Do I Regret Paying Off My Mortgage Early?

In today's video I am going over if I regret paying off my mortgage early or not.
It has been about 9 months since my wife and I have paid off our mortgage.
Since then, I have had a lot of people voice their opinion on us making the decision to pay off our mortgage instead of putting that money into investments.
So I thought it would be good to make a video going over my thoughts after 9 months of having a paid off mortgage.
Paying off your mortgage should be something you are proud of because honestly, if you choose to pay off your mortgage early or invest in the market, either of those is a win!
So… do I regret it? Short answer is HELL NO!!!
If you came for the short answer thank you for watching and if you could just hit that like button for me that would be great!
Now for those of you sticking around to see why I don’t regret it… lets dive into that right now.

1. Invested the money
Most peoples argument for not paying off mortgage early is you should invest the money instead and I would agree with them!
If I were to put the money I used into my mortgage instead into the S&P 500, I would have a lot more money years down the road than if I just paid off the mortgage.
One thing to note here, I still invested in the market while I was paying off the mortgage. I wasn’t putting every dollar I had towards the mortgage and I think that is important. There still needs to be a percentage that goes into your investments. At least 15%.
Some of you may ask well if you knew you were going to make more money then why not invest it and not pay off the mortgage?

2. Safety/Peace of mind
I sleep better at night
NO EXPENSES (minus typical bills, electric water etc)
My risk is a lot lower if something were to happen to my income

3. More Money To Invest
Now that I don’t have any expenses, I can have a lower emergency fund in cash and can put more money in investments. That money that would be going towards my mortgage is now going towards investments.
I am on the journey to financial independence. My investment income covers my lifestyle. So the lower I can make my expenses, the faster I can get there.

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[CaseyBurnsInvesting]

If you regret it you can always get another one.

[FennaVa]

My wife and I's monthly payment was $2415 month. We would pay an extra $500 a month towards the principal. We currently just refinanced to get a lower interest rate and to get off of PMI. Our new monthly payment is $2918 a month. We plan on still paying $3700 a month but are now going to do bi-monthly payments.

[DonaldMark-nese]

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.

[florianmadison]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[HarpreetSingh-ttio]

Pay of your mortgage is a great peace of mind. Everyone talks about the math but forget the psychology

[DivineElementsDesign]

I paid off my mortgage last November, 13 years early. Not a day goes by where I question that decision. That was the best choice ever. True homeownership is priceless. And yes, of course you still have to pay taxes and home owners insurance. That’s not a big deal when you’re considering the big picture. That’s like complaining that you still have to pay for gas or insurance when you buy a car. 🙄🙄

[FrankPapadakis]

Some people's comments here show how bitter they are about someone else paying off their mortgage early lol. I love the "hur dur property taxes" comments 😄 like you're not already paying property taxes while you have the mortgage, but all of sudden once the mortgage is gone paying property taxes all of a sudden becomes such a challenge 🤣

[GillerHeston]

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways

[anad]

Correct. Living in a paid for house for almost 20 years. We are living quite well on what many would call a “low” income. 😒😎

[paradox]

I love owning my home outright. My mortgage kept me locked into a career that I hated, but now I have hope for the future. Honestly, it never felt like my house as long as the bank held the deed.

[YFolermira]

I successfully paid off all my mortgages in just two years, thanks to the assistance of a Financial Adviser. At 54 and 48 years old, my husband and I have retired with a net worth surpassing $2 million, and we have no lingering debts. We've recognized that the crucial factor for achieving financial freedom is to make more informed and intelligent investment decisions.

[Evil-Rod-Farva]

Got one paid off two years ago and now less than two years away from paying the second.

The best part is the flexibility and freedom I will gain from it. Life is a lot easier when you you have the ability to say “nah” when a job is crushing your soul.

Pack light, travel often, and never let the things you own, own you.

[stanley]

My wife and I bought our house at the age of 23 in 2001 paid it off in 2013. Best thing I ever did. My son was born 3 months early at 1lb 4oz with LOTS of medical problems. Since we didn’t have that huge mortgage payment it let her stay home with him and take care of all his needs. Between our house, investments and property we are almost millionaires right now. Our home has more then doubled in value since we bought it

[dannykeeley]

I cleared my mortgage in ten years, saved for the next three and when the credit crunch happened I put down deposits on a few more properties. Fast forward 13 years I've been out of work for five months now, my properties have nearly doubled in that time and I'm saving more than I'm spending. Best thing I've ever done.

[.Gigawatts_]

Those investments are not guaranteed to pay you back. It's a risk. Pay off your mortgage so you're not paying interest

[michaelh]

The returns on having a paid off mortgage are more than anything you can make in the market.... If the economy crashes or lose your job. It's nice to tell the family we don't have to worry about foreclosure.

[warrenpeece]

Interesting. When I retired and sold my house I was able to buy my current house for cash. Some friends told me I should take out a mortgage and invest that money. But I never seriously considered doing that, and I must say, I sleep very well at night knowing the house is paid for!

[geraldenright]

I'm turning 60 this year. We own 6 income properties. Yes there was a lot of sacrifice to make that happen. You're on the right path. The freedom from stress, from debt and the Idea that you're not a slave to the banks, is just so soothing and calming. You become more peaceful in yourself when you can channel your energy to things that you choose, not things that debt dictates. I hope many folks are inspired by your story and they too break the bonds of debt.

[Slydeish]

From my experience, the people against me paying off my mortgage early are people who are basically living paycheck to paycheck and don't have the money to even make extra payments, much less ask the bank for an "early payoff" amount. Why invest in an economy running on a dollar that has lost 94% of its purchasing power since the 70's? I'm 3 years from my goal and there is literally nothing that would stop me from paying off my mortgage 25 years early.

[ccvr]

My house is paid off, as well. And property taxes and overall running costs are low.

Excellent peace of mind, WAY more cash to do/buy things I want.