After much debate as to what made the most sense for next steps, we paid off our vacation house mortgage! We'd been sitting on some of the profit from the sale of our Seattle house, and finally bit the bullet.
It's been my dream FOREVER to have a paid off house, and now I can check that box. Sadly, we have. . . um, quite a ways to go on our primary residence. The real estate market in the Bay Area vs the Oregon coast is not quite comparable. ;-)
Paying off the mortgage early will save us $88,000 in interest over the lifetime of the loan, and will free up additional cash each month. Most likely, we will divert the mortgage payment towards our primary residence, to work that down as well.
Tonight, we'll be having leftovers & champagne! The perfect frugal combination!
Congratulations!
ReplyDeleteThank you!
DeleteWow, a great use of your cash! Paid off land assets are my #1 favorite thing - always a spot to park your family if necessary. Well done!
ReplyDeleteIt feels so very good!
DeleteCongratulations. I love how you will celebrate.
ReplyDeleteIt was a totally surreal feeling. And, looking forward to that champagne!!!
DeleteCongratulations!
ReplyDeleteCongratulations. It is like a monkey off your back. It will be interesting to see how much better you enjoy your beach home now.
ReplyDeleteWe are heading there in December - can't wait & will report back!
DeleteCongratulations! How exciting - and a big relief. I hope the champagne tasted as sweet as that success! xx
ReplyDeleteThank you! We didn't finish the champagne, but used a cork we have, & finished it off last night. Such frugal bloggers. ;-) Not really, just ran out of time while prepping dinner & chatting, but it was nice to spread out over two days!
DeleteWell done and congrats!
ReplyDelete- Dar @ anexactinglife
What a wonderful accomplishment, congratulations! I LOL'd at your, 'Um, no not the Bay Area mortgage' comment. The Bay Area really is in a class all by itself, but what a great investment now that you're 'in!' 😊
ReplyDelete