The True Value of Having a Paid-Off Home

About this episode:
Wondering whether to pay off your mortgage early or invest instead? Well, I've been there, done that—mortgage paid off in just 26 months! I'm breaking down all the benefits to early home payoff plus what I've learned while living mortgage-free.

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[jerrycampbell-utyf]

Because so many people overpaid for homes during a period when interest rates were low, I believe there will be a housing crisis because these people are in debt. If housing prices continue to fall and, for whatever reason, they can no longer afford the house and it goes into foreclosure, they will have no equity because they will not make any money if they sell. I feel that many people will be affected by this, especially given the predicted mass layoffs and fast rising living costs.

[DennisMaddox]

Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..

[amandadrenter]

Our mortgage will be paid off in 3 months!! We have worked so hard this past year.

[roshbekashah]

Down to 6 payments left. Will have paid it off within 5 years. We're stoked!

[rossco]

My wife (26) and I (29) just paid off our house last Friday. It is amazing being debt free! We got married in July 2020, got our cars paid off and then got the house knocked out. Friends my age are constantly saying it is impossible to live comfortably on less than 150 to 200k a year in our area but combined we make 100k. Own a brick ranch with 16 acres... life is good and comfortable, just cut out the subscriptions and budgeted. Can't wait to be outrageously generous!

[tatianastarcic]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[mrwaymsfan]

Mortgage paid off and no car payment. Life’s good

[cssystemsmcpherson]

9 months and ours will be paid off! Cant' wait!!!

[jeremiahm]

I have never heard ANYONE complain about paying off a mortgage early...!

[alejandrosifuentes]

Just got rid of my mortgage last week! Probably won’t truly feel it until I do the end of month budget and I won’t need to separate for it anymore. I’m excited

[NillaIyanda]

Paid off my house 5 months ago. It feels so good to be in this position and our net worth is now 1.5 million and climbing. Life is great 😊 I don’t have any stress or worries about this economy or my job laying me off or etc. More financial margin is worth it.

[cutehumor]

I got 30 year mortgage in 2010 at 4.25 percent. I prepaid and have 2.5 years left. I did it because I have health issues and I’ll be 47 in two days.

[pauleff]

I split with my wife in 2017 and initially took over our mortgage and then a small mortgage solely in my own name to give her her half of the equity in our small house. When the mortgage was put into my name only (ie she'd been bought out), I set about overpaying it. It took me 2 years, 6 months and 13 days to pay my 10 year mortgage. I threw the kitchen sink at it and cut every unnecessary expense to do it. The benefit of doing this was the lesson of how not to waste money.

Now, instead of overpaying a mortgage, I save, save, save. I am a part time worker anyway but I have enough money saved already to fund all my residue expenses for AT LEAST 2 years. ie - I could take a 2 year holiday where I just don't work at all.

Pay off your mortgage. Take the syphon the banks have in your financial veins out. The finance industry is full of morally bankrupt suited spivs. Freedom. I really, really am free!

[maness]

No one has ever said, "I miss my mortgage."

[sandtoy]

Paid off my house 9 months ago. Post mortgage, I now have a $500 surplus every month after all expenses have been paid and money deposited into retirement account(s) The surplus has been going into my emergency fund.

[cristianstriblea]

I am 47 and I have 2 homes paid off …. Now I have freedom … I am debt free … one is rented and pays off the property taxes and insurance for both properties.
Having more financial freedom I am able to invest more aggressively and more risky without extra stress ….

[NiceGuyDan]

'And the argument here is that if you invested the money instead of using it to pay off your house, your returns would be greater than the amount of interest savings that you'd have. Now the problem here is that you're assuming you'll make a spread by investing the difference, when in reality you don't know what interest rates will do you don't know what the stock market will do.'

If that's true then why do you all assume 8-10% for stock market returns for literally all of your other investing advice?

And interest rates are fixed on conventional mortgages, so you know exactly what it will do. It will stay the same.

[patrickabernethy]

My wife and myself have been debt free for 10 years there is nothing on GODS green earth that I would Ever borrow money for NOTHING. Freedom is good.

[TheBentrev]

Don’t forget to pay your property taxes though. Those never go away

[TheFirstRealChewy]

If we could pay off our mortgage in 2 years we would. In today's economy if you can pay off your mortgage that quickly by focusing everything towards it, you make a good amount of money. Nothing wrong with that, but its good to have context.