Comments on: "It Is Finished, Then…"

By: Meeting OzarkLad

Meeting OzarkLad — Thu, 06 Apr 2006 21:10:21 +0000

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…

By: J Philip

J Philip — Thu, 06 Apr 2006 18:39:18 +0000

Congratulations. Nothing like going to sleep at night with low overhead.

By: Tony

Tony — Thu, 06 Apr 2006 15:45:55 +0000

Good answer.

By: Power2thePeople

Power2thePeople — Thu, 06 Apr 2006 15:03:58 +0000

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.]

By: Tony

Tony — Thu, 06 Apr 2006 14:26:35 +0000

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!"]

By: mahndisa

mahndisa — Thu, 06 Apr 2006 10:49:35 +0000

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!

By: PlaysWellWithOthers

PlaysWellWithOthers — Thu, 06 Apr 2006 04:39:39 +0000

Congrats! Ready to start paying MINE?

By: tom

tom — Thu, 06 Apr 2006 04:22:53 +0000

you lucky git

Well done you, I've got 19 more years on mine.