006, 04:14 PM   #14
Pie
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Congrats, HM! Now, maybe you can look into that vacation property you always wanted... The tax deduction is great, and the real estate market still has upside, if you choose wisely.
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Old 12-06-2006, 04:34 PM   #15
Beestie
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Awesome job, HM. I think lookout's suggestion is a very good one. Typically, you have to pay mortgage tax on the amount of the credit line at closing as though you were taking out the entire amount. I'd bite the bullet and get a line for as much as you can. Nothing like tax-free debt.
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