Mortgage: It Is Done
Nearly seven months after I had first expected to, I signed mortgage papers today. I paid off two loans with a third loan, and converted a co-op unit into a condo. Along the way, the appraised value of my unit jumped enough that I no longer have a mortgage under water. The payments also went down by about $250 a month.
On the negative side, if I fail to make extra payments, then the mortgage will be paid off when I'm 77 years old. I'll allocate at least some of those savings to extra principal payments; some will also go to rebuilding the savings that were twice depleted in the last decade. And some is likely to go into fixing up the maintenance that I've deferred since I first discovered my ex had spent the mortgage money on other things. And just maybe I'll be able to spend a little on having fun this summer.
On the negative side, if I fail to make extra payments, then the mortgage will be paid off when I'm 77 years old. I'll allocate at least some of those savings to extra principal payments; some will also go to rebuilding the savings that were twice depleted in the last decade. And some is likely to go into fixing up the maintenance that I've deferred since I first discovered my ex had spent the mortgage money on other things. And just maybe I'll be able to spend a little on having fun this summer.