Comments on: How We Paid Off Our Mortgage in Under Ten Years http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Geoff http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-266262 Geoff Tue, 17 Jan 2012 23:38:03 +0000 http://www.fivecentnickel.com/?p=3792#comment-266262 Everyone can pay off their mortgage n 10 yrs or less. Start with a fully amortized 10 year loan. We did and then just paid the balance off last year with 3.5 years left on the loan. Yes the payments are much higher, but the interest paid is so low it's almost a joke. Then after a number of years the balance is so low you can easily make the final principal payoff in one lump sum. Everyone can pay off their mortgage n 10 yrs or less. Start with a fully amortized 10 year loan. We did and then just paid the balance off last year with 3.5 years left on the loan. Yes the payments are much higher, but the interest paid is so low it’s almost a joke. Then after a number of years the balance is so low you can easily make the final principal payoff in one lump sum.

]]> By: Bobby dee http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-259022 Bobby dee Mon, 05 Dec 2011 01:45:25 +0000 http://www.fivecentnickel.com/?p=3792#comment-259022 This is my story. My wife moved out in 1998 and left me with bills. I gave her $12,000 for her share of equity. I worked my butt off for 3 years and paid off the bills, my truck. I retired, sold the house and moved back to a small town in Illinois. I made an offer on a nice smaller house with 50% down payment and Wells_Fargo for a lender. WF dug up a blight on my credit report and bumped up the interest rate. That made me mad. In 2002, credit was easy to get, so I paid cash by borrowing on my credit cards, $30,000 worth, with zero interest for 6 months and they waived the up front charges. A few months later, a local bank gave me a 30 year loan, with a balloon payment after 3 years. The CC was paid off & I came up with the balloon payment by selling my classic car & cashing in my life insurance. Pretty sweet. This is my story. My wife moved out in 1998 and left me with bills. I gave her $12,000 for her share of equity. I worked my butt off for 3 years and paid off the bills, my truck. I retired, sold the house and moved back to a small town in Illinois. I made an offer on a nice smaller house with 50% down payment and Wells_Fargo for a lender. WF dug up a blight on my credit report and bumped up the interest rate. That made me mad. In 2002, credit was easy to get, so I paid cash by borrowing on my credit cards, $30,000 worth, with zero interest for 6 months and they waived the up front charges. A few months later, a local bank gave me a 30 year loan, with a balloon payment after 3 years. The CC was paid off & I came up with the balloon payment by selling my classic car & cashing in my life insurance. Pretty sweet.

]]> By: Colleen http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-257752 Colleen Sat, 26 Nov 2011 13:43:40 +0000 http://www.fivecentnickel.com/?p=3792#comment-257752 My husband and I bought a home 2 years ago. We thought he would retire from the military this past summer, long story short he didn't and we will stay for 3 more years. We hope to have our home paid in full before he retires. Our loan was $200,000. We have never carried debt on our c/c and we live well below our means. Don't get me wrong, we have a great life, 7 children, we have 2 in college right now, 2 already out of college... it's discipline and not spending what we don't have for the past 27 years. I'm a stay at home mom and the peace of mind of never being in debt is priceless. I am no expert but I love financial topics and hurrying to get this mortgage paid off (I hope in 3 years) is my goal. My husband and I bought a home 2 years ago. We thought he would retire from the military this past summer, long story short he didn’t and we will stay for 3 more years. We hope to have our home paid in full before he retires. Our loan was $200,000. We have never carried debt on our c/c and we live well below our means. Don’t get me wrong, we have a great life, 7 children, we have 2 in college right now, 2 already out of college… it’s discipline and not spending what we don’t have for the past 27 years. I’m a stay at home mom and the peace of mind of never being in debt is priceless. I am no expert but I love financial topics and hurrying to get this mortgage paid off (I hope in 3 years) is my goal.

]]> By: a reader http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-243882 a reader Fri, 02 Sep 2011 02:45:31 +0000 http://www.fivecentnickel.com/?p=3792#comment-243882 I did it too, just this past Monday (29 Aug 11) in fact! My leverage ratio is now also 0. Tee hee! I did it too, just this past Monday (29 Aug 11) in fact! My leverage ratio is now also 0. Tee hee!

]]> By: scott http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-241782 scott Mon, 22 Aug 2011 01:15:40 +0000 http://www.fivecentnickel.com/?p=3792#comment-241782 My wife and I just paid off our mortgage a few weeks before my 40th B-Day! It's a great feeling to be completely debt free - especially in these uncertain times. It can be done! My wife and I just paid off our mortgage a few weeks before my 40th B-Day! It’s a great feeling to be completely debt free – especially in these uncertain times. It can be done!

]]> By: Bill http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-236822 Bill Wed, 20 Jul 2011 19:44:13 +0000 http://www.fivecentnickel.com/?p=3792#comment-236822 I Refinanced to a 15 year term December 2010 and with making large principal payments each month I project to pay this puppy off in 32 months. $208,300 @3.875 I don't care what anyone says this Mortgage is going down. I'm no longer in the tax deduction club, I WANT OUT!! I Refinanced to a 15 year term December 2010 and with making large principal payments each month I project to pay this puppy off in 32 months.

$208,300 @3.875

I don’t care what anyone says this Mortgage is going down.

I’m no longer in the tax deduction club, I WANT OUT!!

]]> By: Matt http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-213422 Matt Wed, 09 Mar 2011 01:30:51 +0000 http://www.fivecentnickel.com/?p=3792#comment-213422 We just paid off our 30 year mortgage in about 9 years! After saving and investing regularly in mutual funds for over a decade for college/emergencies only to have lost money, we decided to sell those investments and put it towards reducing our mortgage which was at a fixed rate of 5.75%. My personal goal was to have the mortgage paid off and be completely debt free by my 44th birthday which is next month. The plan now is to take what we were paying on our mortgage P&I and put it aside for college savings. The way I see it, we are getting a guaranteed 5.75% return on that money for the next 21 years even if we just let it sit in a money market fund. Yea I know the tax deduction argument ( which I don't agree with btw, I pay the bank $7K/year in interest so I can save $1,750 on taxes??? ) and the cheap money argument when taking inflation into account. The bottom line for us is the peace of mind in knowing that we do not owe anybody for anything. We just paid off our 30 year mortgage in about 9 years! After saving and investing regularly in mutual funds for over a decade for college/emergencies only to have lost money, we decided to sell those investments and put it towards reducing our mortgage which was at a fixed rate of 5.75%. My personal goal was to have the mortgage paid off and be completely debt free by my 44th birthday which is next month. The plan now is to take what we were paying on our mortgage P&I and put it aside for college savings. The way I see it, we are getting a guaranteed 5.75% return on that money for the next 21 years even if we just let it sit in a money market fund.
Yea I know the tax deduction argument ( which I don’t agree with btw, I pay the bank $7K/year in interest so I can save $1,750 on taxes??? ) and the cheap money argument when taking inflation into account. The bottom line for us is the peace of mind in knowing that we do not owe anybody for anything.

]]> By: brunette82 http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-2/#comment-205642 brunette82 Thu, 27 Jan 2011 17:15:46 +0000 http://www.fivecentnickel.com/?p=3792#comment-205642 Congrats!!!!!!!!!!! I have 1 year left and i'm only 28 and a team of 1 :) What's next? I'm thinking a rental in AZ? Congrats!!!!!!!!!!!
I have 1 year left and i’m only 28 and a team of 1 :)
What’s next? I’m thinking a rental in AZ?

]]> By: Dave http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-197912 Dave Sat, 18 Dec 2010 17:19:17 +0000 http://www.fivecentnickel.com/?p=3792#comment-197912 There actually are no mathematical advantages to not paying off a mortgage. The tens of thousands of dollars spent on interest will never come close to the lessor income tax mortgage deduction. Like wise, the differnece of extra interest earned by investing instead of paying off the mortgage can not be weighed evenly against the huge risk of that size of debt. Don't believe me, just ask one of the millions Americans that have lost their homes..... Debt is risk, pure and simple. There actually are no mathematical advantages to not paying off a mortgage. The tens of thousands of dollars spent on interest will never come close to the lessor income tax mortgage deduction. Like wise, the differnece of extra interest earned by investing instead of paying off the mortgage can not be weighed evenly against the huge risk of that size of debt.

Don’t believe me, just ask one of the millions Americans that have lost their homes…..

Debt is risk, pure and simple.

]]> By: David Hamilton http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-190032 David Hamilton Wed, 10 Nov 2010 20:22:57 +0000 http://www.fivecentnickel.com/?p=3792#comment-190032 Anyone that has deployed overseas as either a contractor or service member has no excuse not to pay down debt. As of 10NOV10, I paid off my mortgage with income tax free (not tax free as advertised because I still pay SSI) from two combat deployments. Mortgage born April 2003 died November 2010 Anyone that has deployed overseas as either a contractor or service member has no excuse not to pay down debt. As of 10NOV10, I paid off my mortgage with income tax free (not tax free as advertised because I still pay SSI) from two combat deployments.

Mortgage
born April 2003
died November 2010

]]> By: thrifty http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-146941 thrifty Mon, 22 Mar 2010 18:15:58 +0000 http://www.fivecentnickel.com/?p=3792#comment-146941 What is important to remember is that vacations can be had without compromizing your long term debt free goals. We have a great time fishing, camping, swimming at various inland lakes, picniking, bike riding and just enjoying each other's company. There are so many vacation opportunities that do not break budget and if the kids get used to budgeted vacations from early on they will never know the difference. We are surrounded by parks and lakes so it is easy for us. One vacation idea that has worked out awsome for us is to get a cleaning lady who cleans, does laundry and cooks dinner for us while we explore the parks for the day. There is nothing like coming home to a clean house and a home cooked meal after swimming, hiking and biking all day. Great vacation for under $200.00 and there is no place like home. One year we did this for 3 days, the best $400.00 ever spent(She only had to do thorough house cleaning and laundry the last day) This was when gas prices were outrageous and our children were so little that hotel stays were hell. While we are not in a hurry to pay off our 15 yr. mortage at 4.25% we do everything that we can to be careful spenders so that we can enjoy life without money stress. For those of you who need numbers to see if this is possible for you, let me tell you what was once said to me that changed my outlook on money, if you always spend less than you make, you'll always have enough. What is important to remember is that vacations can be had without compromizing your long term debt free goals. We have a great time fishing, camping, swimming at various inland lakes, picniking, bike riding and just enjoying each other’s company. There are so many vacation opportunities that do not break budget and if the kids get used to budgeted vacations from early on they will never know the difference. We are surrounded by parks and lakes so it is easy for us. One vacation idea that has worked out awsome for us is to get a cleaning lady who cleans, does laundry and cooks dinner for us while we explore the parks for the day. There is nothing like coming home to a clean house and a home cooked meal after swimming, hiking and biking all day. Great vacation for under $200.00 and there is no place like home. One year we did this for 3 days, the best $400.00 ever spent(She only had to do thorough house cleaning and laundry the last day) This was when gas prices were outrageous and our children were so little that hotel stays were hell. While we are not in a hurry to pay off our 15 yr. mortage at 4.25% we do everything that we can to be careful spenders so that we can enjoy life without money stress. For those of you who need numbers to see if this is possible for you, let me tell you what was once said to me that changed my outlook on money, if you always spend less than you make, you’ll always have enough.

]]> By: jiffypop http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-139504 jiffypop Mon, 01 Feb 2010 20:36:43 +0000 http://www.fivecentnickel.com/?p=3792#comment-139504 That is a great job! I also like that someone commented earlier that while they are trying to make as many extra payments as possible, they aren't cutting things out like vacation with the kids. It is important not to become a slave to paying off the mortgage. If you have kids it is the best time of your life and don't regret that you didn't get those season tickets to the baseball team or vacations to the beach because you wanted to pay off the mortgage. The good times with family and friends is certainly worth the 5% interest I pay on my 185k mortgage. I find the mix in my life perfect as I balance a mortgage with other fun family and personal stuff (I have no other debt and a solid emergency fund and 401k) AND giving to charity. Remeber, when you get to the pearly gates you get no extra crown for owning your home. That is a great job! I also like that someone commented earlier that while they are trying to make as many extra payments as possible, they aren’t cutting things out like vacation with the kids. It is important not to become a slave to paying off the mortgage. If you have kids it is the best time of your life and don’t regret that you didn’t get those season tickets to the baseball team or vacations to the beach because you wanted to pay off the mortgage. The good times with family and friends is certainly worth the 5% interest I pay on my 185k mortgage. I find the mix in my life perfect as I balance a mortgage with other fun family and personal stuff (I have no other debt and a solid emergency fund and 401k) AND giving to charity. Remeber, when you get to the pearly gates you get no extra crown for owning your home.

]]> By: Cool to be Frugal http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-139010 Cool to be Frugal Fri, 22 Jan 2010 17:52:43 +0000 http://www.fivecentnickel.com/?p=3792#comment-139010 Awesome! Congrats Nickel! You're an inspiration and the model for us to follow when we re-enter the housing market. Awesome! Congrats Nickel! You’re an inspiration and the model for us to follow when we re-enter the housing market.

]]> By: Rod http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138896 Rod Thu, 21 Jan 2010 02:25:17 +0000 http://www.fivecentnickel.com/?p=3792#comment-138896 Congrats. I did the same thing in October '08 when the economy almost collapsed. At least they cant take away our homes...as long as we pay the property taxes. I got rid of all other debts too. Congrats. I did the same thing in October ‘08 when the economy almost collapsed. At least they cant take away our homes…as long as we pay the property taxes. I got rid of all other debts too.

]]> By: Madison http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138884 Madison Wed, 20 Jan 2010 21:04:51 +0000 http://www.fivecentnickel.com/?p=3792#comment-138884 Congrats Nickel! I really can't bring myself to pay any extra since ours is at 4%, but I admire that you did it. I bet it feels fantastic. Congrats Nickel! I really can’t bring myself to pay any extra since ours is at 4%, but I admire that you did it. I bet it feels fantastic.

]]> By: Alain http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138794 Alain Tue, 19 Jan 2010 00:50:12 +0000 http://www.fivecentnickel.com/?p=3792#comment-138794 Excellent! It's wonderful that you can pay down your mortgage so quickly. But for most homeowners, I think it makes more sense to NOT payoff the house and save the cash just in case of a job loss. The economy is not recovering anytime soon and jobs will be unstable. In this current economic downturn, cash is king. Excellent! It’s wonderful that you can pay down your mortgage so quickly. But for most homeowners, I think it makes more sense to NOT payoff the house and save the cash just in case of a job loss. The economy is not recovering anytime soon and jobs will be unstable. In this current economic downturn, cash is king.

]]> By: Cents http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138788 Cents Mon, 18 Jan 2010 21:10:23 +0000 http://www.fivecentnickel.com/?p=3792#comment-138788 Wow, congrats! Not many people can say they truly own their home. Enjoy the freedom. Wow, congrats! Not many people can say they truly own their home. Enjoy the freedom.

]]> By: Taylor at Household Management 101 http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138776 Taylor at Household Management 101 Mon, 18 Jan 2010 18:34:59 +0000 http://www.fivecentnickel.com/?p=3792#comment-138776 Congratulations! That is great. One day we hope to be there too! Congratulations! That is great. One day we hope to be there too!

]]> By: Don@MoneyReasons http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138764 Don@MoneyReasons Mon, 18 Jan 2010 17:47:18 +0000 http://www.fivecentnickel.com/?p=3792#comment-138764 Good job! I'm getting excited, since I will have my home mortgage paid off next month. I hope you have plans for the additional money you'll be able to save, I've been floundering trying to make sure I have the correct mix for the additional funds. Perhaps I should just put it in some ETF index fund or something similar... Then again, maybe gold (it's priced aweful high right now though)... The asset diversification would be nice to have. Good job! I’m getting excited, since I will have my home mortgage paid off next month.

I hope you have plans for the additional money you’ll be able to save, I’ve been floundering trying to make sure I have the correct mix for the additional funds.

Perhaps I should just put it in some ETF index fund or something similar…

Then again, maybe gold (it’s priced aweful high right now though)… The asset diversification would be nice to have.

]]> By: Kelly http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138760 Kelly Mon, 18 Jan 2010 16:31:16 +0000 http://www.fivecentnickel.com/?p=3792#comment-138760 Congrats! That's such an inspiring story. Congrats! That’s such an inspiring story.

]]> By: Oregonsun http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138746 Oregonsun Mon, 18 Jan 2010 14:56:07 +0000 http://www.fivecentnickel.com/?p=3792#comment-138746 Thanks for the great story...makes me even more motivated to get out from under our mortgage! Thanks for the great story…makes me even more motivated to get out from under our mortgage!

]]> By: NCN http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138732 NCN Mon, 18 Jan 2010 04:24:45 +0000 http://www.fivecentnickel.com/?p=3792#comment-138732 Nickel, Wow! That's such great news! Congratulations - Your hard work has now paid off - big time! You ROCK!!! Nickel, Wow! That’s such great news! Congratulations – Your hard work has now paid off – big time! You ROCK!!!

]]> By: MoneyMagnetMummy http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138728 MoneyMagnetMummy Mon, 18 Jan 2010 03:12:33 +0000 http://www.fivecentnickel.com/?p=3792#comment-138728 I am so inspired. I hope to pay off ours in 5 years. We only purchased our first home 4 months ago, but are currently renting it out to help pay it off. We are a one income family at present and I am trying to make extra money in various pursuits 'on the side' to increase our payments. I know people say that a homeloan is good debt, but if you can pay it off, I would say that it is 'great debt', that being $0! I am so inspired. I hope to pay off ours in 5 years. We only purchased our first home 4 months ago, but are currently renting it out to help pay it off. We are a one income family at present and I am trying to make extra money in various pursuits ‘on the side’ to increase our payments.

I know people say that a homeloan is good debt, but if you can pay it off, I would say that it is ‘great debt’, that being $0!

]]> By: Darwin's Finance http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138726 Darwin's Finance Mon, 18 Jan 2010 02:13:10 +0000 http://www.fivecentnickel.com/?p=3792#comment-138726 Congrats; that's great. I wouldn't apologize for the "market investment would have been better" in a decade when stocks were flat (lost money to inflation). While someone in the 90s would have done better investing the excess cash, you did the right thing. Congrats again! Congrats; that’s great. I wouldn’t apologize for the “market investment would have been better” in a decade when stocks were flat (lost money to inflation). While someone in the 90s would have done better investing the excess cash, you did the right thing. Congrats again!

]]> By: RC@Thinkyourwaytowealth http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138720 RC@Thinkyourwaytowealth Sun, 17 Jan 2010 19:36:26 +0000 http://www.fivecentnickel.com/?p=3792#comment-138720 Congrats, nickel! Very inspiring post. Your story shows it can definitely be done, if you focus on your goal. Congrats, nickel! Very inspiring post. Your story shows it can definitely be done, if you focus on your goal.

]]> By: Financial Reporter http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138712 Financial Reporter Sun, 17 Jan 2010 07:02:39 +0000 http://www.fivecentnickel.com/?p=3792#comment-138712 Good for you! Paying off a mortgage ahead of time requires tremendous determination and sacrifice. Congratulations on truly owning your own home. What a great start to 2010. Good for you! Paying off a mortgage ahead of time requires tremendous determination and sacrifice. Congratulations on truly owning your own home. What a great start to 2010.

]]> By: Big Spender http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138700 Big Spender Sat, 16 Jan 2010 21:03:21 +0000 http://www.fivecentnickel.com/?p=3792#comment-138700 Congratulations! But you're going to need some more deductions so that you're not just shifting your mortgage interest money to Uncle Sam's tax redistribution fund. Congratulations! But you’re going to need some more deductions so that you’re not just shifting your mortgage interest money to Uncle Sam’s tax redistribution fund.

]]> By: Pastor Jim Kibler http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138688 Pastor Jim Kibler Sat, 16 Jan 2010 11:39:20 +0000 http://www.fivecentnickel.com/?p=3792#comment-138688 Way to go. I am going to start paying down my mortgage this year as I learned how to get a very low interest rate. Like 3%. Way to go. I am going to start paying down my mortgage this year as I learned how to get a very low interest rate. Like 3%.

]]> By: Deana http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138680 Deana Sat, 16 Jan 2010 02:39:58 +0000 http://www.fivecentnickel.com/?p=3792#comment-138680 Congratulations! That's what I do with my eBay money - throw it all towards bills. Someday I will join you on the debt free status! Congratulations! That’s what I do with my eBay money – throw it all towards bills. Someday I will join you on the debt free status!

]]> By: Andy http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138678 Andy Sat, 16 Jan 2010 00:41:54 +0000 http://www.fivecentnickel.com/?p=3792#comment-138678 Did you pay off the mortgage faster thanks to your growing blog income...or was this not really a factor? Did you pay off the mortgage faster thanks to your growing blog income…or was this not really a factor?

]]> By: A1m0s http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138672 A1m0s Sat, 16 Jan 2010 00:04:36 +0000 http://www.fivecentnickel.com/?p=3792#comment-138672 good use of the HELOC. Rates are low it is the way to go. good use of the HELOC. Rates are low it is the way to go.

]]> By: Matt Jabs http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138666 Matt Jabs Fri, 15 Jan 2010 22:29:39 +0000 http://www.fivecentnickel.com/?p=3792#comment-138666 @John: Yeah, definitely do not consolidate via LC if that is the case. Stay focused man, you'll get there - it sounds like you have the right mindset, so now all you need is to faithfully execute your plan! @John: Yeah, definitely do not consolidate via LC if that is the case.

Stay focused man, you’ll get there – it sounds like you have the right mindset, so now all you need is to faithfully execute your plan!

]]> By: John http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138664 John Fri, 15 Jan 2010 21:58:16 +0000 http://www.fivecentnickel.com/?p=3792#comment-138664 @ Matt I looked at LC for a loan, but their rate was going to be 12%+. My aggregate CC rate is going to be around 5% with all the introductory rates I can get, so I can't justify that extra cost just for a simpler payment system. I look forward to the day that my mortgage and student loan are set up on auto and all other debts are paid, but for another year or so I have to stay focused and keep up with all of the bills. I have started investing a little in Lending Club. @ Matt

I looked at LC for a loan, but their rate was going to be 12%+. My aggregate CC rate is going to be around 5% with all the introductory rates I can get, so I can’t justify that extra cost just for a simpler payment system. I look forward to the day that my mortgage and student loan are set up on auto and all other debts are paid, but for another year or so I have to stay focused and keep up with all of the bills.

I have started investing a little in Lending Club.

]]> By: Evan http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138658 Evan Fri, 15 Jan 2010 21:05:55 +0000 http://www.fivecentnickel.com/?p=3792#comment-138658 Congrats FCN! Thats amazing. I am with Flexo and his smiling Gravatar - where is the extra money going? Businesses (online or otherwise), brokerage accounts? Congrats FCN! Thats amazing.

I am with Flexo and his smiling Gravatar – where is the extra money going? Businesses (online or otherwise), brokerage accounts?

]]> By: FMF http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138654 FMF Fri, 15 Jan 2010 21:02:05 +0000 http://www.fivecentnickel.com/?p=3792#comment-138654 Good for you! Congrats! I did the same over a decade ago and have never regretted it. You'll LOVE not having a mortgage payment!!! ;-) Good for you! Congrats! I did the same over a decade ago and have never regretted it.

You’ll LOVE not having a mortgage payment!!! ;-)

]]> By: Bob Nelson http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138652 Bob Nelson Fri, 15 Jan 2010 20:55:50 +0000 http://www.fivecentnickel.com/?p=3792#comment-138652 How inspiring. How inspiring.

]]> By: MoneyEnergy http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138646 MoneyEnergy Fri, 15 Jan 2010 20:20:40 +0000 http://www.fivecentnickel.com/?p=3792#comment-138646 Congrats!! Gives me inspiration for doing something similar with my student loans (still in grad school, so I'm not "supposed" to pay them off yet). Good to see stories of people who pay their mortgages off quickly to know it can be done. Would be interesting to see the numbers, too - how much you were throwing at it each month. Congrats!! Gives me inspiration for doing something similar with my student loans (still in grad school, so I’m not “supposed” to pay them off yet). Good to see stories of people who pay their mortgages off quickly to know it can be done. Would be interesting to see the numbers, too – how much you were throwing at it each month.

]]> By: Flexo http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138642 Flexo Fri, 15 Jan 2010 19:33:03 +0000 http://www.fivecentnickel.com/?p=3792#comment-138642 Congratulations! Now the question is what will you do with the additional cash flow. Congratulations! Now the question is what will you do with the additional cash flow.

]]> By: Jim http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138634 Jim Fri, 15 Jan 2010 19:24:19 +0000 http://www.fivecentnickel.com/?p=3792#comment-138634 Good job. Good job.

]]> By: Floridian http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138616 Floridian Fri, 15 Jan 2010 18:40:20 +0000 http://www.fivecentnickel.com/?p=3792#comment-138616 I meant John, not ryan. oops I meant John, not ryan. oops

]]> By: wrc1000 http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138614 wrc1000 Fri, 15 Jan 2010 18:32:35 +0000 http://www.fivecentnickel.com/?p=3792#comment-138614 Sounds great! ! ! Our story: 1st home purchase (in 2001) with an 80/20 piggyback (the 80 - 30yr 7.5% fixed/the 20 - HELOC), refinanced in 2005 (paid off the remaining HELOC amount) to a 15 yr. 5.375% and now making twice the regular monthly payment each month - should be mortgage free in about 4 years . . . Sounds great! ! ! Our story:

1st home purchase (in 2001) with an 80/20 piggyback (the 80 – 30yr 7.5% fixed/the 20 – HELOC), refinanced in 2005 (paid off the remaining HELOC amount) to a 15 yr. 5.375% and now making twice the regular monthly payment each month – should be mortgage free in about 4 years . . .

]]> By: Matt Jabs http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138630 Matt Jabs Fri, 15 Jan 2010 18:20:56 +0000 http://www.fivecentnickel.com/?p=3792#comment-138630 @John #19: If you're looking to simplify, do what I did and consolidate that debt through Lending Club (only if you can decrease all loan rates and come out ahead on interest payments of course.) Nickel... all I have to say is... you da man! Ahhh... I cannot wait for the days of ZERO DTI in the Jabs homestead. @John #19: If you’re looking to simplify, do what I did and consolidate that debt through Lending Club (only if you can decrease all loan rates and come out ahead on interest payments of course.)

Nickel… all I have to say is… you da man! Ahhh… I cannot wait for the days of ZERO DTI in the Jabs homestead.

]]> By: Floridian http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138612 Floridian Fri, 15 Jan 2010 18:00:27 +0000 http://www.fivecentnickel.com/?p=3792#comment-138612 Congrats! We've got 8 years and 4 mos at the rate we are paying ours. It's very hard to do with 3 kids and a stay at home husband, but we are doing it! Although, truth be told, we could do it faster if we gave up the vacation money, but hey, we only have so many years to make memories with the kids, right? And we aren't giving up the fun stuff. and ryan, correct me if I'm wrong, but you just want to know if nickel is just like the rest of us? Is what he did a reasonable feat for the rest of us? And that's hard to tell when there are no real numbers in this story. I think the biggest point is just like he said..."to provide evidence that it can be done if you decide that it’s the right course of action for you." So many people live like it's unnatural to NOT have a mortgage. So they buy/finance more house than they should. Or they refinance (sometimes over and over again) to "cash out," putting themselves further and further in debt. But I'm with Nickel, I think people should go INto mortgages with the goal of paying it off someday, especially before retirement. People need to know that it's OK to NOT have a mortgage (or a car payment!). Those people who get out of debt (rather than getting into more debt) will come out far ahead in the long run. And what will you do with the extra money? Was the prepayment simply to say you have no mortgage? or was there a goal for the extra money? For us, our payoff date is the summer before our oldest goes to college so we can provide extra help with college costs, if we need to. :) Congrats! We’ve got 8 years and 4 mos at the rate we are paying ours. It’s very hard to do with 3 kids and a stay at home husband, but we are doing it! Although, truth be told, we could do it faster if we gave up the vacation money, but hey, we only have so many years to make memories with the kids, right? And we aren’t giving up the fun stuff.

and ryan, correct me if I’m wrong, but you just want to know if nickel is just like the rest of us? Is what he did a reasonable feat for the rest of us? And that’s hard to tell when there are no real numbers in this story. I think the biggest point is just like he said…”to provide evidence that it can be done if you decide that it’s the right course of action for you.” So many people live like it’s unnatural to NOT have a mortgage. So they buy/finance more house than they should. Or they refinance (sometimes over and over again) to “cash out,” putting themselves further and further in debt. But I’m with Nickel, I think people should go INto mortgages with the goal of paying it off someday, especially before retirement. People need to know that it’s OK to NOT have a mortgage (or a car payment!). Those people who get out of debt (rather than getting into more debt) will come out far ahead in the long run.

And what will you do with the extra money? Was the prepayment simply to say you have no mortgage? or was there a goal for the extra money? For us, our payoff date is the summer before our oldest goes to college so we can provide extra help with college costs, if we need to.

:)

]]> By: John http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138618 John Fri, 15 Jan 2010 17:41:18 +0000 http://www.fivecentnickel.com/?p=3792#comment-138618 I'm currently on pace to pay off my 15-year mortgage in under 13 years or 12.5 years from now. I'm sure I will have more opportunity to pay it down faster, but first I need to eliminate some of my non-mortgage debt. I am shifting debt around to multiple CC accounts in order to save on promotional interest rates, but it's tiresome. I am making 7 loan payments/month right now. Some are automatic but I want to simplify this. I’m currently on pace to pay off my 15-year mortgage in under 13 years or 12.5 years from now. I’m sure I will have more opportunity to pay it down faster, but first I need to eliminate some of my non-mortgage debt. I am shifting debt around to multiple CC accounts in order to save on promotional interest rates, but it’s tiresome. I am making 7 loan payments/month right now. Some are automatic but I want to simplify this.

]]> By: Nickel http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138610 Nickel Fri, 15 Jan 2010 17:22:16 +0000 http://www.fivecentnickel.com/?p=3792#comment-138610 ryan: It certainly didn't hurt, but keep in mind that we also moved up to a larger (more expensive) house after we sold. Thus, we still had to pay off a 50% mortgage on a pricier home after the dust settled on the sale of the first home. ryan: It certainly didn’t hurt, but keep in mind that we also moved up to a larger (more expensive) house after we sold. Thus, we still had to pay off a 50% mortgage on a pricier home after the dust settled on the sale of the first home.

]]> By: John http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138604 John Fri, 15 Jan 2010 17:18:48 +0000 http://www.fivecentnickel.com/?p=3792#comment-138604 Hmm, not to sound like a jerk but why is this impressive? I paid off my $10000 mortgage in 6 months instead of 30 years... Yay me! My point: This story is a lot more useful if we know how much the mortgage was for along with a sense of what your income bracket is... If you're grossing $400,000 a year and have a $150,000 mortgage, I would be surprised if you didn't pay it off in under ten years. Hmm, not to sound like a jerk but why is this impressive?

I paid off my $10000 mortgage in 6 months instead of 30 years… Yay me!

My point:
This story is a lot more useful if we know how much the mortgage was for along with a sense of what your income bracket is…

If you’re grossing $400,000 a year and have a $150,000 mortgage, I would be surprised if you didn’t pay it off in under ten years.

]]> By: BG http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138598 BG Fri, 15 Jan 2010 16:50:20 +0000 http://www.fivecentnickel.com/?p=3792#comment-138598 Congratulations Nickel! I'll have my house payed on in 4 years, if everything goes according to plan. Way to go! Congratulations Nickel! I’ll have my house payed on in 4 years, if everything goes according to plan. Way to go!

]]> By: Peter http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138592 Peter Fri, 15 Jan 2010 16:08:41 +0000 http://www.fivecentnickel.com/?p=3792#comment-138592 Dude, you are my hero! Amazing job! We plan on making some extra payments this year on our mortgage, but we're nowhere near this milestone yet. we'll need a few more years. Must feel great to have that DTI of zero! Dude, you are my hero! Amazing job! We plan on making some extra payments this year on our mortgage, but we’re nowhere near this milestone yet. we’ll need a few more years.

Must feel great to have that DTI of zero!

]]> By: ryan http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138590 ryan Fri, 15 Jan 2010 15:59:44 +0000 http://www.fivecentnickel.com/?p=3792#comment-138590 the selling your house with a tidy profit was probably a key contributing factor here, and these days that's not going to work... at least for a few more years. the selling your house with a tidy profit was probably a key contributing factor here, and these days that’s not going to work… at least for a few more years.

]]> By: My Frugal Miser http://www.fivecentnickel.com/2010/01/15/how-we-paid-off-our-mortgage-in-under-ten-years/comment-page-1/#comment-138588 My Frugal Miser Fri, 15 Jan 2010 15:45:06 +0000 http://www.fivecentnickel.com/?p=3792#comment-138588 Wow...simply refreshing (and amazing). Congratulations. I'm not there yet, but I'm aggressively paying off non-mortgage debt this year. Most people have no idea how much they spend on interest fees each year. Once I saw that figure, I got laser-focused. It doesn't matter how low your rate may be when you are still paying a three or four figure amount each month just in interest. Money that could be saved for retirement, invested in a business venture, or whatever! Wow…simply refreshing (and amazing). Congratulations. I’m not there yet, but I’m aggressively paying off non-mortgage debt this year. Most people have no idea how much they spend on interest fees each year. Once I saw that figure, I got laser-focused. It doesn’t matter how low your rate may be when you are still paying a three or four figure amount each month just in interest. Money that could be saved for retirement, invested in a business venture, or whatever!

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