Comments on: Mortgage Payoff – We Pulled the Trigger http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/ The Hard Truth about Money and Personal Finance Tue, 31 Jan 2012 13:37:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: ooga booga http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-8945 ooga booga Sat, 08 Jan 2011 12:48:48 +0000 http://toughmoneylove.com/?p=1598#comment-8945 Congratulations Brother! When we were in our mid-30s, I decided it would be better to pay off the mortgage and we did in 4.5 years and our struggling new little family of four is better off because of it. The way I saw it was - I made an analogy of my ability to use my legs as my financial capability and asked myself one long question - Would I rather live the majority of my life with one leg to walk on (30yr mortgage would hamper my finances for a long time. I could get by but not have true mobility) OR Would I rather live with no legs for 4.5 years but knowing that I'll be able to run afterwards for the rest of my remaining life (scrimp and save for 4.5 years then have much flexibility and freedom afterwards)? Congratulations Brother! When we were in our mid-30s, I decided it would be better to pay off the mortgage and we did in 4.5 years and our struggling new little family of four is better off because of it.

The way I saw it was – I made an analogy of my ability to use my legs as my financial capability and asked myself one long question –

Would I rather live the majority of my life with one leg to walk on (30yr mortgage would hamper my finances for a long time. I could get by but not have true mobility)

OR

Would I rather live with no legs for 4.5 years but knowing that I’ll be able to run afterwards for the rest of my remaining life (scrimp and save for 4.5 years then have much flexibility and freedom afterwards)?

]]> By: jkg http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-7621 jkg Mon, 29 Mar 2010 05:30:49 +0000 http://toughmoneylove.com/?p=1598#comment-7621 Congrats. This is awesome. Congrats. This is awesome.

]]> By: Residual Income - Kai http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-7107 Residual Income - Kai Fri, 15 Jan 2010 07:24:51 +0000 http://toughmoneylove.com/?p=1598#comment-7107 Congrats on owning your home free and clear. Great accomplishment. Congrats on owning your home free and clear. Great accomplishment.

]]> By: AC http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-4731 AC Fri, 12 Jun 2009 16:39:52 +0000 http://toughmoneylove.com/?p=1598#comment-4731 Mr. TML - that's a very fair answer. Thanks. Mr. TML – that’s a very fair answer. Thanks.

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-4728 Mr. ToughMoneyLove Fri, 12 Jun 2009 04:53:05 +0000 http://toughmoneylove.com/?p=1598#comment-4728 AC - You make a good point. We chose to not make larger monthly payments because we were concerned enough about the economy that we wanted to have that cash available for possible emergency use until we made the final decision. AC – You make a good point. We chose to not make larger monthly payments because we were concerned enough about the economy that we wanted to have that cash available for possible emergency use until we made the final decision.

]]> By: AC http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-4723 AC Fri, 12 Jun 2009 00:29:52 +0000 http://toughmoneylove.com/?p=1598#comment-4723 Just came across this post and wondering why you suddenly decided to do this - if you were stashing money in high-yield accounts, was it earning more than the interest you were paying on the mortgage? Otherwise, it seems that you could have been paying bigger monthly payments instead of saving in the high-yield accounts and paid less interest. Just came across this post and wondering why you suddenly decided to do this – if you were stashing money in high-yield accounts, was it earning more than the interest you were paying on the mortgage? Otherwise, it seems that you could have been paying bigger monthly payments instead of saving in the high-yield accounts and paid less interest.

]]> By: Mr. ToughMoneyLove http://toughmoneylove.com/2009/02/11/mortgage-payoff-we-pulled-the-trigger/comment-page-1/#comment-2681 Mr. ToughMoneyLove Sat, 21 Feb 2009 14:31:15 +0000 http://toughmoneylove.com/?p=1598#comment-2681 Single Guy: Thanks - you can get there as long as you don't mentally accept a lifetime of making payments, as so many others seem to do. Maria: Thanks - I hope it makes sense - either way it feels good! Single Guy: Thanks – you can get there as long as you don’t mentally accept a lifetime of making payments, as so many others seem to do.

Maria: Thanks – I hope it makes sense – either way it feels good!

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