What a Palpatine moment I had today.
The final acknowledgement from the bank appeared online this morning: I have paid off my mortgage!
In fact I seem to have overpaid by 29 cents. Woo-hoo!
What a feeling of empowerment.
Let’s just hope no hack politicians suddenly decide that the Upper East Side would be a good place for a sports stadium or something.
“When neither their property nor their honor is touched, the majority of men live content.”
–Machiavelli, “The Prince”
8 responses so far ↓
Link tom // Apr 5, 2006 at 10:22 pm
you lucky git
Well done you, I've got 19 more years on mine.
Link PlaysWellWithOthers // Apr 5, 2006 at 10:39 pm
Congrats! Ready to start paying MINE?
Link mahndisa // Apr 6, 2006 at 4:49 am
04 05 06
Wow and you paid it off in NYC? You are doing well and CONGRATULATIONS! I cannot wait for twenty five years or so when mine is paid off!
Link Tony // Apr 6, 2006 at 8:26 am
Kinda takes the largest concern out of any housing bubble we may be experiencing, I suspect. Congrats.
[Kip replies: Well, I'm not quite that Palpatine-inspired. "I AM the housing bubble!"]
Link Power2thePeople // Apr 6, 2006 at 9:03 am
First, congratulations on being debt free. But having said that, why would you pay it off? When I moved last fall, I purposely chose to have (a small) one, and I'm paying it off as slowly as possible. The 5.5ish percent (and then subtract some more for the tax deductibility) over the next however many years is the lowest costing capital I'm going to find in a rising rate environment – significantly lower than that available on my unused HELOC or any other debt I could have. Don't you believe in leverage at all??!!??!!
[Kip replies: Mainly because I'm subject to the AMT and the reduction-in-deduction rules for income tax purposes, so the deductibility of the interest was of little use to me. Second, I thought the guaranteed return was better than my expected returns in the stock market at the time.]
Link Tony // Apr 6, 2006 at 9:45 am
Good answer.
Link J Philip // Apr 6, 2006 at 12:39 pm
Congratulations. Nothing like going to sleep at night with low overhead.
Link Meeting OzarkLad // Apr 6, 2006 at 3:10 pm
Paying Down The Mortgage
Kip writes about that great event, making that last mortgage payment. He makes no mention on when he plans on holding his mortgage burning party.
I am working, some would say feverishly, on payi…