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

Responses: 29


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.

Pay cash

We purchased a 2bed/2bath 1325 sq. ft condo with garage parking. We purchased this foreclosure directly from the bank for $11,600 cash in 2011 in Ohio. It isn't Manhattan, but it would cost over 2 million there! Since the economy is flush with housing inventory, we were able to get an outstanding deal! By spending about $6,000 on paint, lighting fixtures, and SS appliances and granite we were able to make this place wonderful! We are on the 4th floor (3 elevators in bldg) overlooking the courtyard with tree and grass. No house payment and life is SWEET! Our ages are 49 and 54. LOVE it!
—Guest Sky

30 years into 5 years is a possibility!

Im 33 years old, and just purchase my first home, and put down 20%. I received the Australian First Homer Grant, as it is my first property. Then, after one year living in it, I moved back home with my retired parent and renting the house out. My finance and I both agreed to make an extra repayment each week, $400 each = $800. We both own our cars outright and our only expense is the mortgage. The bank said we could get $500,000 but we only borrowed $290,000. In five years time, we are debt-free and we both are living in our own house. It's a little short-term scarifice, but long-term we are very happy. Oh by the way, we have two income, as we both work. We don't go out shopping, buying things we don't need and no flashy cars. We only go out eating now and then. Most important: read your interest of each month and how much principle is being paid. Then, it will make you determined to pay off the mortgage a lot quicker than 28years :) Have a budget, so you can identify where all your money is going. Good luck!!
—Guest ben

Game Over Baby!

On March 23, 2012 it was finally over! The last payment was made and the home I bought back in 1998 was all mine. A combination of a refinance in 2002 to a rate of 5.125% on a 15 year term with no-fee biweekly payments helped make it possible (along with extra principle payments too!). I am now very proud to be completely and totally debt free at the relatively young age of 43. Now I can use some of the extra money to ramp up my savings so I can achieve my next financial goal of early retirement at 55. I say part because you have to live a little too, that's why my daughter and I celebrated our payoff, and her 10th birthday, while on a Disney cruise to the Mexican Riviera. It feels so great to be free, free free!!! :)
—Guest Daren

Paid off Today!

I just sent in the check today to pay off our mortgage! Loan originated in 2003, $224k at 4.5% fixed 15 yr mortgage. Made 20% down payment at time of purchase. Have paid a little more than the due amount every month, and made a couple bigger one time payments. The key is buying way less house than you can afford. I am 40 and my husband 44 and we now have no debt.
—Guest MetroEast

Paid off my house at 23 years-old

My wife and I just payed off our house in December of 2011. We bought our house in may of 2008. We put 10% down on a $100,000 house we bought off our bank that was a foreclosure. The house was brand new, never lived in. It was built in 2006. We were 19 years old at the time with no financial help from anyone, but all of our hard work, and it was all possible by not over-extending ourselves by buying unneeded stuff.
—Guest matthew

Paid that mortgage off!

I was 26 in Mar of '02 when I had saved 30K from working two jobs & living back at home w/ my parents. Credit was good, so I bought a 200K house w/ an 80-10-10, 30 yr fixed mortgage at 6.5%. After 2 yrs of extra payments & shuffling student loans & credit cards, I managed to pay off 2nd loan & then refi'd to 15 yr at 4.625%. I finished school and continued to send extra pyments. In Jul 2010, I reached the 100K mark, and set a goal to pay mortgage as quickly as possible. I sent large pyments (all my earnings) and by Jul 2011, I made my last payment. I paid the last 20K off using credit cards. A Citibank w/ 0% for 21 mo (3% fee) 12 mo 0% (2% fee) Promo rate is about to expire. Both will need to be paid off soon. Fortunately, I have cash now, since I haven't had a mortgage payment for past 8 mo. Expenses for using credit cards was about $489. Total int paid on life of loan:$65K. Tot int. saved from orig 30yr mort. $170K. By having roommates share expenses I managed to pay off 200K in less 10 yrs.
—Guest Guest2012

Almost there!

Looking for motivation to keep going and found this page. Hubby bought our current home with his brother about 11 years ago for $92k. Been making extra payments since the beginning. We paid cash for our wedding and I paid off my car and credit cards before getting married, so we have no debt besides the house. We've been married for 7 years and are 1-2 years away from owning our home and then we plan to save for an upgraded home and pay cash! Now, we are NOT rich by any means. When I paid my $19k in debts before getting married I lived at home and made $28k/year. Now I stay home full time and hubby supports a family of 4 (plus a hungry dog!) on roughly $35k/year. We have never had financial gifts from family or inheritances. We have done it all on our own, so IT IS POSSIBLE!
—Guest GuestAnn

What a blessing!

My husband and I set a goal after a late start to save whatever we could toward retirement and to pay off our mortgage. We amassed a half mil in retirement investment funds and payed off a 125,000 mortgage in 21 years. I know that doesn't seem like a short time, but trying to save as well for retirement made it an even greater task. We worked for 15 years before our jobs stailized so we could start investing,. We may not have made the best financial decisions in the world, but at least we did that much. We are very proud. I wholly agree. Stop frivolous spending, pay credit cards off and live within your means. Cook and eat at home, with occasional evenings out and get that satisfaction note! Make sure you protect your property by filing your satisfaction note with your county registrar. Good luck,
—Guest Carol

Mortgage paid in 3.5 years

I bought a small flat in 2006 with a £71,500, 15-year mortgage. The other £75,000 was paid by Mum and Dad, as part of my inheritance. I paid 10% of the mortgage straight away, then waited to see if there would be unexpected bills. After a few months, my intuition told me to use all my savings to cut the mortgage. It was a bit scary but sometimes it's necessary to take a risk. I lived frugally and kept overpaying the capital by cheque (not the interest, which is a waste). By early 2010, the whole mortgage was paid and I could start saving again. The mortgage-paying process felt good, like chipping away at a problem until it was gone. It was also tax free!
—Guest John from London

Nothing but hard graft

We just paid off our 25 year mortgage in 8 years on our rental home. There was no magic wand...all we did was save. We were fortunate in the sense that the home we live in was less than we could afford...then interest rates dropped which meant we we saving even more each month. Then we accumulated enough and took the decision to pay off the other home instead of puchasing another. Now we have added the income from that house and should be able to save up 20 percent towards our next home quite quickly.
—Guest ajj


I'll be 31 in 3 weeks with a completely paid off mortgage baby!! This website is an inspiration to all. My advice is to do whatever it takes to live on less than you make, and invest the rest. If you need motivation to pay off your mortgage just take a look at the amount of interest that your giving to the bank each month in comparison to principal. I have had an obsession with becoming completely debt free over the past years and it has finally paid off baby. 30 year mortgage paid off in 5 years saving us approximately 115,000 in interest not counting the monthly raise from not having a mortgage payment. if someone ask "how much is your house note" i can either humbly say paid for completly or 278.00 a month. 278.00 represents taxes and insurance. My last piece of advice is to have thanks because we have been given and give back to prosperity for it will return the favor . God 1st baby!!!!!!!!!!!!!!!!!
—Guest Angelo

15 year morgage paid it off in 3 years

I am 26 yrs old Canadian living in America. I bought a $127,000 house in April 2009 and i finally paid it off in August 2011. I make about $70,000 yr. My secret is you need to live within your means and not buy crap that you will forget about in a week. You need to work hard and be proud of that. So put it into something that you need such as a home. These qualities are taught better in other countries, but by far Americas are less likely to benefit because they feel they are entitled to have the latest and greatest, even if they can't pay. For it. This was not how I was raised in Canada. It just seems crazy to me.
—Guest luke

Working on it

Boy am I tracking with you! We came back from living overseas & bought our first US home in '02. It was hard for us to figure out what we could afford , living on a "new" currency. So we got in a little over our heads & really lived very tightly for 2 years. We refinanced to a 4/1 ARM & got some breathing room, then refinanced again. The most recent refinance included splitting the loan, and having a percentage of it held by a family member at a slightly lower interest rate. That helps her as well because it's more interest than she could get anywhere else... Well, now we're down to 14 years on a 15-year mortgage, which is still too long to pay! Now both kids are thru college & the last wedding will soon be finished. When the dust has cleared one of our primary objectives will be pilng extra money into that baby!

Paid off by Jan 2011

I am on track to pay off my mortgage by Jan 2011. Since I am entering the retirement years, I want stability, in that regardless of the economy, I can have a roof over my head.

Paid off

I paid off my house during the last recession when CD rates were below mortgage rates. Easy to do if you have a job and invent your own side job. A lot of lost family time, but now in The Great Recession, I'm retired, sitting in a paid off house, weathering the most recent economic storm, knowing that I will be fed and warm with no worries. Let the world go buy, and I will check for cheap vacations in Florida. That is another story.
—Guest James77777

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