I have repaid my mortgage! I am 100% debt-free!!
I had a cake made to celebrate
Years ago I was working part time in food service. I kind of liked it because it was casual and easy and the people were nice. But I was told to get a real job so I got a real job and I still remember the first day. I hated it so much. I have never felt so trapped in my life. The thought of having to come in every day to do 8-10 hours of slog so I can pay bills and never have any free time was crushing. So I pledged on that day that I would do everything I could to get myself to a point where I was financially independent and could work on my own terms.
I have now fulfilled that goal. I repaid a 30 year home loan in 7-8 years by doing overtime, eating beans out of a can, and shivering under a blanket because heaters are expensive to run. I haven't even paid for a haircut in a decade! I now own my house outright and have zero debts, not even a credit card. I did the math and I avoided over $105,000 in interest I would have paid over the full term.
Some may remember I asked for expensive ways to celebrate something because blowing a bit of money was the only way that was appropriate. Now you know why. I never did think of anything perfect. On the day, I just watched some Monty Python films.
As for the future, I am on the home straight. I have investments set-up such that I could stop working right now. What I intend to do is keep working while I repair my apartment for sale. Once I find a nice home way out in the country somewhere, I'm going to quit my job, move to where I will never have to see another person again, fulfill the libertarian dream of running away from the communists, and complete my transition into an eccentric hermit. It's going to be great. With any luck, it should all take only a few months and I'll be free by Christmas and maybe even before I'm 30.
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[–] Ps37-27 0 points 1 point 1 point (+1|-0) ago
One thing people don’t know, which you brought up is that if you split your mortgage into 2 payments (paying the same amount just in half) At the first and end of the month, you can save thousands in interest because your loan is set up by the number of payments. There are articles that explain it better that I. I have mentioned it to people and they say it’s too much work to make 2 payments. Stunning.
[–] CognitiveDissident5 ago
Haha! People are lazy and apathetic. I had a lot of hassle with my mortgage provider. Every time I made an overpayment, they claimed the balance had gone UP. I recorded all my calls with them and after much aggravation, told them I would not sue them if they let me pay off the remaining balance early WITHOUT any early repayment fees (which amounted to several thousand). They agreed: they initially claimed to have "no record" of all the calls and when I said "that's ok I recorded them all", they quickly agreed to do things my way, the motherfuckers.
[–] Ps37-27 0 points 1 point 1 point (+1|-0) ago
I imagine these providers don’t like it. But it’s perfectly fine to do so provided there’s no penalties for early pay off that were agreed to with a signature. That’s how we handle all our loans. The faster we pay stuff the more money we have to replace the roof or every appliance that decided to die this year.
Hello furnace and dishwasher, lookin’ at you!!