House PIF

[ctom87]

Very happy to say that the house mortgage has been paid off with the biggest wire transfer I'll probably ever make in my life.

I did this as the first gift to my child-on-the-way. A roof over its head (it's much easier to come up with $450 per month for taxes and insurance rather than $1500 is the thought process.)

The deed to the home should be here in 1-3 months. Shout out to my wife. Couldn't have done this without her. She bought the thing when she was 25 by herself before we met. We've been married for two years now and have aggressively been making payments. We're going to use the monthly expense that was the mortgage to re-establish our savings (we still have over a year's worth of expenses) and invest.

Debt-free outside of $17k left on the truck.

[kae006]

Congrats. Was the interest rate on the house higher than the truck?

[ctom87]

Congrats. Was the interest rate on the house higher than the truck?

Yes - 2.99% on house vs 1.24% on truck.

[WItoTX]

Congrats, that's a great accomplishment!

[Hoggslayer]

Congrats. That must be a great feeling.

[Throwin Darts]

Nice! Congrats!

[Pstraw]

Congratulations! Becoming debt free is one of the greatest feelings for anyone to experience. Time to start saving, investing, and planning for the future.

[CoryW]

Congrats on hard work paid off!

[Rodray12]

Awesome news! What a feeling.

[ctom87]

Thank you everyone - yes it has been a great feeling, especially with the little one on the way.

[Dillakilla]

Thats AWESOME!
Big congrats

[meltingfeather]

Awesome!

[Acameron52]

Congrats, I bet that’s an awesome feeling!!!

[be12hunt]

That’s awesome. You planning on taking that extra $1000 a month to the car payment next?

[ctom87]

That’s awesome. You planning on taking that extra $1000 a month to the car payment next?

Honestly, no. Going to use it to rebuild savings before the kid comes. By November we should have plenty in savings. Once the kid is here, it's going to go to day care until the kid is in school. Everything left will continue to go to savings. After that, probably look at moving. They are developing the land around where we live and I am assuming the value of our house could go up quite a bit.

In about 5 or 6 years we would probably sell if the market is right... The value of the house + what we continue to save would probably be about 60% on a home in a better area with a better school district.

That's the plan at least. When you tell God what your plan is, he probably laughs at you. We will see.

The money the credit union is making off the truck loan is only like $900 over 5 years. That doesn't include the kick backs at the end of the year for having a loan with them. I am not worried about the truck loan since it's practically free. But great question. In other circumstances, absolutely.