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Author Topic: Paid off our mortgage!  (Read 1204 times)

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Offline TKehl

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Paid off our mortgage!
« on: April 19, 2017, 08:54:10 am »
My wife and I officially paid off our mortgage today!  Sent the check last week, and the website says PAID this morning!  Still have a small, very manageable farm loan, but are on track to be debt free this quarter if we so chose! 

Itís taken several years of living below our means and getting by or doing without.  Working a second job, volunteering for OT, side projects for extra cash, & cutting expenses.   Weíve paid off student loans, a car loan, CCs, medical bills, etc.   I canít fully capture in words how good it feels to have that weight off my shoulders and having the freedom and latitude to pursue dreams!

A new chapter begins.  I am ready for launch!   ;D 
(This smiley is pretty representative of the you know what eating grin on my face!)
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline Hilltop366

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Re: Paid off our mortgage!
« Reply #1 on: April 19, 2017, 09:05:47 am »
Awesome!  I well be glad when I get there myself.

Offline yukon cornelius

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Re: Paid off our mortgage!
« Reply #2 on: April 19, 2017, 09:08:03 am »
Great news! What a great feeling :)
It seems I am a coarse thread bolt in a world of fine threaded nuts!
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Offline gspren

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Re: Paid off our mortgage!
« Reply #3 on: April 19, 2017, 09:14:48 am »
   That is great, you've gotten there much younger than most people. If you can quit paying interest of any sort (credit cards are worst) you have more money to spend or save. Congratulations.
Stihl 041, 044 & 261, JD 2355 4X4 w/fel, JD 620, Yamaha Kodiak 400 & trailer, Kubota 400 RTV,  P&M OWB, 75 acres to play.

Offline Raider Bill

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Re: Paid off our mortgage!
« Reply #4 on: April 19, 2017, 09:48:08 am »
Congrats!!!!
It's a great feeling.
Kubota L-4200, Ford 8N, S-10 4WD Beater truck, Chainsaw, Bush Hog, couple ATV's and 141 acres of trees I'm not sure what to do with but I sure do have fun and enjoy being in the woods!
The First 50 years of childhood is always the hardest.

Offline Delawhere Jack

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Re: Paid off our mortgage!
« Reply #5 on: April 19, 2017, 09:53:42 am »
It is a great feeling. Congrats on achieving that at your age!
black walnut, cherry, SYP, southern magnolia, poplar, hemlock, osage orange, red oak, white oak, chestnut oak, black locust, english walnut, ERC, WP, hickory, ash, black birch, beech, honey locust, apple, white cedar, black oak, basswood(?), sassafras and a "Christmas tree" full of iron

Offline POSTONLT40HD

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Re: Paid off our mortgage!
« Reply #6 on: April 19, 2017, 02:09:36 pm »
You can now make a donation to the Forest Forum in honor of you debit free status.

 ;D (This smiley is pretty representative of the you know what eating grin on my face!)
I'm thinking......

Offline sawguy21

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Re: Paid off our mortgage!
« Reply #7 on: April 19, 2017, 04:18:07 pm »
That has to feel good. 8)
old age and treachery will always overcome youth and enthusiasm

Online Peter Drouin

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Re: Paid off our mortgage!
« Reply #8 on: April 19, 2017, 06:07:36 pm »
Good for you, It is a good feeling, Just tax's and Ins. now  8) 8) 8) 8) 8)
2008 LT40 super, And can cut up to 45' long
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Offline samandothers

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Re: Paid off our mortgage!
« Reply #9 on: April 19, 2017, 06:17:25 pm »
Fantastic! Good for you guys.  That takes discipline to accomplish at your age.

Offline luvmexfood

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Re: Paid off our mortgage!
« Reply #10 on: April 19, 2017, 06:43:02 pm »
Paid mine off in January. Now I won't to downsize. 1825 sq. feet is too much for a single person by himself.
Give me a new saw chain and I can find you a rock in a heartbeat.

Offline celliott

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Re: Paid off our mortgage!
« Reply #11 on: April 19, 2017, 07:11:56 pm »
Good for you!

We are looking to buy a house soon. But student loans for two and vehicle payments for two make it a bit difficult. We don't have any bad credit card habits, we use them occasionally but always pay the balance off each month.

I am closing in on my student loans (I only went for an AAS, so two years) My wife went for 4 years, so hers is going to take awhile longer.
Chris Elliott


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Offline thecfarm

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Re: Paid off our mortgage!
« Reply #12 on: April 19, 2017, 07:22:43 pm »
Good for you!!!
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Offline TKehl

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Re: Paid off our mortgage!
« Reply #13 on: April 19, 2017, 09:41:22 pm »
Thanks for all the kind words.  It's great to share good news.  Will be bringing donuts for everyone in my shop tomorrow morning.    8)

Now as soon as work lets up on the OT, it will be time for some badly needed software upgrades for my CNC router, some mill upgrades, and a solar kiln build. 

Celliott, keep plugging and you'll get there.  Have a plan and vision for what you want and pursue vigorously!  If you don't know how long you'll be making payment, work up a spreadsheet or download one.  We mostly followed Dave Ramsey's techniques.  The "debt snowball" gave me something to focus on and a psychological boost every time a bill was paid off slain.
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline DDW_OR

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Re: Paid off our mortgage!
« Reply #14 on: April 20, 2017, 01:42:07 am »
...... canít fully capture in words how good it feels to have that weight off my shoulders and having the freedom and latitude to pursue dreams....

YIPPEE      HOARY        YAHOO 

Next, decide to continue the lifestyle to build up a nest egg of 10% to 20% of your yearly income.
It is VERY nice having an Oh sh-t fund for unexpected expenses.
TimberKing 2000, Mahindra 5520 4x4, Max22 4x4, Bobcat Excavator 331, E80, Multitek 1610EZ
"let the machines do the work"

Offline TKehl

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Re: Paid off our mortgage!
« Reply #15 on: April 20, 2017, 08:00:24 am »
Agreed.  We try to keep 3 months living expenses on hand.  It's usually there, but I have used it to jump on a good deal and to tackle a debt that is close to done a bit early.  I did both this time in the past week.  Bought a decent 92 4x4 F350 with a snowplow for farm/mill use for $2k and took the bank account lower than I like for the final mortgage payoff.  Will recover in short order.

We plan to "splurge" on a new mattress if we can find one we both agree on.   ::) 

I also need to upgrade my wife's 12 year old minivan.  Will probably be looking for something off-lease or maybe a bit older.  I promised her a year ago, after a string of repairs, that we would do something this summer, and we are on track.  (Happy wife happy life!)  We will go with whatever term gives us a good rate, then pay off early.  It will be my first car payment, though I inherited one when my wife and I got married.   ::)  (Kind of like the reverse dowry.  I also got her student loan when we wed.   :D)
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline DDW_OR

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Re: Paid off our mortgage!
« Reply #16 on: April 20, 2017, 01:08:52 pm »
good plans.

get a mini-van with stow-n-go seating.
my 2006 Chrysler can haul full sheets of plywood.
TimberKing 2000, Mahindra 5520 4x4, Max22 4x4, Bobcat Excavator 331, E80, Multitek 1610EZ
"let the machines do the work"

Offline Qweaver

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Re: Paid off our mortgage!
« Reply #17 on: April 20, 2017, 01:17:55 pm »
Congrats!  What a great feeling it is to be out of debt.
So Many Toys...So Little Time  WM LT28 , 15 trailers, Case 450 Dozer, John Deere 110 TLB, Peterson WPF 10",  AIM Grapple, Kubota 2501 :D

Offline TKehl

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Re: Paid off our mortgage!
« Reply #18 on: April 20, 2017, 01:27:00 pm »
Yes.  Fold up seats are high on our list.  Current one doesn't have it and taking the seats in and out is awkward. 

We will also add a trailer hitch like the current mini.  I have a little 4x8 trailer that saves us a ton on gas over taking a bigger vehicle.  We'll put the 4 kids in and go to the feed store, KC, an auction, even the livestock sale barn.  I built a rack for it out of cattle panels.  Will haul ten goats comfortably.  Even feeder pigs.   :)  It gets a lot of looks, but half of them seem to be looking at construction details.   ;D
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline 21incher

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Re: Paid off our mortgage!
« Reply #19 on: April 20, 2017, 02:19:10 pm »
Congratulations,  l was about your age when I paid off my first mortgage.  Back then mine was 14% interest and we celebrated for a week.  8)
Hudson HFE-21 on a custom trailer, Deere 4100, Kubota BX 2360, Echo CS590 & CS310, home built wood splitter, home built log arch, and a logrite cant hook.

Offline DDW_OR

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Re: Paid off our mortgage!
« Reply #20 on: April 20, 2017, 03:19:04 pm »
......I have a little 4x8 trailer ...... It gets a lot of looks, but half of them seem to be looking at construction details.   ;D

Photos please.
TimberKing 2000, Mahindra 5520 4x4, Max22 4x4, Bobcat Excavator 331, E80, Multitek 1610EZ
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Offline Stoneyacrefarm

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Re: Paid off our mortgage!
« Reply #21 on: April 27, 2017, 10:15:56 am »
I'm a little late here but.....
Congratulations. !!!
Keep up the good work. 

Offline TKehl

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Re: Paid off our mortgage!
« Reply #22 on: April 27, 2017, 12:18:20 pm »
DDW_OR, it's nothing fancy by any means.  I cut down wire cattle panels to fit and bent the wire "spur" around the next panel at the corners for support.  Gate is connected the same way with one side closed with wire or spring latches.  The board that slides in the back is critical to keep critters from going under the gate.



This shows it with the top off for collecting bagged leaves for garden mulch.  Pulled by the Kia Rio I used to have.  Pulled my first 7 gilts home with this car.  3.5 hours one way.   ;D



Usually it's pulled by the minivan now.  Wire and ratchet straps to hold the rack down.  Easily removable.



This trailer and hitches on the minivan/Rio have saved me tons over the years over buying a truck+insurance etc.  I do have a truck now (F350), but they still save a lot of money in gas over taking the truck for small loads.  Plus I can take ALL the kids and don't have to move carseats around.   ;D
Lucas 6-13+slabber, Mr. Sawmill bandmill, orange chainsaws, JD SSL, Case Backhoe, farm tractors, trailers, and 150ish acres of trees.  Fledgling woodshop with CNC router, laser engraver, Woodmaster 712, and a Berlin 108 moulder (project).  Oh, and a lovely (patient) wife and four offbearers.

Offline thechknhwk

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Re: Paid off our mortgage!
« Reply #23 on: April 27, 2017, 09:06:42 pm »
I still remember my grandparents mortgage burning party.  They burnt the note on a cookie sheet right on the kitchen table.  After having a mortgage of my own I imagine they were all sorts of happy.  Congratulations 8) - I look forward to the day.

Offline Farmerjw

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Re: Paid off our mortgage!
« Reply #24 on: April 28, 2017, 10:45:58 am »
Congratulations.  What an achievement!  We have 5 years to go.  The only problem with paying off the mortgage, it makes me realize I am getting old!
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Offline maple flats

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Re: Paid off our mortgage!
« Reply #25 on: April 30, 2017, 11:50:47 am »
Congratulations, great job when so young.
We've paid off several mortgages over the years. I think our first was when I was about 45-46. After that we started buying houses to rent and made the down payment by re-mortgaging our home. Those were then paid off in 5-7 years as well at the rental houses being paid off in 10-12 years. We did that about 5 times, sometimes with home equity loans for the down payment. Then we got older, and after selling 2 rentals we had, we bought our current home ( a duplex, 20 yrs old and it prime area, super condition) for cash. The tenant's rent pays the taxes and over half of the other routine expenses, with no mortgage, no vehicle or other debts either.
Having no mortgage helps one sleep more soundly at night for sure.
logging small time for years but just learning how, with a Forest stewardship plan, 2012 36 HP Mahindra tractor, 3point log arch, 8000# class excavator, lifts 2500# and sets logs on mill precisely where needed,  Peterson ATS upgraded to WPF mill, sugar maple/maple syrup a hobby that consumes my time

Offline ljohnsaw

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Re: Paid off our mortgage!
« Reply #26 on: April 30, 2017, 03:44:04 pm »
I've been doing over 2x+ payments on my house.  Money got a little tight last year when pouring a lot of concrete at the cabin build so I had to drop back for a few months.  I just re-assesed my mortgage worksheet.  I figured that if I bump up another $60 (on top of the 2x), I will make my final payment next January instead of February.  My original plan was to be done this September when I started hitting it hard 7 years ago.

Then it will just be another 2.5 years to pay off the cabin loan...
John Sawicky

Just North-East of Sacramento...

SkyTrak 9038, Davis Little Monster backhoe, Case 16+4 Trencher, Home Built 38" cut Bandmill up to 64' - using it all to build a timber frame cabin.