What IF We Can Pay Our Mortgage Off In TEN YEARS!!

in Frugal Living

What IF We Can Pay Our Mortgage Off In TEN YEARS!!

Can we pay our mortgage off in 15 years? Well, we are going too. Since hubby just made us go from a 30 year fixed rate to a 15 year fixed rate and we saved 2 points on the interest rate. What we would have paid $150,000 extra in interest will only cost us $50,000 now. I love saving money, don’t you? <—-Click to Tweet

What IF We Can Pay Our Mortgage Off In TEN YEARS!!

But then I started thinking, I know I get quite dangerous when I think or am aloud to think. lol

What IF?!??!

What If, we can pay our house off in 10 years!?!?!? What an accomplishment that would be. We wouldn’t be in our 50’s yet, well maybe hubby. lol Ok, he wouldn’t be.

Of course, nothing gets accomplished without a goal, plan, and a date!! That is what I’ve learned in the past year when we eliminated over $32,000 in just 14 months. If you have a goal put a date to accomplish that goal. If not, then you will not achieve what you set out to do.

What we are going to do:

  • Hubby gets paid an extra pay check twice a year and so we are going to be putting that towards the PRINCIPAL of the mortgage! ***Be careful cause your bank my think that you are just paying your mortgage early, make sure to mark it PRINCIPAL!!!
  • Make sure you won’t get penalized in paying off your mortgage early. I think some may say after 3 years then you can pay it off early, but its wise to make sure that is true.
  • Any money that I make off this site will go towards the mortgage, unless of course an emergency arises but we do have our $1,000 emergency fund already set up.

I love a challenge. Do you think we can do it? Let me know! 

1 Saidah@ApronsAndStilletos.com.com July 22, 2013 at 8:42 AM

I think you can Joannie. I’m 36, have 19 years left on a 30 year mortgage and set a goal to have it paid off by the time I’m 40. Anything is possible with a plan and determination.

2 pays2save July 22, 2013 at 10:54 AM

You are right Saidah!!! With a plan and determination anything is possible!!!

3 Chasing Joy July 22, 2013 at 1:10 PM

That would be qute an accomplishment. I like your idea of using the extra pay checks for principal only payments on the mortgage.

4 pays2save July 22, 2013 at 1:51 PM

Thanks it will be quite the accomplishment. Can’t wait. I believe I read somewhere that those extra payments take a year to two off the mortgage as long as it goes towards the principal.

5 Jennifer July 22, 2013 at 7:16 PM

We paid off our mortgage in 5 years! My husband does not make much money. In fact, we are considered low income, and I’m a homemaker. We made it our top priority and put everything we could into paying it off completely. We dropped a drastic $56,000 the first 3 years. It seems impossible, but it can be done. And it was so much fun to watch the principal drop!!

6 pays2save July 23, 2013 at 12:46 AM

That is amazing and congrats!!! I can’t wait and I love a challenge. Thanks for the encouragement!

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