I closed on my co-op in Brooklyn last Friday. There was still a mortgage payment outstanding, so that sum came out of the proceeds. The event made me think about that mortgage (it actually made me think about a lot of things) but that monthly payment to the bank was one of them.

When I first started paying my mortgage, the interest rate hovered in the double digits. After refinancing a couple of years later, it dropped to around 8 percent. Then I decided to take another whack at it and the monthly payout got reduced event further to 5 percent. I probably could have taken another whack at it in the past couple of years, but didn’t.

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