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Readers Respond: What are You Doing/Did You Do to Pay Off Your Mortgage?

Responses: 100


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 paid in full

After 10 years of payments to the bank with not much principle being paid in that time we decided to start putting whatever extra we had each month toward the house payment...I'm proud to say that we just paid our house off 14 1/2 years into a 30 year loan, we also did it on my husbands income alone as I'm a stay at home mother of two...I am 39 and my husband is 44 and it feels sooo good to not owe the bank anything, for the first time in the 19 years we've been married we do not have any loans or credit card debt!!!!
—Guest AMW

Should I pay my mortgage down or buy 2nd

I'm a single guy who just bought a repo condo 8 months ago for 108k. About 3 months ago I got a new job which is 100 travel. Living out of a hotel al expenses paid. So now for the last 2 months my condo is being rented out. In my new job I save a lot due not having to pay for much. Is best to pay down a lot each month in my condo? Make double payments. Or buy another house or condo for around 80k to 110k and rent it?
—Guest Michael

Debt free 5 year plan

Reading the comments above has encouraged me to take action to pay off my mortgage sooner. I'm 35 and have 28 years left on my mortgage loan if i continue to pay the min which isnt great. It will be difficult but have realised with a bit of dicipline I can be debt free in 5 years. Anyone else starting on this journey? My friends and family dont have the same outlook/priority on this...
—Guest voc

Mortgage free by 28

As a single guy I lived in a room of a house, for 400$ month. Drove a motorcycle to save gas expense. Goodwill clothing. Entertainment was local hiking and playing piano. Bummed Internet from the library. Worked hard to save. For 4 years I saved every dollar I could to buy a house cash. Had only $40k when me and my fiancé were to be married. I prayed and asked God for a place that impossibly cheap. Found a fixer foreclosure for 39,900 and I bought it the day it went up on the market. Then me and my wife got married soon afterward! So blessed to be able to give my family the gift of completely debt free and no mortgage. Now we have a baby and another on the way, and we are saving to buy our next home debt free too. Probably we will keep the one were in now as a rental. So freeing! God answers prayer.
—Guest David

Saved for 4 years

My husband saved a good portion of his earning for three years. We bought a foreclosed home from HUD in an upcoming area of the city. No mortgage, no rent and no worries. We feel free.
—Guest Franci

Paid off in 9 years at 33

We both were always most concerned about our mortgage since it's the biggest bill and greatest debt we ever had. Avoiding debt has always been top on our priorities. At the time we could only afford 5% downpayment, 15% home equity, and 80% mortgage. First we focused all of our extra money to paying off the home equity line, and once that was done, the monthly payments toward equity was paid as excess mortgage along with any additional cash we had. After the birth of our child we wanted to pay it off even faster so we could focus on a college savings account. Towards that end every spare cent we made: tax returns, excess money in our accounts, was thrown at the mortgage and we refinanced twice even though we always had low interest rates. It was the best decision we ever made. Not only did our stress decrease dramatically, but once that bill was no longer looming we started to accumulate enough to really relax and enjoy some of life's luxuries while still saving for the future.
—Guest Lasenna

no mortgage no worries

I'm 25, bought my house at 23 and just need 19k more to pay it off. Cant wait. I purchase my home for 88k just when the houses we at their lowest prices. I want to purchase another one by age 30 and rent it out. Let's see how every thing rolls. But keep trying, owning your home is the true American dream. Go get it. Dream big, live big. Good luck.
—Guest ivan

Paid off mortgage at 32 age

it does require strict financial planning to pay off mortgage if your goal is to pay it off within 7 yrs. with Compound Interest formula one would pay double as much as the value of the house after 30 yrs. I found out what I was losing within 2 years of owning mortgage and paying 99% in Interest...Thanks to my wife and parents. We made a plan, to save as much as you can, by cutting extra unwanted expenses and pay additional payment everymonth. on top add 5-10k every year from savings. With the help from my family, we were able to pay off mortgage within 7 yrs instead of 30 years which was a huge amount of savings in interest(saved atleast $200000 in interest) and paid about $80,000 interest within 7 years. New homebuyers dont know that with compound interest formula they will pay 75% interest within 1st 10 years of the mortgage life. please note that this is 100% pure saving vs what you could make in potential interest savings in stock market which is risky and not 100% saving of incom
—Guest NishDin

Best Birthday Present

Today, I paid off our mortgage at the age of 30. It is a huge relief as my wife and I are expected triplets. We only have a car payment, no student loans, and no credit card debt. I am excited for the future that I will be able to raise my children debt free.
—Guest Brian

paid off house

I always wanted to put down a large down payment for my house. I refused to buy a new car for 10 years after working and having a 60k starting salary. We used two used cars. Then in 2007 We bought our first house after being in appartments for 6 years after marriage. I sold every stock and mutual fund I owned. The timing was good. markets were high. We put down 40% towards the house. Then within a few years we paid off in full. we kept paying every $ of saving towards the principle. Living debt and rent free is just liberating. More americans should strive for that.
—Guest itconsultant

Light at end of tunnel

Having bought a derelict property four years ago my wife and I embarked on a major refurb project investing our savings to give us a 4 bed property finished to a high standard. We then set about clearing the mortgage debt as quickly as we could. We now have only 12 months left on our plan and then we will be debt free. We are currently 36 and looking forward to not having to pay interest to the bank after Dec 2014. The additional savings will be put straight our retirement portfolio. Simply having the debt clearance in sight is exciting in itself, never mind having it fully paid off! After reading a great deal on whether to invest or pay off mortgage debt I have concluded that if you have sufficient emergency funds (6 months salary) and savings in tax free investments, then paying off the mortgage is a sure fire way to make a guaranteed 'return' on your money. Why take any risk when you can get 6% tax free by paying down the mortgage?
—Guest John

Did it my way

This is not rocket science it comes from hard work and discipline. I paid off my first house at 30yrs old had a mortgage under Reaganomics at 12% interest. They asked me why i would want to pay it off when i went in on my 30th b-day to do so. It pretty much explains itself. I used my equity in that house and purchased several other rentals over time and fixed up and rented all-paid for. I built my existing home with no mortgage and am getting ready to list it for 850000 to 900000 . It is time to down size into a rambler and get ready for a comfortable retirement in 10 years or so. Life has been very good once again from a hard work ethic. Anyone can do this i am not smart nor highly educated by any means. Why others were making there mortgage payments i was investing what would have been my mortgage payment. Just knowing that someone cannot take your place away is security in itself.
—Guest woot

5 years and we are DONE

It was not always easy to transfer all of our pay checks to Wells Fargo but our final payment was made November 2013. At times I struggled with "I just want one paycheck for myself" but we stayed focus and it paid off. We purchased in May 2008. It is so nice to know that we have the freedom to leave our jobs if our health does not allow us to continue and not have the stress of debt. We are completely debt free and are completely enjoying the freedom.
—Guest Ginny

No mortgage at age 35, thanks Mom Dad

My folks paid off my mortage last year at age 35 and I've channeled all the former mortgage $ into our Roth IRAs. My wife and I are extremely lucky to have my parents and their generosity will make it a lot easier to achieve a confortable retirement. Thanks Mom and Dad
—Guest JP

Finally...perseverance and hard work

I have been married for 16 years and just turned 39. From the first year of our marriage, almost every month we put something extra against our principal. From our first house, we have now moved 4 times and have been in our current house for 8 years. Every house we continued to pay down principle every month. At times it became very difficult as my wife has not worked since our first child was born 14 years ago. I also believe in having a balanced life, so I did not want to become such a "cheapo" that our lives suffered...as you only live once and more importantly are only young once. So, in addition to my 9-5 job, about 7 years ago I started a side business. I ran the side business at night and on weekends when time would allow, usually after the kids went to bed. So it has been an extreme struggle to try and get our mortgage down, down, down, and eventually paid off. I almost can't believe it is finally done. We have paid down $600,000 through hard hard work and discipline!
—Guest Guest Chandler 2013

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What are You Doing/Did You Do to Pay Off Your Mortgage?

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