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