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Officially mortgage FREEEEEEEEEE!!!!!!!

April 2nd, 2016 at 05:42 am

We're officially mortgage free as of today. Just have to wait for the courthouse to send us the deed! We're FREEEEEEEEEE!!!!

We bought this house five years ago on April 15. I'd hoped to have it paid off by the time DS2 headed off to first grade. He's still in kindergarten. We're ahead of schedule.

In other news, the state tax refund came, so yay! Some of the money I took out to pay the mortgage can go right back in!

37 Responses to “Officially mortgage FREEEEEEEEEE!!!!!!!”

  1. creditcardfree Says:

    Yippee!!! That is fantastic. Remind us again, how much the home was, and the original mortgage amount.

  2. MonkeyMama Says:

    Awesome!!

  3. ThriftoRama Says:

    The house cost $265,500. We used $125,000 in equity from the last house, so we had about $140k to pay off.

  4. creditcardfree Says:

    Very impressive! I don't know if we could make that happen so fast...but I will definitely try next time we own a home.

  5. FrugalTexan75 Says:

    Wow! Your mortgage balance is about the purchase price of our house. Smile Our balance will be $112k though. I'm hard at work convincing Mr FT to attempt to pay that off in 20 years instead of 30. So 5 years is amazing!

  6. Beawealthywarrior Says:

    So awesome, welcome to mortgage free living Smile!!

  7. CB in the City Says:

    That is a super-fast payoff! Congratulations!

  8. ThriftoRama Says:

    It's way more than I wanted to spend on a house, but it was the cheapest house in the best school district. I didn't have another choice.

  9. Jenn Says:

    That's huge. Congratulations!

  10. Laura S. Says:

    Congratulations!

  11. Rachael777 Says:

    Congrats! and excited

  12. househopeful Says:

    Congrats!!

  13. Petunia 100 Says:

    I remember when you were blogging about house hunting. It doesn't seem that long ago, and now here you are. Mortgage free again. Congrats! Smile

  14. mich Says:

    Congratulations to you. Very impressive.

  15. tripods68 Says:

    Awesome & inspiring indeed! Congrats in sticking to your budget plan/goal.

  16. FrugalTexan75 Says:

    Thrift - I hope you didn't think I was saying you paid too much for your house! I'm just in awe that you were able to pay all that off in just 5 years.

    If you put my (hopefully if everything works out) house in, let's say Monkey Mama's part of the world, $140k probably would not even cover half of it. We also weren't really looking at best schools, etc. since kids most likely aren't going to happen, and if they did, they'd be going to a local Adventist school, so best public school still wouldn't matter. (Except I guess for resale value.)

  17. ThriftoRama Says:

    Oh no, FT. I think I paid too much! But alas, it's what the market is around here.

  18. ceejay74 Says:

    Yay yay yay!

  19. LuckyRobin Says:

    Congratulations. That seems like it went by fast (to me, anyway). I remember when you were debating if you should even move from your paid off house to a new one and take on new debt.

  20. Frugaltexan75 Says:

    Ok, that's good. You just never know if text will be misinterpreted.

  21. VS_ozgirl Says:

    Congratulations!!! Awesome work, you inspire us!!

  22. My English Castle Says:

    Congratulations!!!

  23. ThriftoRama Says:

    You know Lucky Robin, I remember the stress of that decision, too. Now, looking back, it was a great decision to move, even if it did mean 5 years of scrimping and giant mortgage payments. The move for the school district was worth it. The kids' school is beyond great, we love the house and the neighborhood, all the kids' friends live in the neighborhood and soon they'll be able to bike to each others' houses. It's like the dream childhood I never had.

    And, I realize now, 2011 was a scary time to buy, but it was also an opportunity. We never would have been able to afford this house if we'd waited. We were lucky enough to get in when no one else was buying because of the housing collapse and the recession. Now, houses go in a minute above list.

    Of course, the extra space for the garden has been great!

  24. LivingAlmostLarge Says:

    Congratulations! Amazing work! That is a little over $28k/year! Woohoo!! Impressive.

  25. PatientSaver Says:

    That's fantastic. Give yourself a pat on the back and a nice dinner out!

    You did very well. By way of comparison, my mortgage in Dec. 1995 was about $114,000 (?) and I was able to pay it off in 17 years.

  26. Dido Says:

    Fantastic! Mazel tov!

  27. PNW Mom Says:

    Congratulations! So exciting!

  28. alice4now Says:

    Wonderful news!

  29. scottish girl Says:

    Congratulations!!

  30. Joan.of.the.Arch Says:

    Oh, congratulations. I've always noticed what a hard worker you are. It has literally paid off.

  31. Terri Says:

    Yay!!! What a feeling!

  32. crazyliblady Says:

    You and your husband must be so thrilled at having it paid off so quickly. Congratulations. That kind of freedom is an amazing thing to have. Can you share anything in particular you did to pay it off so quickly?

  33. natasha.cornelius Says:

    Congrats! I bet it feels AMAZING!

  34. snafu Says:

    Wonderful, wonderful, wonderful! Paying off a mortgage off in 5 years is an incredible accomplishment.

  35. ThriftoRama Says:

    CLL, I don't know if there was one thing in particular we did to pay it off.

    First, when we went house shopping, we didn't spend what the bank wanted to give us, we spent less-- only what we thought we could pay off within 6 or 7 years. Once we had an offer accepted, I sat down and figured out how long it would take to pay off using different scenarios.

    We always sent something extra along with the payment. We aimed for $100 to $200 a month, but sometimes, it was only $25.

    I took on extra freelance projects, including a nightmare summer project that was way more work than it was worth, but paid $2000 at the end of the summer. I knew that check was coming, and it went right to the mortgage. I also sent extra freelance checks for $90 here, $75 there, for all those years.

    We also sent at least part of any windfall to the mortgage. Every tax refund check (state and federal, from $500 to $3000 a pop), and part or all of the bonus DH may or may not get every year. All those little bits add up.

  36. scfr Says:

    yee haw!!!

  37. raul holder Says:

    Admin, if not okay please remove!

    Our facebook group “selfless” is spending this month spreading awareness on prostate cancer & research with a custom t-shirt design. Purchase proceeds will go to cancer.org, as listed on the shirt and shirt design.

    www.teespring.com/prostate-cancer-research

    Thanks

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