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Next to last mortgage payment made

July 17th, 2019 at 05:59 pm

I made our August 1st mortgage payment today (well, scheduled it today to process on Monday). I paid an extra $1,725 principal. Next month, we should be all set to make the final payment of approximately the same amount and we will be done!

Once we do that, we will be debt-free for the first time in our adult lives. No mortgage. No credit cards (never had that debt). No student loans. No car loans. Nothing.

Our mortgage P&I is about $700 and we've been paying at least an extra $1,000 every month for the past year. Once that final payment is made, that frees ups about $1,700/month in our budget.

Yes, we are planning to celebrate. Also today, I booked a 4-day/3-night getaway for my wife and I in early November. I splurged for a premium room at one of our favorite resorts. That'll run about $1,500 plus some spending money, so basically one month's worth of savings from not having a mortgage anymore.

After that, the bulk of that money will go into additional savings every month. My car is getting up there (it's a 2006) so that will need replacing in the relatively near future like the next 1-2 years, so I want to be sure money is set aside for that. There's also some house stuff that needs to get done.

So we're not debt-free quite yet, but we're very close. One more month if all goes as planned.

8 Responses to “Next to last mortgage payment made”

  1. crazyliblady Says:

    Congrats! That is definitely something worth celebrating the accomplishment you and your wife have almost completed.

  2. Smallsteps Says:

    That is great!

  3. Jenn Says:

    That's exciting!

  4. creditcardfree Says:

    Fantastic! Do you know if you have to make your final payment by certified check? I think we paid off a second mortgage years ago and the final payment which was less than $200 could not be made by electronic transfer. I think we could send a check (not certified), but it sure messed me up not knowing that ahead of time. Ironically, the payment processing center for the major mortgage company was about two miles away, so it was pretty fast despite the mail time.

  5. mumof2 Says:

    how incredibly exciting for you both...awesome job...I'm so happy for you

  6. CB in the City Says:

    That's awesome!!

  7. Bluebird Says:

    CCF, I agree, we paid off our mortgage with a certified check.

    DS, the bank will figure out the per diem interest owed on the day you are paying it off so it's paid in full.

  8. disneysteve Says:

    ccf - I don't know about the final payment. I'll be sure to ask when I call next month.

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