How does it feel to finally pay off your mortgage?
By nancygibson
@nancygibson (3736)
France
April 2, 2007 1:57am CST
Has anyone here been in the happy position of finally paying off their mortgage? I still have ten years to go on mine but we hope to pay it off early by always slightly overpaying each month. I can't wait to get to the day when that money can be used to do things to the house rather than just paying the bank every month. I know its still cheaper than renting but they get so much in interest from us it will be lovely to be free of it.
2 responses
@smiley20903 (495)
• United States
25 May 07
owning your home outright is a wonderful thing...however u do end up losing your biggest tax write off...on top of that u just have equity sitting in the walls and not working for u...with equity in your home u can invest it in a 401k plan, or retirement fund so that it will grow by the time u are retired..
@nancygibson (3736)
• France
26 May 07
I don't understand how you can offset a morgage against tax. I know I can claim for that part fo the house that is used as a business, but only thing like electricity, phone etc. I didnt think the mortgage element could go on the tax return. You may be ina different country to me though with diffeent tax laws? I'm in the UK
@smiley20903 (495)
• United States
26 May 07
yeah...i live in the usa..i don't know how that applies in the uk
@peavey (16936)
• United States
26 May 07
My mortgage was paid off 7 years ago. It's a wonderful feeling to not have to make that awful payment every month. If you can make extra principal payments, no matter how small, you can knock some time off your remaining mortgage. Be sure the extra money goes to the principal and not to the entire loan.
