“It” being our mortgage balance. There isn’t even a 0 where the outstanding balance had been for the the past 11 years. That whole section was just gone. WE OWN OUR HOUSE.
Ms Hook retired on the 1st. We had been working on getting the mortgage paid off. On Tuesday we decided that a great Christmas present for ourselves would be just to do it and be done with it.
The bank guy looked up our principle balance prior to calling for the payoff amount, studied it carefully before saying, “I’ve never seen a mortgage this low.” It was $59.38. I think the interest for the month was like $2.00 (we’d made a couple of largish priciple paymenst since the first).
You have to pay it off with a certified check, which they waived the charge for. The bank guy overnighted it, which they also paid for.
It’s a great feeling isn’t it? I finished my mortgage in February of 2007. Went right out and got that sucker framed. Something that cost me so much wasn’t going to be burned.
On the other side of the spectrum, I just found my amortization schedule. The amount of interest and principle will flip in … 2026
Fortunately in about a year I’ll hopefully be back to making 13 or 14 payments a year instead of 12 (by adding 1/12th of the payment to each payment), so hopefully they’ll flip sooner then 2026.
I understand his pain - I read your thread all excited for you and then remembered seventy thousand dollars I don’t have that the bank wants sometime in the next 27 years.
Congratulations! We still have a long way to go to get to that point. I pay extra every month and that adds up over the long run, but we have 18 years to go on our mortgage.
10 more years to go on mine. (I did a 15 year fixed at 4.25%) HOpefully by the time it’s paid off I’ll have it renovated. At the rate I’m going, probably not. But maybe central heat and air and adequate insulation.
