Mortgage Payoff Party ideas - help! - this is BIG for us! UPDATE post #48

[pryncess527]

Everyone's kid here are straight A honor students. They never get into trouble and they knew exactly what they wanted to be from birth, not to mention that they are super responsible with money. For once I would love to read on a college thread "my kid is not sure what he/she wants to major in'

I'm a college academic advisor and I can assure you most kids have no clue what they want to major in! At least half of those who think they know change their mind after the first year. And another large chunk only pick their major because it's what they thought their parents wanted and they end up hating it. I can't tell you how many engineering and business students I meet who only picked engineering or business because their dad thought it was the only degree that would make them money, but the kid desperately wants to be an anthropologist

 

[pryncess527]

I would not only celebrate, but I would have with the marching band!! That is wonderful!

And to the above poster ( and everyone else who has done this ) can you give advice? I really, really want to become better at budgeting and want to pay mine off at the very least a tad earlier.

I will say the thing that has helped me most was finding a budgeting program that really work for our family. In our case that was some software called you need a budget (YNAB). It has made our family conversations about money easier. It has helped my husband and I have a clear picture of where our money goes every month. And helped us make better choices about what we want our money to do for us. I'm not that familiar with Dave Ramsey, but I believe it is the same basic principle as his envelope budgeting technique but using computer software so that you don't actually carry around a bunch of cash

 

[ruadisneyfan2]

I'm a college academic advisor and I can assure you most kids have no clue what they want to major in! At least half of those who think they know change their mind after the first year. And another large chunk only pick their major because it's what they thought their parents wanted and they end up hating it. I can't tell you how many engineering and business students I meet who only picked engineering or business because their dad thought it was the only degree that would make them money, but the kid desperately wants to be an anthropologist

omg. funny you mention that. Ds16 wanted to be a pilot for the longest time. Then around the beginning of 10th grade he said he wanted to be an anthropologist. Honestly, I did have a moment of melt down. All I could think was, "What the heck can you do with that & still be able to feed a family?" Give tours at a museum? Be out digging like the first scene of Jurassic Park? I truly do want him to be content with his career but he couldn't answer either of the 2 questions above. I calmed down & told him to do some more research. Now he's saying software engineer.
2 more years of HS and he'll probably keep changing his mind.
It's hard to really know when that young.

 

[Karlzmom]

Call me insensitive, but I just don't get the whole"it might make someone else feel bad" bit. This is about you, your joy and your wanting to share. I suppose that nearly any happy event might cause a person who is incapable of not making it about them uncomfortable/unhappy/jealous etc. It is a real shame in a world with some much to worry over and be sad about that even things that should be joyful get turned into a hand-wringing, gut-clench inducing event as we are forced to continually consider how someone else can take it badly.

Have a great time! Enjoy the freedom that comes with getting the monkey off your back. You have an amazing opportunity to be a force for good with your new-found wealth.

 

[honeybunches]

Do we belong to the same family??

 

[kkmcan]

Hi all. Just want to throw in how we are paying off our mortgage early.

We are 42 years old (this is important to know for our retirement plan). We were 4 years into a 30 yr loan at 4.675%. We did a no fees, no closing costs refi last August with our current lender for 3.3% for 20 years. Then we chose the bi-weekly option so we build up an extra payment per year and threw in an additional automatic $100 a month to go directly to principle and that will bring down our pay off to about 14-15 years. Right about the time that dh wants to retire.

We are so happy with this! And now that we are used to our new payment its no big deal. Came out to be about $140 more per month including the extra $100.

I would love to get that down to 8 years but with kids in high school and heading to college soon I feel like we should focus our efforts on college savings. Plus, we want to still vacation and enjoy our lives so we don't want to cut everything out just to pay off the mortgage early.

 

[ZoeBell]

I'd love to be able to even consider paying it off early but I think I got ourselves in a pickle.

We had a pretty high interest rate, went to our local bank to see about refinancing and somehow we were talked into another 30 year/ARM. I'm not sure of the exact name for it, but it's the the one where you can pay only the interest for 15 years and the principal the following 15 years. It took me years to figure out what we had done. So it was years before I was putting anything extra towards the principal. The only saving grace has been the interest still remaining on the lower end.

Leave and learn I guess.

 

[Marlea98]

I'm a college academic advisor and I can assure you most kids have no clue what they want to major in! At least half of those who think they know change their mind after the first year. And another large chunk only pick their major because it's what they thought their parents wanted and they end up hating it. I can't tell you how many engineering and business students I meet who only picked engineering or business because their dad thought it was the only degree that would make them money, but the kid desperately wants to be an anthropologist

If it helps, I'm 42, have a uni (college) degree and still don't know what I want to be when I grow up DH said that being Pippi Longstocking is NOT a career

 

[knewton64]

.....is my target as I feel very strongly that I can get my home mortgage down to a $0 balance!!



Ok everyone.....wish me luck -



Will pop in from time to time and let ya know how I am doing -
and oh yes......




ANYWHO -
There will be some MAJOR celebratin' going on (look for a new trip report to pop up in about 9-11 more months as to WHERE I will b celebrating) since I will have paid off a 30 yr mortgage 13 years EARLY!! &





T.T.F.N.
& Cheers Y'all

 

[QVCshopper]

We paid ours off 6 years ago, which was 26 years early... To be honest, I'm a little embarrassed by it. The few people I've told in real life act strange over it, think we are rich, etc. if I were you, I'd tell my very close friends and family and keep it at that. And my brother and close friend always keep me updated on how close they are to paying theirs off, which is great, but I'm pretty sure they thought our idea was great and they want to do it, too.

Too funny this thread got bumped. We have since moved to a better school district, bigger house, closer to work and took out another mortgage. It was $100k at 3.5%--an interest rate and monthly payment so low that we aren't in a rush to pay it off. We do send extra each month and maybe will switch to the biweekly thing.

Anyway, I still agree with keeping it private. We have since turned to saving even more money, and people treat you different the second they know the amount. I'm talking people like my dad... Lots of jealousy there. Ah well, live and learn. Good luck everyone!

 

[knewton64]

FINALLY ------


guess what everyone???????


YUP.......
I have one -


ONE -


one more payment to make on my home mortgage & I will be at a zero balance!!



A sense of relief is my main feeling


Now I can focus on the celebrating.....
my trip to Disneyland, Catalina Island, universal Studios......

April 2016
(the trip report below says Dec 2016 but I am changing it to April once rates and dates open up for Disneyland in a few more weeks)



and yes, I agree with others -
like losing weight ....

some applaud you getting rid of your home mortgage,
some really approach you and ask 'how you did it,'

and some (not all)
are downright resentful.

All well, to each their own
cuz I am very proud of this.

total time = 16 years 9 months paying off my 30 year mortgage.


WOOO - HOOOOO!!!!!



All rightee -


thank you all for allowing me to shout out to the world.




T.T.F.N.

&
Cheers Y'all

 

[Judique]

FINALLY ------


guess what everyone???????


YUP.......
I have one -


ONE -


one more payment to make on my home mortgage & I will be at a zero balance!!



A sense of relief is my main feeling


Now I can focus on the celebrating.....
my trip to Disneyland, Catalina Island, universal Studios......

April 2016
(the trip report below says Dec 2016 but I am changing it to April once rates and dates open up for Disneyland in a few more weeks)



and yes, I agree with others -
like losing weight ....

some applaud you getting rid of your home mortgage,
some really approach you and ask 'how you did it,'

and some (not all)
are downright resentful.

All well, to each their own
cuz I am very proud of this.

total time = 16 years 9 months paying off my 30 year mortgage.


WOOO - HOOOOO!!!!!



All rightee -


thank you all for allowing me to shout out to the world.




T.T.F.N.

&
Cheers Y'all

Congratulations!

 

[ruadisneyfan2]

FINALLY ------


guess what everyone???????


YUP.......
I have one -


ONE -


one more payment to make on my home mortgage & I will be at a zero balance!!



A sense of relief is my main feeling


Now I can focus on the celebrating.....
my trip to Disneyland, Catalina Island, universal Studios......

April 2016
(the trip report below says Dec 2016 but I am changing it to April once rates and dates open up for Disneyland in a few more weeks)



and yes, I agree with others -
like losing weight ....

some applaud you getting rid of your home mortgage,
some really approach you and ask 'how you did it,'

and some (not all)
are downright resentful.

All well, to each their own
cuz I am very proud of this.

total time = 16 years 9 months paying off my 30 year mortgage.


WOOO - HOOOOO!!!!!



All rightee -


thank you all for allowing me to shout out to the world.




T.T.F.N.

&
Cheers Y'all

That's awesome! Definitely something to be proud of! Congratulations!!

 

[NewRVLady]

didn't realize this was a ZOMBIE thread????

 

[Pooh2]

Congratulations!

 

[veraletta]

Congratulations! I know how you feel... It's the best feeling to have... It's nice to be free from owing a bank mortgage on a house... Now you can work on your dreams... Mine was to own an RV... So Now I owe the bank money for my RV...

 

[Judique]

didn't realize this was a ZOMBIE thread????

I don't think it is a ZOMBIE thread.

Knewton64 posted more than once and said back in 2014 that they were trying to do a payoff and that they would come back and update us when they were successful.

Now they were paid off and back they came!

 

[barkley]

congratulations-it's a great feeling! but i'll share that it's an even greater feeling to keep paying that mortgage payment TO YOURSELF. when we paid ours off way ahead of schedule we celebrated by changing our checking account from making the automatic mortgage payment to the bank into an identical payment into our savings account. didn't see a penny's change in our monthly budget but it's sure nice to see that balance in the savings account climbing up.

just remember to (1) let your homeowner's insurance company know (our agent said the banks sometimes flake on letting them know to take them off as lien holders), (2) make arrangements to pay your own homeowner's insurance and property taxes (since most people have them auto paid from their mortgage payment's escrow account), and (3) take a quick look at your post mortgage/no mortgage interest deduction tax situation (I've known more than one person who didn't and got a nasty surprise when they went to do their taxes the next year b/c they didn't adjust their withholdings).

 

[ruadisneyfan2]

I don't think it is a ZOMBIE thread.

Knewton64 posted more than once and said back in 2014 that they were trying to do a payoff and that they would come back and update us when they were successful.

Now they were paid off and back they came!

This is what I thought too.

 

[MommaBerd]

@knewton64 - Congratulations!!! Quite an accomplishment! You DEFINITELY deserve a party!