4 Ways we Paid Off our Mortgage

Here are the 4 things we did to pay off our 30-year mortgage in half the time.

Note: Our original loan was taken out in January 1998.

1. We rounded up our payments

This was an easy way to get ahead little by little. Instead of paying our $1,325 bill each month, we rounded it up to $1,400. That extra $75 each month made a $900 difference at the end of the year.

2. We eliminated PMI

By getting a new appraisal 1.5 years after purchasing house, we eliminated Primary Mortgage Insurance. The increase in value got us to 20% equity— but we kept paying our original payment amount.

3. We refinanced twice to lower interest rates

Rates were higher 21 years ago, so we had lots of room to decrease — but, again, we kept paying our original payment amount.

4. Threw extra money at the remaining loan balance

whenever it was possible, we paid more on our home to reach interim goals like:

“Get balance under $100k” and “Have house paid off by age 40”.

We used bonuses, tax refunds, windfalls, and any unexpected income to do this. We made our payoff a priority and we stayed consistent.

We knew the reward was worth it! — Freedom, security and peace of mind for our family!