Burn Baby BURN

windsor · Post by **windsor** » January 26th, 2012, 9:08 pm

That faint smell of smoke is my mortgage going up in flames. As of ths evening, we paid that mutha off. Mr. Windsor and I now have no debt. None. Zip. Zero.

It may be a modest middle class house in a modest middle class neighborhood...but we own this baby free and clear.

Never thought I would see the day!

OZZIE4DUKE · Post by **OZZIE4DUKE** » January 26th, 2012, 9:21 pm

Congratulations Windsor!

Now go buy some new cars!

lawgrad91 · Post by **lawgrad91** » January 26th, 2012, 9:33 pm

windsor wrote:That faint smell of smoke is my mortgage going up in flames. As of ths evening, we paid that mutha off. Mr. Windsor and I now have no debt. None. Zip. Zero.

It may be a modest middle class house in a modest middle class neighborhood...but we own this baby free and clear.

Never thought I would see the day!

Woo hoo! Way to go!

Ima Facultiwyfe · Post by **Ima Facultiwyfe** » January 26th, 2012, 9:47 pm

Nothing more liberating than THAT!!!! Especially THESE days! Congratulations in the biggest way!!!!
Love, Ima

Very Duke Blue · Post by **Very Duke Blue** » January 26th, 2012, 10:32 pm

Congratulations!!

DukieInKansas · Post by **DukieInKansas** » January 26th, 2012, 11:09 pm

Congratulations! What a great day. I'm scheduled to get there mid-2015. I can't wait.

CathyCA · Post by **CathyCA** » January 26th, 2012, 11:45 pm

Congratulations, Windsor!

I'll get there about the time I can type 012345 on my documents.

shereec · Post by **shereec** » January 27th, 2012, 5:21 am

Congratulations! That zero debt thing is most awesome and quite liberating!

DevilWearsPrada2.0 · Post by **DevilWearsPrada2.0** » January 27th, 2012, 8:22 am

I remember my Parents having conversations about people having "BURNING MORTGAGE papers Party", and how it was a wonderful experience owning your HOME, FREE AND CLEAR!!!! THAT WAS THE AMERICAN WAY AND THE AMERICAN DREAM!!!!!

Congratulations on being DEBT FREE of your Mortgage !!!!

My parents, would pay off everything, and had no debt! And would live below their means.

I applaud you for paying off your Mortgage and being DEBT FREE!!!! Achieving the American Dream!!!

windsor · Post by **windsor** » January 27th, 2012, 8:40 am

DevilWearsPrada2.0 wrote:I remember my Parents having conversations about people having "BURNING MORTGAGE papers Party", and how it was a wonderful experience owning your HOME, FREE AND CLEAR!!!! THAT WAS THE AMERICAN WAY AND THE AMERICAN DREAM!!!!!

Congratulations on being DEBT FREE of your Mortgage !!!!

My parents, would pay off everything, and had no debt! And would live below their means.

I applaud you for paying off your Mortgage and being DEBT FREE!!!! Achieving the American Dream!!!

I've thought about having a mortgage burning party...we decided against it because in our circle of friends one may lose her job, a couple are upside in their houses and two are newly employed after extended job searches...Mr. Windsor and I will celebrate ourselves with some nice champagne around our fire pit and burn it ourselves.

All credit goes to Mr. Windsor (who was an accountant in a previous career) for stellar money management. I tease him about his army of spreadsheets and his anal attention to all things monetary...but you can't argue with the results.

It is liberating to have no debt...and now most of what WAS going to mortgage (less an accrual for taxes/insurance) will now go to our 401(k)s.

Damn we're sensible.

Lavabe · Post by **Lavabe** » January 27th, 2012, 9:25 am

IowaDevil · Post by **IowaDevil** » January 27th, 2012, 9:29 am

Congrats! This is a major day! Celebrate!

captmojo · Post by **captmojo** » January 27th, 2012, 10:21 pm

Congrats for the first full day of debt freedom.

Ain't it liberating? ;)

ArkieDukie · Post by **ArkieDukie** » January 28th, 2012, 7:51 am

windsor wrote:That faint smell of smoke is my mortgage going up in flames. As of ths evening, we paid that mutha off. Mr. Windsor and I now have no debt. None. Zip. Zero.

It may be a modest middle class house in a modest middle class neighborhood...but we own this baby free and clear.

Never thought I would see the day!

Congrats, windsor! That's very exciting. Buy something frivolous to celebrate!

Miles · Post by **Miles** » January 28th, 2012, 11:20 am

WOO HOO! That is so awesome windsor.

DukePA · Post by **DukePA** » January 28th, 2012, 5:21 pm

Congratulations!!!!! We make our FIRST mortgage payment next month. Are "paying off the mortgage vibes transferrable??"

ArkieDukie · Post by **ArkieDukie** » January 28th, 2012, 7:38 pm

DukePA wrote:Congratulations!!!!! We make our FIRST mortgage payment next month. Are "paying off the mortgage vibes transferrable??"

Not sure, but I'll send you some "paying off the mortgage" vibes of your very own.

windsor · Post by **windsor** » January 29th, 2012, 1:27 pm

DukePA wrote:Congratulations!!!!! We make our FIRST mortgage payment next month. Are "paying off the mortgage vibes transferrable??"

Pay off vibes! The secret is throwing a little extra at the principle every month. Even an extra $20 every month makes a big differences over the life of the loan

DukePA · Post by **DukePA** » January 29th, 2012, 4:14 pm

windsor wrote:
DukePA wrote:Congratulations!!!!! We make our FIRST mortgage payment next month. Are "paying off the mortgage vibes transferrable??"

Pay off vibes! The secret is throwing a little extra at the principle every month. Even an extra $20 every month makes a big differences over the life of the loan

Great idea! Thank you

Turk · Post by **Turk** » January 30th, 2012, 9:28 am

Congrats to Windsor!! We're a few years away but the finish line is in sight.

The other suggestion I once read somewhere is to get an amortization schedule from the lender or build a spreadsheet, which splits out the principal and interest for each payment. (Be prepared to be depressed at how little principal gets paid in the early years). If you're going to send in extra money, send in the entire principal for the next payment(s), then cross them off. It's an easy way to figure out how far you're ahead of schedule and how much interest is saved.

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