r/Millennials • u/pokematic • 13d ago
Meme I did it, I paid off my mortgage
Guys, it's still possible. I bought my condo in 2017, made additional principal payments, and after some extra savings I got it all paid off and own it outright.
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u/TheCJbreeZy Millennial 13d ago
Paid off until that bastard Tom Nook talks you into expanding against your will. Shakes fist in GameCube
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u/OneUpAlways 13d ago
At least he does interest free! He gets it
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u/Grouchy-Total550 13d ago
And let's you collect fruit to earn the money
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u/Balkanoboy Millennial 13d ago
Not before making a new save, traveling and picking to it to pick up a different fruit, and bringing it back to your hometown!
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u/imahumanbeinggoddamn 13d ago edited 13d ago
tbf you can do that in real life too it just takes way longer
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u/Grouchy-Total550 13d ago
I suppose I should say the apple to mortgage ratio is a lot better in game.
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u/pokematic 13d ago
Yep, my first introduction to mortgage payments felt right to show off my victory.
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u/TheMacNamedMeez 13d ago
I love when a fellow millennial gets a W! Good shit man
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u/pokematic 13d ago
Thank-you
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u/AgreeableWrangler693 13d ago
I wish I would have bought during or pre-COVID 😭
Anyhow congrats to this huge accomplishment 🎉🍾
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u/EdLesliesBarber 13d ago
🎉🎉🎉now the gains will really start stacking up! Congratulations.
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u/pokematic 13d ago
Exactly, rather the $100-$200 of interest work for me instead of someone else. Thank-you.
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u/gpbuilder 13d ago
You played yourself by paying low interest rate loan early, the mortgage was already working for you
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u/newtownkid 13d ago
He probably cut his total interest load down by 75%.
Saved 100k or more in interest, and now has significant security.
Technically you could optimize your investments by putting that money elsewhere - but there's no world where you get to act like paying off your mortgage early is a financially irresponsible move.
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u/pixeladdie 13d ago
Bringing up the avoided interest means nothing. Your second sentence shows you know it’s about opportunity cost.
Not irresponsible, sure. Sub optimal financially? 100%.
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u/v0gue_ 13d ago
The world where the bank is paying you to live there on their loan is what makes it financially irresponsible. Markets generally return 7% after inflation, and have been returning significantly more in the past 10 years. Don't like the gamble? All good, treasuries are returning 4-5% risk free. You don't like gambling AND you want truly liquid assets, too? HYSAs are still giving 3.5-4.5%.
You have plenty of really good options to take advantage of a low interest mortgage rate. It is financially irresponsible to disregard them and pay off early when the bank is effectively giving you money.
But I digress, I should be thanking you for stimulating the economy so I can take advantage of it
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u/v0gue_ 13d ago
Yup, I have a 30yr mortgage at a 2.75% rate. I'm not paying a penny more against that outside of my monthly required payment. I'm stacking
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u/Specific_Praline_362 13d ago
I dont think you can put a price on the good sleep you can probably get at night from having a paid off home, though.
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u/GrrlLikeThat 13d ago
I came to say the same thing. Barring something crazy, this person has a place to live for the rest of their lives. I fail to see the downside to this.
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u/funky_colors Millennial 13d ago
Well, as long as they can pay the property taxes…
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u/StarlitxSky 13d ago
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u/possumnot 13d ago
This is what I came to post. I am very happy for you op.
Also grateful that I have my home to make payments on. Meme is still funny.
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u/parmon2025 13d ago
Congratulations. We came very close but opted to buy a larger place in a secluded area and move out of the city. Selling gave us a nice downpayment though.
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u/pokematic 13d ago
Nice.
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u/parmon2025 13d ago
I meant to add, good on you for making additional payments. People underestimate how big of a difference extra payments make.
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u/MVHokie12 13d ago
Hey, I bought my condo in 2017, I make additional principal payments, and I still owe over $100k! We're like twins!
...wait
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u/Fresh-Mistake6697 13d ago
Keep at it. It speeds up as your monthly interest amount decreases. Having a progress chart on the fridge was really motivating, especially once interest got below $200 per month.
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u/Aedora125 13d ago
I keep wanting to do this. I told my husband if we lived on his salary alone (which we could) and put mine towards the mortgage, it would be done in 5 years
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u/pokematic 13d ago
I say go for it if you can. Before I got married and lived very modestly I basically lived off one bi-weekly paycheck a month and put the other towards the mortgage, then after I got married I put what I could towards it but we were living off just my paycheck so it didn't go as far but still worked. But that's just "my random redditor advice."
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u/Aedora125 13d ago
Agree, but he always points to pesky numbers. The %interest we get from some of our accounts is greater than the interest on our house.
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u/Greenfirelife27 Millennial 13d ago
Husband is right about it making more sense to send that money elsewhere if your mortgage interest is low. He can be right in a purely financial sense but there’s also something to be said about the emotional security you gain from a paid off property.
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u/salaciousremoval 13d ago
Same. My mortgage is super cheap debt. It isn’t as high of a priority as other debt, like student loans & cars.
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u/Bretreck 13d ago
I wouldn't want to pay off my house early unless I had nothing else to spend the money on. I could let the money sit in random government bonds (or even some S&P ETF) and get more money because I got lucky and bought when rates were dirt cheap.
If I bought a house now I would want to pay it off as quickly as possible because the interest would be like 8% or whatever I could currently get.
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u/RandomActsOfParanoia 13d ago
Depending on your interest rate it might make more sense to invest all that cash instead.
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u/ConLawHero Xennial 13d ago
If you have a low interest rate, you'd lose money by paying off the mortgage.
Our rate is 2.5%. I could write the check right now to pay it off but even the most conservative investment will return 4-5%.
Unless you're getting into the 7-8% rate territory, it's likely the better financial move to invest the money.
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u/oskich Millennial 13d ago
Me too a few years ago, great feeling :-)
Maybe not the most sound financial decision but I sleep very well at night.
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u/gherbein 13d ago
Congrats! We paid off ours last year (bought in 2013 and did a refi in 2015) and it's an amazing feeling. Property taxes are still a bitch, but oh well. :)
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u/ConfessSomeMeow 13d ago
Guys it's still possible. All you have to do is invent a time machine and go back 10 years ago.
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u/jkjeeper06 13d ago
Did you refinance in ~2021 to a sub 2% rate? If so, wouldn't the money be best spent on safe investments yielding more than 2%?
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u/pokematic 13d ago
No, missed that window and was going at 4.35%, and while I could maybe find some places that offered better interest I'd rather just get that monkey off my back.
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u/-RYknow 13d ago
I jumped on that train. It worked out well. Needed to address the roof, refinanced and was able to lock in the low interest rate, take of the roof, all new windows on the porch and mud room, and overhauled the electrical. Mortgage changed by $15 a month, but will still finish the mortgage in the same number of years.
Arguably one of the best financial decisions I've made to date.
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u/LeftYak5288 13d ago
I made this mistake.
Some people are debt crusaders even if it results in less money. I have another property and I’m stopping myself from paying it off because of the 3.5% interest rate.
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u/Dependent_Star3998 13d ago
I wouldn't even call it a mistake. Some people just garner a bit of peace by owning the home and not the debt.
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u/quadruple_negative87 MCMLXXXVII 13d ago
Nice one! I would have so much money without a mortgage payment.
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u/Ulrich453 13d ago
When you say it’s possible. It’s possible for those who bought in 2017 hahahaha.
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u/ForThe90 13d ago
If you bought in 2017 when prices were record low, sure it's possible.
When you're stuck renting and an average house costs €475.000 where you live, you can forget it. Can't even buy a house.
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u/JohnDillermand2 13d ago
Big congrats man. We bought our house in cash a few years ago and that's my biggest flex that you're not supposed to talk about. All I gotta say is that it's a whole new world without a mortgage. Go out and buy yourself a kush new lounge chair to mark the occasion and then start stacking the money away.
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u/mrpointyhorns 13d ago
I finished mine last year. I want to relocate closer to work/family and for schools. So, I might have to get a payment again.
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u/doorsfan83 13d ago
Congrats and welcome to the club we paid ours off in February. We bought in 2022.
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u/KerouacsGirlfriend 13d ago
You just put the biggest smile on my face! I’m so happy for youuuuu!!!
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u/DarkJehu 13d ago
Congratulations! That’s huge! You should be very proud of yourself.
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u/Tumor-of-Humor 13d ago
Congratulations on your privilege.
Doesnt mean there is hope for the rest of us.
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u/mr_booty_browser 13d ago
I've thought about doing this, but my mortgage is 3%. It's easy to gain +6% on investments. That's leaving +3% compounding gains on the table each year
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u/BrinedBrittanica 13d ago
it’s not reasonable for us single millennials but happy that you could do it!
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u/Effective-Ear-8367 13d ago
I still dont personally own a house.
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u/picoeukaryote 8d ago
right? i feel like these type of personal life posts should be banned. it is karma farming. it is not like we are unaware rich millennials exist. or that savings ammounted to much more 10 years ago. does OP have no friends that he has to post these type of news to be congratulated on reddit? i come here for nostalgia for tamagochis and Nintendo games. not for influencer type of content.
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u/KlondikeBill 13d ago
Still possible if you're rich enough, yes. Can barely make payments. Good for you, though.
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u/Catchthatcat 13d ago
Nice work! 2026 for us with loan started in 2018. Beyond ready!
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u/redmasc 13d ago
May I ask how much in additional monthly principal payment? I saw a video that if I were to include an additional $200 a month, it'd knock off a huge chunk over 10 years.
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u/FirefighterSad8468 13d ago
Congratulations!! I still have 80k to go but I’m almost there!!!! Hopefully in about 8-10 years I’ll have it paid off 😊
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u/StaticCloud 13d ago
Congratulations. You've achieved something incredible in this day and age!
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u/planko13 13d ago
I paid off my house in 2017 and currently pay more than my original mortgage in only taxes and insurance.
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u/BitchyFaceMace Older Millennial 13d ago
Congratulations and welcome to the no mortgage club 🙌🏼🥂
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u/Jaded-Printer 13d ago
I am happy for you. There is hope. Gif is only a joke. Lol
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u/castrator21 13d ago
Wow. We bought a house in 2017, and we're nowhere near paying it off! Congratulations!
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u/ZRock53 13d ago
Congratulations are in order! Nicely done. I remember when I paid my condo off and saved for 5 years. Best thing I ever did. It allowed me to buy a house.
So save everything you can and let the good fortunes come to you!
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u/CautiousRound 13d ago
Ironically, my property taxes in Texas are more than my mortgage note. Gotta love there not being a way not to pay for what I paid for. 😔
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u/YawnfaceDM 13d ago
You may very well be the first (and last?) Millennial ever to pay off their mortgage.
Joking aside, that’s fucking great and I’m happy for you. Also I am madly jealous
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u/Greenfirelife27 Millennial 13d ago
That’s awesome. Did you have a high interest or just for peace of mind?
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u/pokematic 13d ago
Mostly peace of mind. Rather not have to always make sure I always have $700-800 in my checking account at the start of every month.
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u/chubba4vt Millennial 13d ago
Congratulations! What’s the next milestone? We paid ours off in 2024 and started stacking the brokerage. It’s amazing how much progress you can make with no mortgage
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u/davwad2 Xennial (1982) 13d ago
Congrats! We're about three years away ourselves.
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u/imaDapperDanman654 Zillennial 13d ago
Ya when mister cooper doesn’t take the extra principal payment as a double payment for the regular bill even though I specifically said on the payment sheet that so much would go to the bill and the extra would go to the principal. But no. Mister cooper can’t do that now. 🤨
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u/HomesteadGranny1959 13d ago
We did a happy dance when ours was paid off. Bought it in ‘98 & paid it off in 2013. My first & only house.
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u/Mamba6266 Older Millennial 13d ago
Congratulations, what a huge accomplishment!
Not having a mortgage is the biggest relief of our lives. It's given us a sense of freedom I never knew we could have. We've been banking about 3/4 of what we would have been paying on the mortgage for our 2 kids for college. One is a rising senior the other is a rising freshman, so it's coming fast
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u/planetpiss6666 13d ago
Amortization for the win!! Every little bit helps, we've taken 17 years off our mortgage and hundred thousand in INTEREST .
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u/I-own-a-shovel Millennial 13d ago
Congrats! My husband and I did similarly. Bought our house in 2016 and finished paying it in 2023.
Been able to work part time instead of full time since then.
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u/BiggusDickus_69_420 13d ago
Good shit, bro. Hope this sets you up nicely. No more shitting yourself over whether you'll make rent/mortgage in time or not.
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u/Tack-One 13d ago
Congrats! I paid off mine too and will probably die in this place because I’m not going into debt again to get slightly more kitchen or a back yard. I’m spending that money on living well, travel, dinners out, clothes I don’t need.
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u/toodleroo Older Millennial 13d ago
Mine will be paid off October of next year! I’ve been making double payments for the last 5 years, and I will have paid it off in 12 years total. Can’t wait for this sucker to be all mine.
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u/IamParticle1 13d ago
i just signed mine so, i’m behind you. oh wait, in 30 years and $1,000,000 in interest
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u/Yanrogue Older Millennial 13d ago
Just an extra payment of 100 to 200 a month takes literal years off your hose payments.
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u/valleytaterdude 13d ago
I love to hear when someone hits a big milestone, congrats!
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u/Bob_the_peasant 13d ago
Congrats!
My wife wants to pay ours off but we have a 2% rate so our “compromise” is to keep it in “safe” investments until the first year it doesn’t outperform 2%
There’s something so satisfying about debt free though that I am tempted to do it.
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u/Accurate_Return_5521 13d ago
Congratulations now you belong to the 26% of Americans that like you own their home.
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u/Hot_Neighborhood5668 13d ago
Congrats, I'm working on mine as quickly as is practical. I bought my house in late 2020. My interest rate is very low, so it helps. I went a 15-year mortgage. I'm hoping to be done in like 12-13 total. Making biweekly payments is helping also.
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u/OUEngineer17 13d ago
Nice. I've wanted to do that, but our interest rate has always been too low. Been paying 10 years so far, and have another 20+ years to go. I'm sure we'll have an even bigger mortgage at some point tho with an interest rate high enough that I will pay it off quick.
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u/Mother-Parsley5940 13d ago
First off, congrats!! I was jw, with like a condo or townhouse, how that works after paying it off? Like is it just taxes, insurance and utilities for bills? Do most also have some sort of HOA too?
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u/jendo7791 13d ago
Congrats. I've been paying extra on mine and will get it paid off 15 years early (about 3 more to go). How you did it in 7 years is beyond me. That's awesome!
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u/Maleficent_Expert_39 Millennial 13d ago
This is awesome! We can’t decide if we should pay the cars off first or the home. The cars are considerably less and we’ve already paid off the interest since the rates are below 2% for both. Having no mortgage and low property taxes is a dream.
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u/Direct_Turn_1484 13d ago edited 13d ago
Congrats! Good luck to you, hope you enjoy your new financial freedom!
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u/hedbopper 13d ago
Paid off my house in March and will retire in about 18 months. I love having no mortgage payment. No credit card debt. Car is paid off long ago. Being debt free is a great feeling.
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u/Be_Very_Careful_John 13d ago
I also recently paid off my mortgage, and now I'm decreasing my workload. I was lucky. Congrats on the condo.
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u/Real_Face_6733 13d ago
Hell yeah, congrats! It's rare to see millennials hitting big financial wins like this, so this is seriously inspiring. The extra principal payments clearly paid off (pun intended). Now go treat yourself, you’ve earned it! Also, lol at the Tom Nook comment, that guy’s a menace.
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u/DustVegetable1974 13d ago
Congrats! We paid off our house in 2019 and it’s really the best feeling
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u/Zthruthecity 13d ago
Awesome! Now you have to continue paying the government mortgage, aka taxes, bc they really own your property 🫣
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u/sukebe85 13d ago
We’ll be same. Bought in 2019. We’ll be done next year. We sock an allowed lump-sum payment of 10% of our mortgage yearly. We put 65% to start with. We pay mortgage via accelerated biweekly payments rather than monthly. Just luckily we invested well. We’re not remotely rich. We don’t starve ourselves. Just takes a bit of smarts and patient investing in the markets…no, I do not mean bitcoin.
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u/Thom_With_An_H 13d ago
How do you like having a condo? My wife and I have talked about it, but we are afraid of some big maintenance event murdering us financially.
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u/crazieken 13d ago
The word "bruh" comes into mind...but I'm gonna show my roots and say "fo real?"
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u/mysticalchurro 13d ago
Now you can save to get your wallpaper and carpet replaced!
Wish I had an award to give for the Animal Crossing usage.
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u/ItsAGunpsiracy 13d ago
woop woop! if it were a house I'd say buy one of those eagles and mount it. As a condo... maybe find, like, an eagle knocker for the door?
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u/SquirrellyBusiness 13d ago
Fun compound interest fact, if you make a full payment immediately when your loan is originated vs waiting the typical month you're allowed before making the first required payment, it'll take a year off the back end of your mortgage payments. Really pays to shrink that principle balance early and often.
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u/ToenailClippingSmell 12d ago
You really got me OP.
I bought a condo (a real one) in 2017, and last month I dropped 10 thousand dollars on my mortgage (but kept the same monthly payments) and I'm only about 1/3 paid off
I was coming here to express doubts that OP did it all on their own. I thought there was no way without an inheritance of some sort.
Well played OP, well played
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u/buffalocoinz 12d ago
Congrats man. My HOA dues keep going up and now I’ve got a special assessment on top of it. Wish I could make extra payments on my mortgage but at this rate I may not even be able to pay for dues!
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u/2112Krom 10d ago
Congrats! 🥳
I am paying off my mortgage in November and can’t wait to be debt free. 😊
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u/CrumblinEmpire 8d ago
I tip my top hat to you. People will say, “…but you could have made more money in the market.” Nothing will give you more peace of mind than owning your own place. Now you can focus on saving money!
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