Defer Gratification

My friend Hai, who I talk with on the bus from Elk Grove to Sacramento, said that he paid off his mortgage last week. He said it so matter of factly that I am wondering, will mine also be ho-hum? Just pay the last bill and that's that? I've got grandiose plans to throw a mortgage burning party, spending the equivalent of one payment to treat anyone who wants to come over for Kobe beef, lobster, 12-year old scotch, Patron...you know, a really good party.

But then I was talking to him about how immediately following my last payment next year, I have to plow a few years worth of mortgage equivalent payments to fix up my house: air conditioner, carpet, hardwood flooring, kitchen cabinets and countertops, baseboards, exterior and interior paint, triple pane windows, attic insulation, water heater, a new lawn...and the first thing he mentioned is how I should refinance all this into a new mortgage so I can write off the interest.

Damn. He might be right. Of course, that means I'd have to defer my mortgage burning for another few years.

But I don't think I'm going to do that. I think what I'll do is pay my mortgage off, throw my party in a nasty, ratty house, then save until I have enough to do each of my tasks so I don't have to pay any interest. That just means my really shitty carpet will just have to do for another two or three years, when it should have been replaced two or three years ago. Hope like hell my AC doesn't blow up between now and then. Defer gratification. Is this too hard?