The Simple Hack to Ditching Your Mortgage Fast

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[PremSteve-ygde]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[nicolesobol]

My husband and I are in our late 30’s with 3 children. We just payed off our mortgage! We are debt free, with our home if we wanted to sell worth close to a million🙌🏻 Lots of sacrificing and hard work, but man does this feel AMAZING!!!

[azieltobias]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[dcbfan]

I paid mine off in five years and five months off of a 30 year mortgage. I saved and saved and made two large payments on the principal and boom, mortgage paid. My own bank/mortgage lender even congratulated me.

[jiangpkpful]

We did it following the Ramsey method. Threw everything extra to that mortgage after hitting baby step 6. All the bonuses, tax refund, you name it. And knocked out our little condo mortgage in 3 years. It feels SO good to be free.

[LivewithoutLoans]

We are so close to paying our house off! Built in 2020 and on track to pay off by 2025! It’s so exciting and we are so grateful for everyone following our journey 😊

Can’t wait to be completely debt free

[CPMG]

I did the 30 year mortgage out of concern for my job but quickly started making double payments and paid it off quickly saving over 100K in interest. Great way to do it!

[danicegewiss]

I make bigger payments on our mortgage. This month $500 extra. Next month an extra $1000. We intend to have it paid off this year...22 years.

[chelseafailla]

My husband and i recently made it out goal to pay off our mortgage by the time we're 40, so 5 years from now! We're very excited to see how we will be able to bless people even more so with all of that excess in the future!!!

[derekcox]

We paid our 600k mortgage in 8 years by paying half our monthly take home on the mortgage. It felt like we were flying by the seat of our pants most of the time, but now we have that Money to invest in our rrsp and it feels great!

[jill]

We have been making additional payments every month since our first payment in January of 2020 and we have paid off over 7 years in 3.5 years of the life of the loan! It’s so fun to look at the amortization schedule every month to see how many more months we’ve paid off with each additional payment.

[donnaallgaier-lamberti]

We are putting $300.00-- $400.00 on the principal EVERY SINGLE MONTH! and refinanced OUR 30 YEAR TO A 15 YEAR. We willL be SAVING $48, 000, 00 in interest!

[Mary-prkx]

We paid off our house in 5 years! But, the taxes and insurance have gone up so much, our monthly “payment” is still the average payment that you mentioned. 🥴

[BigPhil]

“According to a recent study paying off your mortgage can lead to reduced stress” 😂😂😂

[HarryLime]

My wife and I payed off our trailer early. We now can buy whatever we want at wal mart!

[trebmaster]

This really is the secret to getting rich. If you can manage any feasible way to pay off your house early and then continue living in it payment-free, you're golden. Just make sure your property doesn't get infested with mold!

[lisaweirauch]

We have raised & home educated 3 kids (2 with autism and learning difficulties) on mostly 1 income. My husband is now 9 mos away from retirement. I am watching a 20 month old during the school year and all the money I have been earning goes directly towards the principal of our mortgage. We have just broke the $20k mark! We have also been paying cash to upgrade our home over the past 10 years or so with new windows, new roof, new water heater, new siding and paint job. New fence is coming very soon. I will watch this little guy until he goes to kindergarten. He is a close family friend. We all love him; it warms my motherly heart to care for him and his family. The extra $ is a blessing too. It will help us bridge the retirement transition.

[pamelacaro]

We are doing this. Making extra payments every quarter that will be equivalent to paying an additional 8months of mortgage payments by end of year!

Praying we can get there by age 40. 😊

[ColleenJoudrey]

My mortgage was set up for a 22 amortization and we didn't take the extra payment option seriously for the first 12years. Now that I'm approaching an interest renewal date which will likely be 4% higher due to the Bank Of Canada increase, I have been more strategic with principal payments and will likely have it paid off 7 years early.

[leannewith]

I didn’t realise Australian mortgages were different to those in America 😮. We have the choice of paying weekly (no fees) and we can pay as much extra as we want. We are 18 years ahead with less than 2 years of payments left ❤️