2 more months...
3 days ago
Can’t wait to mark this goal as done!
People who have done this
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How to pay off my mortgage
It made me
feel rich.
 "It has been a long-term goal, but worth working at steadily."
How I did it: I bought my first house nearly 21 years ago, when interest rates were around 16%, and had two mortgages. I lived on a really tight budget for the first couple of years. Every time the interest rates reduced, I kept my payments the same so I could pay off more principal. After 8 years I had reduced that morgage down to $14,000 and was in sight of paying it off completely. Lessons & tips: Pay more than the minimum repayment whenever possible, particularly early in the morgage. Resources: My bank - they are good at answering questions, and calculating different repayments. |
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More "How I Did It" stories
It made me
How I did it: we just made the decision and knew if anything went wrong we could come back and rent and hopefully be fluent in another language by that time..so nothing to lose. Read how I did it…
It made me
very proud
How I did it: track every penny... use excel... if you need a loan from your savings, pay yourself back with interested. Sorry everyone, but every penny from tax refunds, bonus', etc., goes into doing this. It can be very hard. I would take a little (under $500) from an annual bonus to buy myself one thing (last year it was an ipod touch) this year it was zero.Live on 50% of your take home pay. I know it sounds impossible, but I've done it for years. Read how I did it…
FastGurl is wanting to move to the Cote d'Azur
It made me
ecstatic
How I did it: Coupons, points, buy one get one deals... we used whatever was necessary to save money. All extra money went into the mortgage. Every mortgage payment we paid more than necessary. Every paycheck we paid something. Make monthly goals as to how much principal you're going to pay down. Read how I did it…
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FL_Cutie believes "every day above ground is a good day".
Switching gears
3 weeks ago
At this point, I have decided that it may be better for me moving forward to take my additional principal payments and put them aside in my emergency fund. Since I am so far from achieving this goal, I believe that currently it’s better for me to have this cash in more liquid form in the event that the “unexpected” occurs – job loss, house catastrophe, etc. The more I build up the emergency fund, the better able I would be in such situations to continue making my regular mortgage payments without extreme stress. And at this point, thinking “shorter term” like that makes more sense for me. Plus, if I am able to build up my emergency fund beyond my expectations, I can always take the “extra” and apply it to principal down the road. I know that I will reach this goal eventually, but right now I’d rather be prepared for Murphy’s Law. So I’m planning for the worst and hoping for the best. :)
lancscat is sorting her life out!
Untitled
3 weeks ago
1 shift at the hospital today, another tomorrow, not sure i will earn much at this rate, but all helps.
lancscat is sorting her life out!
Untitled
3 weeks ago
in the process of setting up new bank accounts and having financial blitz to make sure I can pay my mortgage monthly payments, then to pay credit cards off, then work towards being mortgage free!
lancscat is sorting her life out!
Untitled
3 weeks ago
picked up a great book and advice from a good friend this weekend, hoping to check out any better mortgage deals tomorrow and have a blitz on finances.
lancscat is sorting her life out!
Untitled
1 month ago
well, mortage is going to bounce today as i have zilch money. But, I am working loads of shifts again now i’m not at med school, so hope to get a bit more financially secure between now and september when med school starts. def need to do shifts whenever i can. keeps me sane as well and my clinical skills up to date.
lancscat is sorting her life out!
Untitled
1 month ago
planning to sell my house, had two viewings today, and two yesterday. Except that my tenants were still in bed when the viewers arrived at 3pm!! Be great if I can sell my house and pay off my debts..fingers crossed!
→ See all 174 entries
Ask for advice: Get help from people who've accomplished this goal
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Imi asks,
“Help! Any hints on how to achieve very early repayment of my mortgage?”
— 3 years ago |
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