How to Pay Off Your Mortgage in 5 Years: The Ultimate Guide

How to Pay Off Your Mortgage in 5 Years by Clayton & Natali Morris.

For most Americans, our biggest expense is our monthly mortgage payment. On our family’s journey toward financial freedom, we dreamed about what our life would be like if we could eliminate that dreaded expense. We discovered and then implemented a strategy that allowed us to pay off our 30-year mortgage in just a few short years. With a little creativity and dedication, you can pay off your mortgage too!

In this video, Natali and I are sharing four simple steps you can take to pay off your mortgage. We’ll talk about amortization schedules, and how to evaluate financial products. Plus, we’re sharing a free resource you can utilize to plan an attack against your mortgage!

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[Cjones]

They start talking about how to pay off your mortgage in five years at 7:21

[LKDelahunty]

I wish I'd educated myself on this when I first bought my house. I'm 11 years in now, but better late than never!!

[gregc]

I'm paying off my mortgage this year, I'm really excited about it. I believe i'll turn my current place into a rental unit and buy another with a friend who will be my roommate (to help me pay off my new house). Then make that sweet sweet cash flow from my current place. Do that about 5 times and goodbye job.

[mdooms]

To pay off anything early you have to make many, large extra payments until the balance is gone. You'll save on interest. There is no magic formula.

[nomadbound]

so pretty much the same principal as when I tripled the amount I was paying on my car and payed of my 4 year debt in 1. It takes DISCIPLINE!

[ShaneHummus]

Took us a long time for my family to pay for our mortgage. This is a good plan to lessen the time ang make your way to financial freedom faster.

[SimplySage]

This is exactly what I have been wanting to know. I want to own my home 🏠 and keep it.

[sirraymondluxuryyacht]

I did a spreadsheet for my car payments to show how payments and interest changes if/when I pay more off the balance. Amazing how much a few extra payments changes things

[beans]

Early principal is the method for me. I do it right from my bank’s site

[MannehN]

If you can't use your HELOC or your 401k, a 3rd option (if you have one), is to use your Whole Life Insurance policy and than pay interest back to yourself.

[Bonez]

I've noticed my bank doing the same thing with sneaky interest into principal payments... It's a shame. Makes you wonder how many people have no idea and lose all that money to interest when they're trying to pay down their mortgage... Awful.

[Lionheart_He-Man]

I just started paying extra to my mortgage payments today 10/10/23 after about 12 years in the house, wish I started earlier, had a few hiccups along the way, but now its go time to crush this mortgage and be debt free! 😎

[erhotboylopez]

Mr. Morris Thank you so much. For all the time and work you and your wife put in.

[ishouldknowthis]

Please touch on recasting a loan (after paying down principal). It’s a great way to save on interest after paying down the mortgage a fair amount. My mortgage was $280, 000 (a 15-year fixed loan), and once I paid it down to $140, 000 with extra principal payments, I was able to recast my loan (with a remaining term of 12 years) to be $800 less per month and saved about $100 in interest per month. Now I have a smaller mortgage payment and I’m continuing to pay extra toward principal to pay off the mortgage even faster.

It might feel slow-going at first but the result is amazing once you build some momentum in paying down your balance 🙌 totally worth paying extra asap toward principal.

[willjones-ervin]

I love you guys you two are literally my role models!!

[johnpetrius]

Hi Mr. Morris I just paid off my first property $200k using this method It took me 3.2014 to 6.2019. Thank you

[davidstewart]

The HELOC "velocity banking" works--but it works by paying extra principal payments. And those principal payments cost more run through a HELOC (which has a higher rate of interest, plus costs to close and yearly costs) than simply making principal payments directly. Either way, you're taking income that you don't have to use for other living expenses and paying it on principal. I've done the math--I used your spreadsheet--and that's how it works out: More expensive to run the payment through a HELOC than simply pay on principal directly. The HELOC will probably pay the mortgage off in a few fewer months--but at a higher total cost than direct extra principal payments of the equivalent amount.

[sirraymondluxuryyacht]

Natali and Clayton are performing assets for each other ;-) Working hard for the family

[marioperez]

Can anyone explain how creating another monthly payment to your already existing mortgage payments is a good thing??? Sure the principal goes down but you now have your original payment plus a new heloc monthly payment. How is someone who is already struggling to pay their monthly payment suppose to be able to make another payment? Just wondering.

[SaL-epzb]

Just want to make sure I'm understanding this correctly using your example. If I have a home equity of 50k and I get a loan on that and get 30k and use to pay the principle of my house loan, wouldn't that dig myself in a deeper hole since now I have another another monthly paymen since it's an extra debt and now I would need to make my monthly mortgage payment and the payment for that equity loan?