One of my BIGGEST goals right now is to pay off the mortgage. I won’t lie, it’s sooo hard to stay motivated when you’re chipping away at such a big number, but the benefits are just way too huge to ignore. It’s a critical element of financial freedom, peace of mind…and of course, more disposable income.
But the reality is that if you prioritize getting it paid off, it CAN and WILL happen. And your future self will thank you for it!
Related post: 10 Things I’m Doing to Pay Off My Mortgage Early (and the One Thing I Won’t Do)
So if you’re in the same boat as me, consider these different ways for paying off your mortgage way earlier than you ever expected:
For the most part, the classic American dream includes home ownership. A comfortable job, a vacation once a year, and a place to call home. What’s funny is that the vast majority of us are relying on 30-year mortgages to “own” our homes…but no one ever talks about the reasons to pay off your mortgage early.
So, in some sense, we really aren’t owning our homes – we just feel like we are. And it’s so commonplace to have a mortgage that nobody really second-guesses it.
To be fair, there are some benefits of having a mortgage. But does that really mean that it’s a good idea for everyone? Should it be the norm?
I’m not convinced. Here are some of the biggest reasons to pay off your mortgage early (and why we’re doing it):
Related post: How to Pay Off the Mortgage Early
I recently wrote about some quick and easy ways to pay off your mortgage early, but talking to everyone about that made me realize one important thing – there are some really good reasons to NOT pay off the mortgage too.
In fact, for some people paying off the mortgage may do more harm than good. And for lots of people hanging onto the mortgage may actually help to grow their bottom line.
Now that I’ve officially left the “classic” work force, I’m in a position where I need to be really creative with how to contribute to our income. More specifically, how to contribute to our disposable income. One way to do that? Cut out the largest (by far) monthly expense and pay off the mortgage.
Related article: How to Pay Off the Mortgage Early
I know it sounds crazy. With such a massive loan, it just seems pointless to waste time trying to chip away at it. But none-the-less, my husband and I have gotten ourselves excited enough that we’re endeavoring to have it paid off in 10 years. This will obviously require us to make some pretty large payments here and there, but we also came up with some pretty quick and easy ways to bring it down without even trying. (If you’re interested in everything we’re doing to pay off our mortgage early, check out this post –> 10 Things I’m Doing to Pay Off My Mortgage Early (and the One Thing I Won’t Do)
So here’s what we’re doing and what you can try if you’re up for the same challenge:
Related article: 7 Important Reasons to Pay Off the Mortgage