I planned to make “the phone call” next week Monday, but I just couldn’t wait. So I phoned the bank and asked them whether they received our second last mortgage payment. They did! So I asked for a repayment check. The employee was very interested in why I was paying off the mortgage so aggressively, so I explained. Yadayada, early retirement, yadayada, financial independence, yadayada being free. He sincerely congratulated me and will take care of the repayment check.
This felt sooooooo good! Such a pity I couldn’t drink a nice glass of Prosecco ;-). I love to celebrate with cheap bubbles!
The procedure is as follows. The bank will send us a repayment check within five days. By August 9th we’ll have to pay the remaining amount. They will have calculated the exact amount including interest. Then, our interest-only mortgage will be history! It will say zero, nil nothing! HA! Happy dance!!!
The employee also looked at the rest of our savings mortgage. He went on about the tax breaks and how we should be careful not to throw those away. I explained him that we’re now thinking of a new game plan. Most likely this will be index investing, unless the fiscal clam is lifted and we are allowed to make extra payments on that part of the mortgage without suffering any tax drawbacks.
Anyways, I am very much looking forward to August 1st. Let’s crack some numbers then!