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Want to pay off your mortgage early, but don’t know how? Learn how you can find the money so you can own your home free and clear!
Pay Your Mortgage Off Early?
Have you ever wondered how it would feel to get rid of your mortgage payment and own your house free and clear?
Even though we got a really good deal on our place, I would LOVE to not have to see that chunk of money leave our accounts.
It’ll be awhile before we’re debt free on the house, it’s fun to imagine the possibilities.
But Steve Stewart and his wife have checked this major milestone off their list. Last year they marched into their bank and paid off their mortgage.
Today, he’s sharing how they managed to do it and how they’re spending all the cash.
Hope you enjoy!
Want some more motivation to pay your mortgage off faster? Check out my interview with Andy Hill from Marriage, Kids, and Money.
He shares their ambitious plan to get rid of their mortgage in 5 years!
Resources to Dump Your Mortgage Faster
If you’re looking to dig in deeper on mortgages, here are some resources to check out:
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Refinance your mortgage for a better rate: SoFi
- Dave Ramsey’s Baby Steps
- Total Money Makeover
- Jumpstart Your Marriage and Your Money
- Mortgage Payoff Calculator
- Paying Off Your Mortgage Early
- Paying Off The Mortgage Wasn’t Our First Priority (but we did it anyway)
- 5 Steps To Paying Off Our Mortgage Early
Why Pay Off Your Mortgage Early?
According to the Bureau of Labor Statistics, the average mortgage payment is around a thousand dollars which might be pricey or a deal depending on what part of the country you live in.
If you’re a homeowner you know the mortgage is only part of the total costs. There’s property tax maintenance insurance in any home projects that you might have.
Still, that mortgage payment eats up a good amount of our budget. So if you can be done with it – no more payments -you’re freeing up some serious cash money that can go into other goals that the two of you may have.
The other side of the argument is, why bother? Why pay it off sooner?
Right now interest rates are low on mortgages. That extra cash can be used for other goals now. So if you can keep that mortgage and save up for that vacation college fund in retirement why not do it?
We can debate the merits of paying off the mortgage versus investing, but really I see this as a win/win scenario. Either way, you’re coming out ahead.
The factors you need to consider are your goals and priorities.
For Steve and his wife, the turning point was how they felt about their financial trajectory.
I thought we were doing really well. A couple years later we got a car. She wanted … a two-year-old SUV.
We had to take out like a $12,000 loan for this thing after trading. After some cash that we dropped on the thing we still owed twelve thousand.
I thought, you know we’re better than this and that just put a fire under me to say you know this is stupid.
We make too much money to be this broke.Steve Stewart [4:04]
Finding Money to Pay Off Mortgage
If you’re going accelerate your mortgage payoff, you need to have some serious cash to throw at it.
Here are some ways the Stewarts ‘found’ that extra money.
- Round up the payments.
- Work a side hustle.
- Use any windfalls.
- Check your budget for any money leaks.
- Review your expenses for value.
Not all of these methods will work for you, but try some of them out and see if you can start building momentum with paying off your mortgage faster.
Support the Podcast!
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Thank You to Our Partners
Support for this podcast comes from partners like Personal Capital.
Easy to set up & easy to use. You can have all your investments, income, and expenses all pulled into one place.
Did I mention it’s free? Why don’t you give Personal Capital a try today?
This episode was originally released in August 2016. Show notes have been updated May 2019.