23 years of sweat equity and $217,000 later

[jinman]

1st - CONGRATULATIONS! What a great feeling to have a paid off home. The fact that it's a beautiful paid off home makes it even better.:thumbsup:

2nd - I read your description of the original house and upgrades several times. I'm making an assumption, but the loan you just paid off wasn't the original $28k note, was it? I figure you've refinanced one or more times while doing your upgrades. Doesn't matter. . . it's still a great accomplishment and you are to be commended. I built my house in 2001/2002 and got a 15 yr note after a substantial down payment. I have 5-1/2 years to go on my note at 5% interest. I have looked at refinancing, but only owe a bit over $50k total and the interest saved wouldn't be that much advantage. I'd have to go through the complete refinancing hassle and only come out about $500 ahead after all my closing and points charges. I'll leave it like it is and avoid ulcers.

 

[Ridgewalker]

Congratulations!!!

The addition is a great complement to the original house. Nice work there too!

 

[JDgreen227]

Congratulations!!!

The addition is a great complement to the original house. Nice work there too!

Thanks for the compliments, wifes older brother is a GM engineer and he did the design so it would look good. Original 7X11 kitchen and 3X11 stairway to basement were gutted to make the 11 foot square dining room, built a new kitchen almost 4X the size of the original. Should have mentioned there are now 3 bedrooms.

Jinman, you make a good point...the original 28 grand loan was long since paid off before we built on, we had enough equity built up to get a loan of 140 grand which was all spent on the addition. We saved a huge amount by doing almost everything ourselves. I agree with you in your situation, refinancing would save you only a small amount considering everything involved.

 

[lakngulf]

Congradulations on the project and the payoff. I know that is a good feeling....good enough that you want to keep it that way and like the house just like it is.

I bought a run down 30x24 concrete block building in '96. Spent first few years gutting and making that space liveable. Added on in 2000, more in 2006 and just transformed a 14x34 screen porch into a four season room. I have six years til I enjoy your experience of payoff.

 

[MoKelly]

Don't really want to toot my own horn, but I am so proud and happy, because we just paid off our mortgage this week....:thumbsup:

Hey, toot that horn as loud as you can. Its a big deal. My wife and I got there about a year ago and you will sleep even better now.

MoKelly

 

[czechsonofagun]

Congratulations! You own it now :thumbsup:

 

[radioman]

wow ! big difference.. I am sure there were alot of tears and blood shedded to get where you are now.. I bet its the greatest feeling right now!!! esp. with economy the way it is now! You are ahead in the game and hopefully you can now enjoy your golden years like our forefathers did! :thumbsup:

 

[joemd11]

Congratulations on the payoff! That is a beautiful place and owning it outright makes it that much sweeter. Did you hold a mortgage burning party yet?:thumbsup:

 

[rekees4300]

Don't really want to toot my own horn, but I am so proud and happy, because we just paid off our mortgage this week....:thumbsup:

If you don't toot your horn who else is? Good job on the house, difference is night and day. Bet you're glad to get that mortgage monkey off your back? It's a good idea to pay off a mortgage ASAP. Why pay the bank 5% when they are paying .1% on savings?

 

[electrarc]

Great work, well done. Toot that horn Loud. Congratulations to you both.:thumbsup: