I hate my mortgage (debt)

[ThePost]

I just got possession of my new place 2 weeks ago, and my mortgage amount hasn't shown up in my online banking till today. I knew what it was and the rate and everything, but I hate seeing such a big negative balance in my account.

Now I do plan on grinding to help get rid of this evil negative number. (Already grinded to help make the downpayment) But does having any kind of debt piss anyone else off? I hate oweing this amount. My mortgage is for 25 years, but if I still have this sucker in 5 years I'm gonna be upset.

Anyone else a debt nit?

[one_eye_mike]

We're on the same page brother. I'm sure I'm bit older then you so I'm at a different place in life. My house is paid for and I have no other debt. It's amzaing the things you can do with your money when you have no debt such as maxing our your 401k and Roth IRA contributions.

[mntbikr15]

Im only 21 but was raised hating debt....therefor I didnt have any until this wk actually...first mortgage.

I dont have a concern of making enough to pay it though so it doesnt trouble me all that much....but Im with you wanted to make it go away in under 5 yrs.

[kidcolin]

I've considered paying off my student loans many times even though it would be stupid financially.

[eastbay]

Learning the difference between debt and leverage can help.

eastbay

[one_eye_mike]

Agreed eastbay but very, very few manage that.

[MrMoo]

Same feelings here. Had a ton of free spending money that I oh so wisely wasted on random crap for years. Now I'm living paycheck to paycheck just to own a home. I know it's the right move but damn it sucks having to think twice if I can afford something.

[Yobz]

[ QUOTE ]
Im only 21 but was raised hating debt....therefor I didnt have any until this wk actually...first mortgage.

I dont have a concern of making enough to pay it though so it doesnt trouble me all that much....but Im with you wanted to make it go away in under 5 yrs.

[/ QUOTE ]

21 and have a mortgage, damn man.

[celiboy]

[ QUOTE ]
I just got possession of my new place 2 weeks ago, and my mortgage amount hasn't shown up in my online banking till today. I knew what it was and the rate and everything, but I hate seeing such a big negative balance in my account.

Now I do plan on grinding to help get rid of this evil negative number. (Already grinded to help make the downpayment) But does having any kind of debt piss anyone else off? I hate oweing this amount. My mortgage is for 25 years, but if I still have this sucker in 5 years I'm gonna be upset.

Anyone else a debt nit?

[/ QUOTE ]

Yup - I actually just paid my mortgage off this year and I'm 30. Lived at home til 26 so I saved alot as a downpayment and I also plowed any savings against the principal and it's now paid off. I bought in 2002 and up here in Canada you could buy an average home for 180Kish and now the average home is in the 320K range so it's gone up in value as well.

I now have all this extra cash that i'm plowing into my retirement accounts as I can't see myself working until 65 like every other sucker. Keep in mind that in Canada your interest is not tax deductable...if I lived in the states I would recommend keeping your mortgage as you can deduct the interest and this makes a huge difference.

Now some would say I should have invested that money, but my mortgage rate was about 5% AFTER TAX, so to equal that return pre tax any investment would have to earn around 8%ish. In my mind I'd rather take the risk free return and pay the mortgage off sooner.

[ThePost]

I understand fully that there are better places to put my money then in my mortgage, but I also know that it would make me feel much better to have my mortgage paid off, then it would having a similar amount sitting in an investment.

Dumb? Yes.

Will I actually use extra money to pay off my mortgage faster? Still not sure.