# I've just paid off the outstanding balance of my mortgage **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [April 26, 2006, 12:46am UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228 "2006-04-26T00:46:21Z")\ **Posts on this page:** 8\ **Page:** 2
**Author:** ![Trunk](https://avatars.discourse-cdn.com/v4/letter/t/87869e/32.png) [@Trunk](https://boards.straightdope.com/u/Trunk)\ **Post date:** [April 26, 2006, 3:55pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/21 "2006-04-26T15:55:29Z")
> [@Cunctator](#): > > I bought my current place in January 2001. So I’ve had this mortgage for a bit over five years. > > Any tips? Just a few obvious ones: > > - whenever you build up a some spare cash surplus, throw it at the mortgage; > - if you get a pay rise, make sure you increase your mortgage repayments at the same time; > - if interest rates fall (as they did several times during my mortgage) and the bank tells you that your repayments have fallen too, \*\*don’t \*\* accept it. Continue to pay what you’re currently paying. You paid off your mortgage in 5 years? Have you done ANY investing or does all of your extra money go to the mortgage? Don’t take that as a criticism. There’s no obvious answer one way or the other. I’m just curious. ---
**Author:** ![swampbear](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/swampbear/32/467_2.png) [@swampbear](https://boards.straightdope.com/u/swampbear)\ **Post date:** [April 26, 2006, 4:48pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/22 "2006-04-26T16:48:40Z")
Congrats! In four years and nine months I’ll have my house paid for. I’m looking forward to that. It’ll just feel good. I know it will. Again, congrats **Cunctator**. ---
**Author:** ![ivylass](https://avatars.discourse-cdn.com/v4/letter/i/9de053/32.png) [@ivylass](https://boards.straightdope.com/u/ivylass)\ **Post date:** [April 26, 2006, 5:29pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/23 "2006-04-26T17:29:15Z")
Keep investing your mortgage payment and you’ll be able to start a new thread entitled **I am going to retire at the ripe old age of 50!**. ---
**Author:** ![ZipperJJ](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/zipperjj/32/211_2.png) [@ZipperJJ](https://boards.straightdope.com/u/ZipperJJ)\ **Post date:** [April 26, 2006, 5:48pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/24 "2006-04-26T17:48:08Z")
Congrats!! I hope to be where you’re at in 30 years. Must feel so great!! ---
**Author:** ![Eonwe](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/eonwe/32/240_2.png) [@Eonwe](https://boards.straightdope.com/u/Eonwe)\ **Post date:** [April 26, 2006, 8:08pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/25 "2006-04-26T20:08:55Z")
> [@SHAKES](#): > > Hey it’s just like being a teenager again right? I mean come on, when’s the last time you had FREE rent!! > > Only except THIS time it’s better cuz’ you don’t have the hassle of Mom & Pops bringing you down man!! > > 😃 Of course, there is that nasty property tax. 🙂 ---
**Author:** ![ivylass](https://avatars.discourse-cdn.com/v4/letter/i/9de053/32.png) [@ivylass](https://boards.straightdope.com/u/ivylass)\ **Post date:** [April 26, 2006, 8:22pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/26 "2006-04-26T20:22:41Z")
> [@Eonwe](#): > > Of course, there is that nasty property tax. 🙂 Oh, hell, I’d rather pay $1000 a year than $1000 a month. Since you’re used to making that monthly payment, just put the money aside and then when the taxes are due…write a check. No biggie. ---
**Author:** ![Rysdad](https://avatars.discourse-cdn.com/v4/letter/r/7cd45c/32.png) [@Rysdad](https://boards.straightdope.com/u/Rysdad)\ **Post date:** [April 26, 2006, 8:41pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/27 "2006-04-26T20:41:54Z")
Time to buy a nice, big, comfortable, and _fast_ boat. ---
**Author:** ![Cunctator](https://avatars.discourse-cdn.com/v4/letter/c/43a26b/32.png) [@Cunctator](https://boards.straightdope.com/u/Cunctator)\ **Post date:** [April 26, 2006, 11:47pm UTC](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228/28 "2006-04-26T23:47:57Z")
> [@don't ask](#): > > One tip for you. Don’t finalise the loan or get a clearance certificate. By keeping the mortgage open you are able to borrow the full value again without paying Stamp Duty. Yes, the bank pointed this out to me too. > [@Shirley Ujest](#): > > We never plan on paying off ours as the tax deduction is really nice. Very nice. We don’t get a tax deduction here for a residential mortgage. > [@Trunk](#): > > Have you done ANY investing or does all of your extra money go to the mortgage? Most of my extra money has gone to the mortgage in the past five years, although I have been shovelling additional contributions into my superannuation (pension) fund too. The aim was to get rid of the mortgage as quickly as possible, so that I can start investing in other things such as investment properties or equity or fixed interest trusts. [Previous page](https://boards.straightdope.com/t/ive-just-paid-off-the-outstanding-balance-of-my-mortgage/354228.md?page=1)