From the article: How to Pay Off Your Mortgage Faster
A paid off mortgage is the very best kind of mortgage. Tell us what you're doing/what you did to get yours paid off. Share Your Story
mortgage free thanking GOD
- We bought a fixer and my husband did all the work. I had the vision. We both lost 20+ lbs. But is worth it. No mortgage and the health to enjoy it all.
- —Guest ms king
paid off the mortgage
- My goal was always to pay off the mortgage. As a veteran of a traumatic divorce, I wanted the certainty of knowing I owned something. Lots of people talk about the tax benefits of having a mortgage. But the emotional benefit of knowing no one can take your home away from you far outweighs the piddly tax consequences. One financial adviser said I was going to miss out on a couple of thousand dollars of tax benefits. To which I responded, "You're going to take my dream away from me and give me a couple of thousand bucks? No way." Of course, none of the people who talk about the money you could make investing the money will guarantee that investment. It sure is nice to live in a home that is paid for. Call me old fashioned. Call me conservative. But most important of all, call me happy. I convinced my mother to pay off her home and she has never been happier. Not having to deal with the mortgage company is great. Pay off the house. Live simply. Be happy. I am.
- —Guest jojo
Paying off my 4th House
- 1) Purchased a house for 405K in 2005, the height of the bubble. Put down a solid downpayment and only owed 240K. Paid it all by 2008, just under 3 years. It was a private joke that my overpayments is keeping WAMU afloat. Sure enough after I made my last payment, WAMU collapsed like a pack of cards. It was a tense affair for 2-3 weeks whether I would receive a check back for the tax overpayments. 2) Purchased a condo in Las Vegas Strip in 2011 paying by cash - rented it out 3) Purchased a fixer upper end 2011 in the best school district by cash. Fixed it and it took almost a year since I had time and got the best deals from contractors and material. Currently rented. 4) Purchased my current home in the same school district and paying off the mortgage. Interest rate 2.625% and the money from rental properties more than covers my mortgage payment. Still paying down my mortgage to 240K. Expect it to be 200K in 2-3 months, all things staying well, fingers crossed.
20% more helps a lot
- Just paying an extra 20% above the minimum will take 11 years off a 30 year home loan.
- —Guest Brad
Piece of mind
- I paid mine off in 12 years by driving old beater cars, watching movies at home instead of the theater, taking vacations close to home instead of flying someplace, etc. etc. Now at 57 I'm retired, debt free and able to travel or sleep in and ignore the morning commute. It was hard sometimes but the payoff of security and piece of mind makes it worthwhile. Debt free is the best way to live. Don't try to keep up with the Jones'. The Jones'are deep in debt, stressed out and too often about to loose their home.
- —Guest chris
Huge weight off our shoulders!
- We had a 15-year mortgage on a house that originally cost us 164,000. After a few refinances, we finally paid off the house this year. How did we do it? We both have good incomes, but we never paid top dollar for anything, including vehicles or entertainment products. We kept our credit cards at 0, month to month, and paid extra on the mortgage whenever possible. We also stuck to having just one child and now that she's grown, we have few costs associated with her. We are completely debt free and the weight off our shoulders was an amazing feeling. I read in one article that the number 1 reason for paying off your mortgage is to reduce stress factors. There's truth to that!
- —Guest Steve Bailey
Fixer upper flip to mortage freedom
- We bought a fixer upper and lived in it a while to later flipping. Huge equity. We are then able to buy another fixer upper and made it ours mortage free with enough money to buy a fixer upper cabin on the lake mortage free. Living life in freedom now for several years and have been able to buy 2 other properties for rental investments that are now mortage free and we have a couple other properties that we are working towards mortage freedom. My husband is the handy man in the deal and I am the visionary in the deal. We make an awesome team and having the freedom to do so has been the key ingredient.
- —Guest Mitzie
Bye Bye Bank of America!!!
- I posted about being close to paying off our 149K mortgage a few months back and now it is done! Paid it off early October 2013. Seriously relieved!!! Feels great!!! Stay with it and get it paid off, it's all worth it... I was never so happy to have an account closed at a bank! WOOO HOOO!!!!
- —Guest Wyolincoln
Clear of debt
- Got married 2 years ago. Neither my wife or I had had been married before. I was able to center on my career and accumulate money, so did she. When we married the only debt we had was her house. After 2 years we paid it off. I feel like a subconscious weight has been lifted from our shoulders. Found out that we are expecting our first child. We both have good paying jobs, and now we feel we can start a family with no debt in the world. I've read articles (from people who appear to be investors) that you shouldn't pay off a mortgage, but instead invest it. Why? Markets go up and down. These people want you to invest your money with people like them, so they can make money. It's better to pay off the mortgage and then you can invest the money you accumulate afterwards. We are already have $330K saved on top of house paid off. We are ahead of the game and are in our mid-30's.
- —Guest Al from AZ
Built own home with no mortgage
- I bought a lot that was in foreclosure in 2010. Built my own 4000 sf home. Borrowed $50K on my 401k. Paid that off. No mortgage.
- —Guest Paul
25 years old Mortgage Free in 2014
- I purchased a 3 bedroom townhouse as a rental property at the age of 18, with a sizeable down payment. House cost 325,000 at the time, newly built. 7 years of constant, and rigorous attack on my mortgage with extra weekly, monthly lump sum payments, I've got the amortization date down to 2.5 years, but of course I plan to pay it off much sooner, aiming for the end of 2014. Motivated more than ever, looking forward to using my income and rental income towards many investments, and savings.
- —Guest Chris L
Pay off house and two kids's college
- Wife and I bought a house back 2004 for 430k with 50k down. We're done with it december 2012. Just last week we've also finish paying for our second kid's college plan. 1 house and two kids and I've a month left before my 40th bday.
- —Guest Daniel
Paid off sorta
- Just paid off my 530k home(2013 property assessment) in less than 2 1/2 years and I put down 292k with a 190k mortgage in dec 2010. First off I am a general contractor, doing about $130k annually. Personally though, I only make $26k annually. Business tax is generally lower than personal tax so I choose to keep my money in the business as I am the sole player in the business. Thus I can borrow my business's money at virtually no interest to pay off my HELOC which i converted from my mortgage. Furthermore, I avoid high personal taxes associated with high incomes needed to pay off substantial loans. At the end of the day, I owe my business $130k at no interest, but as I am sole proprieter it is pretty much like saying I owe myself. I am now thinking of buying a second home to rent out. Then I remind myself I just got out of debt. LOL
- —Guest Cruxx
- Hey everyone... These are all so inspiring, thanks for sharing. My wife and I just bought our first place after renting and saving for quite some time. Put down 70k on a 350k mortgage and got a 3.5 rate. It a been 7 months and we're on track to have saved back up another 40k by end of year. At this rate I figure we can save enough to pay it off in another 5 years. I'll be 35 and hopefully debt free. No car payments. We live modestly but have fun. Really excited to make this happen! We're calling it our "2018 Plan - The Year of Freedom". Thanks for all the inspiration.
- —Guest Ray
Paid cash from the jump
- I am twenty four years old and paid cash for my first house. It is a nice two story, brick cape cod home. I bought it from an estate sale for 70 grand. It's simple really. I earn 35 a year, and have my whole life ahead of me. I look at all these people who are years ahead of me, struggling financially and think what idiots. Save money, live below your means and you will succeed.
- —Guest Lee
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