a friend just paid off his mortgage

floridaman

Was around at a friends house today and he has just made final balance on his mortgage. He sat in a chair and was giggling uncontrollably for about 15 mins. I asked if he was ok and he said he was relived to be mortgage free and it was a release for him. I am yet to pay mine off - just wondering when people make that final payment what it feels like? Does it feel a weight off your mind or is it like any other purchase?

michaels

I could pay off my mortgage but the money makes more on deposit after tax than the mortgage costs so why would I?

PlymouthMaid

I think if it makes a big difference to you financially then it must be a massive relief. When I finally pay mine off probably in 3-4 years it will definitely feel great but since my payments are low now having had the mortgage for so long already, I doubt it will reach those heady heights of ecstasy,

Ronaldo_Mconaldo

I'm trying to pay mine off as quickly as I can and am making real progress. I doubt it'll feel as good as I hope it would though. Also I'm not sure I'll know what to do when it happens, my life might become aimless. Also it seems to not matter to anyone else, including my wife. I don't even know why i'm bothering - probably now only because i've sunk £100 grand into it and there's no point stopping now.

mystic_trev

What's a mortgage?

floridaman

iPhone keeps auto correcting it for some reason

catshark88

We spent days not quite believing it, when we paid ours off.

Paying it off was right for us. I don't work and it took a lot of pressure off my husband and made various life choices real.

I understand that it's not the right financial choice for everyone.

AND of course I got the MSE mortgage badge... ;-)

quantic

I think I'm probably about 5 years away from being mortgage free, making me 34. Personally I can't wait - currently paying down mortgage at a rate of £2050 per month so will notice a massive difference when its gone. Not particularly interested in the extra cash though, will just be nice to not have it hanging over us every time we make a major life decision. I dare say we might go part time.

PlutoinCapricorn

It was no big deal for me, as the payments had become low. I actually got a letter saying that I could pay a final lump sum to clear it so I did.

wymondham

its liberating in lots of ways - allowed me to become self employed for instance with much less stress...

ruggedtoast

My mortgage is massive,and lurks over me at night like a British 1970's children's TV presenter.