Shout it from the Rooftops!

Last month, I paid off my Lending Club loan. This means I am debt free, minus my mortgage, (but that mortgage was the best purchase ever!) But when you can say the words debt free, you should shout it from the rooftops! You should do a happy dance; post it on social media; throw a party; even put a sign in your front yard if you want! I thought about putting a flag up. Wouldn’t that be something? Driving down the road and see a flag flying in someone’s yard that says “Debt free”? Now there are some that would say, “You’re not really debt free, you still have a mortgage”, but they are party poopers and they aren’t invited to my party. Currently I have a plan for that pesky mortgage too. I have a mortgage with a nice fixed rate, a very low payment and a bazillion years before I pay it off. It’s the standard, run of the mill, every American has one loan, but my mortgage company is awesome! I use Quicken loans and they rock! Some mortgage companies penalize you for paying your mortgage off faster, but not them. No sir! They want to help you help them get paid. They just started offering the bi-weekly payment plan, which if you know me, you know I love bi-weekly payments. That is how I paid off both of my vehicles early and saved tons on interest. So instead of paying 12 payments a year, you actually pay 26 half payments, which is like paying an extra payment a year. Quicken has this cool like amortization calculator where you can crunch your numbers and see how much interest you’ll save on your loan and how many years you knock off. So this is something I have learned playing with my numbers. Since I am use to living without my lending club loan payment, I can actually put it toward my mortgage. If I do that, I will pay my home off in ten years and save a little over $50,000 in interest. That’s amazing! My mom once told me to never give people real money. She said, you don’t know if you’ll still be living there in 30 years, so why give them any more on the loan than what you have to? Well, I’ve got to live somewhere, and how’s this for a kicker – if I pay my mortgage off in ten years and then I have to move in 11 years, I can sell my house and buy my next house with cash, or even get a bigger house with a HUGE down payment, like 50 or 80% down payment. So while my mom has a point with her advice, I like my idea better. It is true what they say, your world opens up without any debt. Or if “they” don’t say that, I said it and it’s true!

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