How We Paid Off Our Mortgage in 5 Years

After finding our dream home, we became worried about paying a big mortgage. So we decided to pay off our 15-year mortgage in 5 years instead.

This process was challenging but definitely rewarding. Here are the 7 steps we took to pay off our mortgage in less than 5 years:

1. Get a 15-Year Mortgage (2:08)
2. Make Additional Principal Payments (4:06)
3. Create a "Budget Party" (7:07)
4. Have Fun (8:54)
5. Dream Big Dreams (10:06)
6. Celebrate the Big Day (12:14)
7. Make Dreams a Reality (12:58)

What would life look like if you didn't have a mortgage?

Is it possible for you to pay off your mortgage in 5 years? If not, how about 10 or 15 years?

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[Delisalyfe]

I paid off my 30 year mortgage in 7 years. I paid it it off last month..

[denissemarquez]

Awesome! We paid off our mortgage in under 5 years on feb 2020!! Right before covid blow up!!! At 31 & 33! With one under 3 and pregnant with baby number 2 it was the best decision we ever made for our young family! Congratulations to your family!!! Im Enjoying your content keep it coming Please!

[prestonthomas]

Appreciate the honesty with the numbers. Dunno why but most ppl to scared to give details. Thank you sir

[kzalaska]

This is great advice! My wife and I did a similar thing 20 years ago and paid off the house in 4 years. It took some sacrifices but I have never regreted it. It also taught me to look at things with a more long term view. I now look at how today's decisions will effect the next few decades, not just the next few months.
If you are on the fence think about how it will feel when you are done, not just about what you have to give up in the short term. The lower stress and contentment are hard to describe or put a price on, but you have to do the hard work up front to get there.

[reginawalther]

I'm paying off my 30 year mtg in 10 years 7 months. End of May 2022, I'll be mortgage free! I initially committed to 10 years, but life happened.

[kevaljoshi]

Awesome so inspiring its my dream to live mortgage free can’t imagine living with payments for 30 years .

[anom]

Glad I saw this. Am half way through paying my mortgage off at 4yrs in… I think I can finish it up in 3yrs. I get so distracted and want to buy a new truck when I shouldn’t. This helped me stay the course. Thanks.

[janefromthecountry]

I agree the 15 year mortgage is almost a very wise decision. 👍🏻

[TheOneJPtv]

Additional Principle payments is the Ultimate Key. $10, $20 per payment, whatever you can add, add it.

[cynthiah.]

Thanks for sharing. Many people do not think this way. Appreciate your input and honesty.

[CycoPatPonfe]

👍my wife and I are on the way to mortgage free! 🙏☝️❤️

[carolannstevens]

I love how you give hope with so much joy!
We paid as cash would allow for our retirement house. I wish we would have started younger. We collect the old fashion pension along with working for about 4 more years.

[Electro-nics]

Thank you for your videos. You make me realize it is possible even if things we enjoy have to be cut for 5 years is worth it.

[genevievehawkins]

This is amazing. I wish I had known about this years ago when I had the money to do it.

My interest rate is already so low refinancing does not sound like a plan for me ever.

As soon as you said AMORT I saw all the numbers drop across the board and the fee doesn't sound bad compared to the bonus.

I just never knew it was an option. I have never heard a lender mentioning it. AND I worked at Bank of America as a Teller

[sarahshanahan]

Anyone on here who is wanting to buy a home.. check and see if NACA is in your area. Free financial advising... No PMI. (But I strongly suggest to put a large down payment).. No closing costs .... no fees and interest rates always fixed and below prime.. no prepayment penalty. I am a single mom and my favorite aspect is if you hit serious financial hardship they will pay your mortgage for up to 3 months.

A cheap mortgage is essential for paying off a house early!!!

[Justanuttername]

Inspired to live frugally and pay off my home.

[dnxkatatcha]

I’ll be next to be interviewed by you in a few months. Thanks again for sharing your plans

[DavidRamseyIII]

195k! I love America. Bought about a year ago just outside Sydney Australia. 1.45m buys a weatherboard shack here :) well, renovated shack

[heroknaderi]

I really enjoyed this video. We had a house we used to own i grew up in it as a child. it is currentoy a rental property and thw owner is a close friend of ours and we plan on buying it back to move in. we could buy it back with a tement still inside and at least get rental income to start. then when we move in we will work extra hard to have it paid off within 5-10 years that;s our plan. we are also thinking about doing a private sale. my aunt did that with her landlord. That;s my Idea. I wanted to share.😉

[billyhofacker]

Hey Andy thanks for the inspiring video. Quick question. You mentioned buying and holding rentals to increase passive income. Now that you are mortgage/debt free, will you continue being debt free with the rentals or will you use leverage? Would love to hear your thoughts and/or reasoning. I’m a no debt guy myself.