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Post by cpdad on Feb 21, 2007 23:38:07 GMT -5
first of all..i havent filed my taxes in 3 years...no big deal...they owe me money...at least thats the way it worked before...but while looking over my paper work...i realized i only owe 37 more payments on my home.
37 more payments...what a releif that will be....44 years old and home paid for...im sweating the last 37 payments...do ya like have a party or something when the last payment is mailed...just wondering..kev.
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Post by snowdog on Feb 22, 2007 0:29:54 GMT -5
nnaaaaaaa!!  you just trade it in on a bigger one !!! ;D ;D -- that way you can keep sending payments ( you're use to it by now !! ) |
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Post by joe on Feb 22, 2007 1:44:42 GMT -5
Yup. You have a mortgage burnng party! Glad to know you'll be having one soon!
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stefan
Cave Dweller 
Member since January 2005
Posts: 14,113
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Post by stefan on Feb 22, 2007 10:37:14 GMT -5
Yea The rate me and Mrs Stefan are paying on ours- were gonna be done in about 125 payments! What you do is after you get the note from the bank saying that it's now all yours- You give the bank the One finger salute!!! then burn the crappy calader they send you- you burn the Mortgage- then put the place up for sale!
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Post by Tweetiepy on Feb 22, 2007 12:17:13 GMT -5
Ah, I can't wait (just bought a new house this past Sept) But I found out something quite interesting... know how they say that the first 5 years all you pay is interest on the house? That only applies if you have a 25 year mortgage - if you can make bigger payments, you can shave off years!
We had 8 years left to pay on the other house, but we sold it and now I'm thinking we'll have to pay for another stinking 25 years on this one - NOT SO! We pay every 2 weeks for the mortgage, and since we had a payment we no longer had, we put that extra money in the payments an extra $45.45.
After calculations, we will be done paying in 14 years! We're paying against the capital at the start of this mortgage and the extra $$ really brings down the payments pretty quick!!!
I can't wait! Only 336 payments left!!
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Post by lbowman1 on Feb 22, 2007 12:38:21 GMT -5
Nah. We had a house almost paid for but we lost it and everything else we had when my husband got ripped up in the hospital during outpatient surgery and couldn't work for over 6 months. I had to quit work to take care of him. That was almost 7 years ago and we're still in debt up to our eyeballs with medical expenses. We have no savings for a down payment so I don't guess I'll ever be a homeowner again.  Lori |
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stefan
Cave Dweller
Member since January 2005
Posts: 14,113
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Post by stefan on Feb 22, 2007 14:27:21 GMT -5
Tweet we pay extra every month- We can designate the amount to go to principal- We re-fied a few years back to put our addition on- but we are still looking at only 10 more years! It is hard living without that extra cash every month (we put at least $100 extra on) but having the house paid for by the time I'm 51 is gonna be nice.
Lori- Never say never- sometimes fate seems cruel- then turns around and smiles on ya- you just never know?
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Post by takilasunrise on Feb 22, 2007 14:37:46 GMT -5
I've only paid off a couple of vehicles and braces...........I've got like 25 years left to go on my mortgage......let's see.....how old will I be? Aggghhh, let's not got there! (Please, let me win the lottery!!)
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WyckedWyre
fully equipped rock polisher
Member since April 2007
Posts: 1,391
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Post by WyckedWyre on Feb 22, 2007 14:49:16 GMT -5
I only owe $50,000 on my house. Only...
could pay it off a lot faster if the damn dogs would just get a job.
:'(S
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,504
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Post by Sabre52 on Feb 22, 2007 20:03:01 GMT -5
Yep, like Stefan we paid extra towards the principal and paid off way early ...and saved a bunch of money. Wanted to retire fairly young so we needed to get that mortgage gone first. Nice to be mortgage free but I do kinda miss all the big deductions when I have my taxes done *L*....mel
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WyckedWyre
fully equipped rock polisher
Member since April 2007
Posts: 1,391
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Post by WyckedWyre on Feb 22, 2007 20:44:39 GMT -5
Retire.
What's that?
::)S
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Post by cpdad on Feb 22, 2007 23:08:39 GMT -5
a mortgage burning party it gonna be ;D...i was lucky enough when i bought this place in 95...that i got a 15 year note at 5.25 percent...i aint been able to pay extra...just lucky i got that rate i guess.
i only paid 56 grand when i bought it...but now real estate people are offering me 90 grand for my little house...i think the neighbors would pay more to get me to leave ;D ;D.
but the increase in payments over the years has been unreal...1995... $420 a month....2007...$645 a month...i just hope all goes well over the next 3 years.
RETIRE...cant...but you can bet if i manage to pay my house off...i will take a lot of time off work....no more overtime cause i needed the money to pay the mortgage....a lot more time will be spent at home.....kev.
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Post by parfive on Feb 23, 2007 1:04:04 GMT -5
"I do kinda miss all the big deductions when I have my taxes done *L*....mel "
Been stuck back on the standard deduction for years (house paid, kids gone) but I certainly don't miss shellin' out a dollar to save twenty five cents.
Rich
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Post by rocklicker on Feb 23, 2007 1:14:17 GMT -5
Congrats on your soon to be mortgage burning party! We bought our house two years ago and it was our first, so the idea of paying the thing off is pretty far off. Tweet, I agree with paying on the principal, especially for those interest only loans (like ours). We pay a little extra every month. What's the advantage of paying every two weeks? I hear that somewhere else too.
Steve
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Post by Tweetiepy on Feb 23, 2007 8:22:12 GMT -5
CP are you saying you're paying $626/month for your mortgage?  Wanna trade??? I pay about $600 every two weeks!!! And the houses here in Quebec are much cheaper than across the river in Ontario - in Ontario they can pay mortgages of about $2000 per month!!! I'm lucky I get a good interest rate but a few years ago we paid about 9% for the mortgage which is a lot better than some had back in 1980 (18%) Steve, the advantage of paying every two weeks is that you get a few extra payments in there per year - like the 3 paycheque months - some even pay every weeks which deducts a few years off there - but I think the extra payments no matter how small really help in getting that capital down! |
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Post by Alice on Feb 23, 2007 8:54:54 GMT -5
Tweetie, I think it has to do with when you bought your house, how much you owe, and what kind of mortgage you have.
I'm assuming your morgage is a 5 year mortgage, because your mortgage payments are about the same as mine (and mine is a 5 year). cpdad has a 15 year mortgage. if your mortgage was 15 years, your payment would be less then what you're paying now.
Will you be putting your 15% down this year Tweetie? it might knock your payments down a bit.
CPDAD, congrats on paying your house off this far
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Post by Alice on Feb 23, 2007 9:15:41 GMT -5
Lori, we went through something similar back in 2001, 2002, & 2003. We had 2 kids, no money for food, lost all of our credit cards, lost our phone, Hydro, owed money to everyone, and lost our house. We literally hit rock bottom due to Nortel (hubby worked for Nortel and was laid off) It took 3 years for hubby to find another job (over seas) and now we managed to pay everyone off, and buy another house. I unfortunately had to quit my job (I worked there for about 6 months) when he got this job, but I'm not complaining, much. So don't worry, as bad as things may seem now, Good will come back to you 10 times fold. Nah. We had a house almost paid for but we lost it and everything else we had when my husband got ripped up in the hospital during outpatient surgery and couldn't work for over 6 months. I had to quit work to take care of him. That was almost 7 years ago and we're still in debt up to our eyeballs with medical expenses. We have no savings for a down payment so I don't guess I'll ever be a homeowner again. Lori |
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Wanna trade??? I pay about $600 every two weeks!!! And the houses here in Quebec are much cheaper than across the river in Ontario - in Ontario they can pay mortgages of about $2000 per month!!! I'm lucky I get a good interest rate but a few years ago we paid about 9% for the mortgage which is a lot better than some had back in 1980 (18%)
