How I Paid Off My Mortgage in 5 Years!

[@BobSharpe]

Are you on the mortgage payoff journey? Also - let's chat about Mortgage Interest TAX Deduction. Did you know you may not be benefiting from this deduction? Learn more in this video: kzbin.info/www/bejne/a4jEloSpnslpr7s

[@Rainbow-Spirit]

Not yet Bob, though I am soooo excited to one day soon be a home owner and no longer rent 🎉🤩🤞

[@timholder2307]

One question, did you morgage payment include your escrow?

[@timholder2307]

Did your morgage payment include escrow?

[@BobSharpe]

@@timholder2307 Yes it did for the first few years but then we refinanced and I decided NOT to escrow anymore because of a few reasons...in fact I did a video on it a while ago, here it is: kzbin.info/www/bejne/a2LLo52nlJ59msU

[@elt1640]

Hello, I'm desperate to be mortgage free. Life is real tough at the min with the cost of living crisis. We don't earn mega money but my partner works so hard.. but I don't see how we can do this 😢 I'm actually at a point in life, where I've just had enough of it all. Why is it such a struggle. I just want out 😖 can't afford holidays, car on its last legs and can't afford to get a new one, mortgage is at the end of fixed rate period so monthly payments gonna be higher, so add to add more years to it to keep it down... everything just seems to be against us. We really don't deserve this 😪 Can you please help me where I can find this spreadsheet? So I can put some numbers in and see what and if we are able to knock any years off the mortgage. Thanks for reading.

[@a32tl]

I paid off my mortgage in December of 2021. Originally had a 30 year loan and paid it off in 14 1/2 years. It is such an amazing blessing to be out from under that debt. I would add as much to the principal each month as I could. I would pay extra when I got my annual bonus or if I received any tax refunds. I was borderline obsessed with paying it off. Eventually it happened and it truly was a wonderful feeling. Now, I’m equally as borderline obsessed with investing. Every extra dollar goes into my investment accounts and it is fun watching that grow.

[@eileenwatt8283]

There should be a club " debt free no mortgage "

[@BobSharpe]

Amazing!! Congratulations!

[@tashasmith1234]

Awesome! Way to go!! 🎉

[@Lionheart_He-Man]

That’s awesome!!! Glad you recognized the need to pay off your mortgage and be free from that ball and chain 😇

[@antomano5623]

Congratulations. You did good. Now invest that same amount as if you still have that mortgage payment.

[@dweb2275]

I agree 100% My wife and I did the same. We are both old school and we own our home. We are now maxing out our 401k and saving even more outside of that.

[@BobSharpe]

That’s awesome!! Congrats!

[@Dailyfiver]

I wouldn’t call you “old school” I’d just call you “smart” hahaha. Good work!

[@lawofficeoftjs1373]

How much you giving to the poor?

[@romanovskie3381]

My Wife and I bought our first home October 2018 for $310k with 20% down payment. We paid it off March of 2022. What we did is we saved about 25k each year through our jobs and dumped that on the principle in December during 2019, 2020 and 2021 and then paid the remaining amount off with stock market gains I made trading during the 2020-2022 bull market mania. It was incredible because those stock gains accelerated our early payoff date by several years. Best feeling ever to have done all this by age 30. Now we can invest excess cash into stocks and projects for life.

[@ToOpen6seven]

Congratulations!!

[@kenyonbissett3512]

The flexibility you now have is worth the payoff.

[@hunny3797]

Very good advertisement 😂

[@lasercooper]

I’m glad I’m not the only “crazy” one. Walked in nearly the same shoes but I was laid off from my career job in 2009 and was out of work for 13 months except I started mowing grass to try to save everything I had acquired over a 20 year career. Nearly lost it all if it weren’t for the mowing. Took the first job offer I got in 2010, continued to mow til 2017 as my side hustle, and paid off the house in 2021. Peace of mind is priceless and risk free. Doesn’t matter now if I lose my job due to economy or health reasons. Everyone assumes a 30 year income is a guarantee when getting a 30 year mortgage. It is not, I promise.

[@supertenor561]

Exactly! Even the most stable of jobs can be lost. Just imagine nurses being laid off during a pandemic due to their specialty not being needed at that time.

[@jtcommunication]

This is the ONLY legit video I have seen on how to pay off your mortgage in 5-7 years. Congrats and thanks!!

[@captainmo3064]

Same. Paid off in 11 years - 4 months. House is worth 800k. Paid in full. Have another 7-800k in the market. Plan on retiring mid 50's with 5-6million.

[@GraceEagle5]

Congrats! You're right - no debt and a paid off house puts you in control. My wife and I are joining you shortly in paying off our house.

[@bobpoland6042]

VERY NICE !!! the point is own your home period ! I did this when I got remarried in 2011. I told my wife NO mortgage ( my house was paid for but we decided to live in her house ) I made a mortgage payment every week for about 4.5 years ( she had it for a while) now Im 62 and have had no mortgage for about 8 years. The best part is our taxes are less than $400 a year ( yeaaaa Marion Co Fl ) so my housing is less than $40 a month :-) :-). People say how did you make a mortgage payment every week ? I say Ummmm WORK FOR IT ! We have No car payments or credit cards either. Shut off our stupid cable bill 6 years ago when it got to $205 per month ! My phone is faster anyway and I get the AT&T senior plan for $65 pm unlimited everything. People you can do it just change your mindset and pull up your sleeves and get those darn bills paid off. You will be happier in your old age when your living costs are low

[@BobSharpe]

Love this! Thank you

[@ToOpen6seven]

Congratulations and Amen to all that you said!!

[@Dailyfiver]

Stability and not having debt will always be more important to me than how fast my savings grow. I watched both of my parents get laid off several times in my life and 2008 was extremely hard on both of them.

[@BobSharpe]

Sorry to hear about your parents going through all of that. Certainly agree with you though that this is the prime reason to ensure ultimate freedom in the case of downturns or tough days/weeks/years at a job.

[@nedeljkoradovic8328]

That's the smartest thing I've heard in years!!!

[@charleswalker6109]

Savings is stability. It’s future stability when/ if your monthly income decreases. Pay yourself (your savings account) first, then pay your debts. Being debt free at retirement is great. However, can you actually retire if you never saved for it?

[@Hebrew-Nation1]

This really motivated me so much. And showed me how important the principle is to my morgage. I just bought my first home and made my first payment today and decided to make that extra payment to my principal instead of my interest. Not only was this video helpful but it's even more educational on teaching me self control and eliminating a few habits and letting me know i must get even more focuse. Limit my spending on unnecessary things. Learn a second income and target my principal even more. Let go of all the distractions and focuse on my home. Very good video specially for a first time home buyer

[@trevorhoward6115]

Im 31 years old, my wife and i refinanced our house last year for 15 year loan. We are currently on track to pay it off in 9 years! I have the same mindset as you, if for some reason we both lose our job i want to know i wont lose my house.

[@BobSharpe]

Congratulations!!! You got this!!

[@InflationProof28]

Did you know that you can get back the payments you made last year and pay off the year ahead of you?

[@JBoy340a]

We paid ours in about 10 years. I liked the write off we got with the mortgage but had better usages for the cash like increasing our equity purchases, etc. The equities are now worth more than the house, so I think I made the right decision.

[@BobSharpe]

100%!! Thanks for sharing!

[@jml9550]

Took me 25 months to pay off my remaining $328k mortgage. Started Oct 2020, last payment we Nov. 2022. Couldn’t be happier now that we have no mortgage, rentals are all paid off and 100% debt free. 😊

[@BobSharpe]

Amazing!!! I love that you have both your primary and rentals paid off - ultimate win!

[@jml9550]

@@BobSharpe thx. Yep. Couldn’t feel better

[@Monkey_D_Luffy131]

@jml9550 how did you do it?

[@jml9550]

@@Monkey_D_Luffy131 my take home are all gone to pay off the $328k mortgage, divided into 25 months. We just use the rental incomes as monthly expenses. That 25 months was on pure budget, which means we did not buy anything that we absolutely don’t need.

[@sullytheg]

That’s ridiculous. Flipping well done

[@JohnDoe-ig1yw]

Yup on track to pay off my house in next 3 years. Been here for 3 years already. Had a good down payment of 50,000$ on a 315,000$ house. I pay 700$ every month extra in principal and all tax returns and bonuses and side money goes to principal as well which adds up to around 15,000$ a year. We got no credit card and no car payments. Everyone can do it if you can control your spending habits and “I have to have it before anyone else” syndrome.

[@nanoman06]

Being someone who did 3% down (sounds crazy to me in my educated stage of my financial journey) I was focusing on this. Been 6 years and I've managed to drive that down from owing 97% principal to about 71.57%. This year however, I took the opposite strategy, those dollars are flowing into a Roth IRA, a 2023 401k, and a little left over for a taxable trade account. We aren't planning on staying in this house for long so along the same logic you used, I've switched to earning that hopeful 8-10% annually. Just found the channel, enjoying your take and the info. Thanks

[@raygarg2313]

Thank you for the tips! As a fresh college grad I’m excited to get into these things down the road

[@The_Dougie]

Congrats Bob. We're paying triple principal and on track to pay off in 20 months.

[@BobSharpe]

Amazing!! Congratulations on the home stretch!!

[@CalmerThanYouAre1]

Congrats on the pay off! Big goal accomplished! ✅ I actually went the other way and increased leverage when rates dropped in 2021. Wish I would have borrowed and bought more rental properties in hindsight! 😂 I’ll always keep my rental properties leveraged in order to mitigate taxes on investment income. However, I’ll definitely downsize and pay off my primary residence before entering retirement. So many tax advantages to eliminating that primary mortgage and reducing the amount of income needed to live a “comfortable” life in retirement. You open up the door for lower medical expenses with ACA subsidies, Roth and HSA conversion strategies and even less taxation on social security potentially. Not to mention a lot less risk on the table. With that said, the smart use of low interest debt took us to the next level financially, and a lot sooner than we’d have gotten there without it. Thankfully, my kids have been able to enjoy a few more blessings as a result. Which ever way you go, there will always have been a “better” option. Turns out buying Bitcoin and not houses would have been the best use of my funds! Can’t win everything, all that time I guess. 😂

[@BobSharpe]

You’re so right! Thanks for sharing this!

[@lifevest1]

Being proactive and disarming compound interest. Genius!

[@henrykieu9669]

We did the exact same thing. Mortgage paid off in 3 years. Looking at the loan summary motivated us to do whatever we can to get out of debt. Best decision ever.

[@armandomedina6405]

This is so motivational to paying off my mortgage and great expiration on what you can do and how to look into things yourself. Thanks for the advice.

[@kayeloop674]

Ive been doing this for the past 3 years. Payments every two weeks, pay 300 every payment which adds up quick and been upping it 50 bucks a year with every raise. I just wish I knew this 10 years ago. I am now projected to pay off my house in 5 years if i keep it up. I like you looking for that extra bit of freedom.

[@BobSharpe]

That is awesome! You got this!!

[@JoyInTheSun]

This is so great! 🎉 Congratulations Mr. Sharpe! I loved watching the spreadsheet you made for your mortgage. It is so organized and complete. I would like to use it one day when we have our own mortgage. ✨

[@BobSharpe]

Thank you! And feel free to download the template for free: www.patreon.com/posts/97415143

[@benprishtina153]

Right on dude, I'm on my way to pay off my house by July of 2025, and we bought our house in 2016.

[@Someonebutnoone10]

How’s it going?

[@jimdixon6688]

Paid ours off in 2015. Lots of cash to invest every month that otherwise would have been going to the house loan. God Bless America

[@rudyflores7396]

My wife and i goal is to pay off the mortgage early. We just bought our home in March 2023 and we follow Dave Ramsey baby steps. Working hard towards our goal.

[@InflationProof28]

That's great.Did you know that you can get back the payments you made last year and pay off the year ahead of you?

[@danielrodriguez2343]

Great advise! I am on track to pay off 120k remaining on my mortgage in 4yrs, cant wait for that day!

[@BobSharpe]

You got this!

[@richardjeun]

It’s easier to find ways to make more than to save more. Laziness is the only excuse for this recipe. By the way, thank you for making this video and for not trying to sell something!

[@mandysimmons2769]

We were set to pay ours off at five but an unexpected surgery came up and it had a huge co-pay with follow-up treatments that were not covered. So this past year on our anniversary day, we paid our 20 off in year six! It was already a miraculous bargain ( before the last stupid real estate boom ) foreclosure. It's better than anything I ever thought I could have. Got a new car ( that cost less than a used ) with the change left over. Our old car of 25 years finally conked out. We saved 14 years interest! Whoo hoo.

[@ToOpen6seven]

Congratulations

[@mandysimmons2769]

@@ToOpen6seven thank you!

[@BobSharpe]

This is so great, congratulations!

[@mandysimmons2769]

@@BobSharpe Thank you sir.

[@EGfocus33]

I just found your content today, & I Love It! You speak to the Common Man. Realistic Math Based Information 🎯

[@hezekiahbunde4961]

Smart move. Most people don't think that way but it makes a lot of sense to do it that way.

[@jandoinc]

Thanks for the video! I'll start that journey right away.

[@CogitoErgoSum2024]

With a total household income of $60,000 how were you approved for a $285,000 loan?

[@marywest3418]

You are absolutely 👍 we paid our home off in 2018 and it is fantastic to know that it is ours no matter what 😸🤩🙂

[@BobSharpe]

Congratulations on your payoff!! It is such a great feeling. No foreclosures. No more debt risk. What a great feeling!!

[@marywest3418]

@@BobSharpe yes for sure 😊

[@michaelday6987]

I have that same Dwight Schrute bobblehead in the background. I also have the Mortgage Schedule that I use for when I ever buy a house.

[@tracylauer1637]

This is exactly what we did. So little in interest each month after the refinance. The balance is going down so fast with additional principal payments. The progress was so much slower on the 30 year.

[@hansschotterradler3772]

Congrats, what a great accomplishment. There is a case to be made for both, paying off the mortgage and not paying off the mortgage. You do what's best for you! I don't own a home; so I don't have a mortgage. Don't mind paying rent for the freedom renting has to offer.

[@bellmattwebb]

Paid off my first condo in 13 years. It was not easy, but now it pays for half of the mortgage on my current house. I thought paying it off would take less time, but still better than doing nothing extra.

[@BobSharpe]

Congratulations!!

[@joseCalderon1976]

Very good advice. Unfortunately most of us use the extra money to buy cars thats costs as much as a spaceship (not me). Or we buy things that we don't really need (that's me right there). I've stopped though. I put an extra $200 per month on my mortgage plus I pay by weekly. That has reduced my 30 year mortgage to 20 years. I have about 10 years left. But I think that once I have a considerable emergency fund, my wife and I will probably try to cut down those remaining years by half. Thanks for the advice. Subscribed. I got left $102k at 3.5% interest. Any debt has risk indeed.

[@BobSharpe]

You're so right on the cost for new cars/etc. !!

[@gavinhousend4654]

Enjoying the videos, 3rd one in a row! We are working towards paying off our home asap! Where did you download the excel spreadsheet?

[@vinhhuynh2966]

Awesome technique to pay off a mortgage in 5 years long. Thanks for sharing!

[@cookieplayzyt9898]

What a great informative video, thank you! I even shared with our 12 year old!

[@BobSharpe]

Thanks for sharing!!

[@user-pp3dl8id7r]

Excellent content. Again. Your videos are superb.

[@LittleMopeHead]

I really want to do this as well. Just got a $200k 15yr mortgage at 6.3% 😬 with no other debt. Payments are about $2200/month. I plan on throwing everything at it after retirement contributions. I did it to my student loans before, so I know how it feels unchained. I can't wait till that day.

[@Алена-х4к6б]

Came across this vid... thank you for the tips. I just closed on the condo, and the goal is to pay it off in 4 years. 👍

[@jamesstuart3346]

100% solid advice. I found $100 a month just dumping unused subscriptions. I also use Stretch Days. Instead of going to the supermarket, I make meals out of stuff lurking in cupboards. Stretches the budget 😂

[@CFLDumpsters]

We are on track for 3 years, as we go we realized it is happening faster than we anticipated because it is being accelerated by win falls and cutting back on our investments. Once it’s paid that payment will go towards the market instead of the bank loan.

[@urgetodrive]

What were the costs for refinancing from 30 year to 15 year and did the rate go down enough to justify it? Could’ve skipped all the paperwork and expense and just made even more aggressive extra principal payments.

[@keekee8760]

Congratulations!!! Great video, thank you for sharing .

[@BobSharpe]

Thanks for watching!

[@TR-BA369]

Thank you for the realistic numbers pertaining to income and the numbers. It will help me TREMENDOUSLY !!!!!! I'm about to purchase a home and said I wanted to have it paid off in 10 to 15 years. Now, I can say 5 to 10 years using your technique a few extra dollars every month and incorporating no spend month. THANK YOU !!!!!

[@jennifermcnally8611]

I totally agree! Great job!

[@kylejulius9596]

We went from 13 years remaining, and refinanced to 9 years. Now, after careful budgeting I think we can throw another 1500/month at it. That would get us down to 5 years remaining We have defined benefit pensions. So it seems like getting the mortgage paid off, and then building the next egg after that for 10-15 years (until retirement) would be the way to go !!

[@mercertj]

Yeah, I'm in Southern CA, we're not paying anything off in 5 years. 15 yrs would be a pipe dream too.

[@tenloe]

68 degrees F in winter (easy to put on more clothes and/or a blanket); 78 in summer is cool enough for me since I don’t usually wear a shirt in the summer (and I trim as much body hair off as possible, especially on my chest). Year round average for both gas and electricity is less than $200 monthly average.

[@halfunkbass2966]

It feels great to had paid off my 5 bedroom in California as a single man. Nothing confronts a job lay off than a home thats paid off. Although I'm still gainfully employed, its just nice to not be threaten by the bs.

[@BobSharpe]

That's fantastic! Congratulations!

[@BUDS76]

here in California Bob we are screwed🥶. Love your videos always keep em coming.

[@Happy_life0000]

Thank you for sharing your story

[@BobSharpe]

Thanks for watching!

[@mohmmed9181]

I'm happy for you, my friend 🥂

[@BobSharpe]

Thank you!

[@DEEZEEMTB]

Once people start thinking more like investors vs. savers the “paying off the house” doesn’t always make sense.

[@AssadHamid]

Well explained 👏

[@robbie_cu]

Why would you refinance just to pay off the loan in a couple of years either way? You pay for closing fees for a lower interest rate you never took advantage of.. could have kept the 4.25% and paid off the loan in the same amount of time without paying closing fees.

[@ab.6031]

Thought the same thing too

[@BobSharpe]

Incredible question! Initially I was still projecting at least 10-12 years before pay off at the time of refinance before we really started having ability to reduce expenses and go crazy. Looking back it certainly wasn't worth the added cost of closing as you mentioned.

[@Lionheart_He-Man]

That’s a good point 😮

[@vincentnnyc]

Can you do a video about once you pay off your mortgage? Do you need to go to city hall to get the title deed? Will you get all your money back on escrow? Do you need to go online and start paying your property tax? Do you ask your home insurance to send the bill to you instead of the mortgage company?

[@BobSharpe]

I got you! Check out this video for those requirements. If I didn't answer your question clearly in this next video, let me know: kzbin.info/www/bejne/pYqzpGBuarasndk

[@rccowboys]

I'm lucky enought to be able to make an additional 6-10k a month on my mortgage. I'm on track to pay off my new home in 3 years or less. Great content! Subbed!

[@BobSharpe]

This is outstanding! Congrats!!

[@derekcole2638]

I have the same mindset, paying off a mortgage should be the first thing everyone should do, don’t have the banks own you for the life of the mortgage. Once it’s paid, anxiety and stress is gone, all that extra income then can go into stocks or mutual funds, dividends, whatever you want because you’re financially free.

[@ws8814]

Well done man!

[@BobSharpe]

Thank you!

[@rachelesther8957]

I agree. My husband and I just bought a home late last year, we are making extra repayments every week to have it paid off in 10 years.

[@kriscube]

I can't believe I ran across this video. My wife and I are closing on our house in January and I am planning on doing exactly what you are doing. Including on getting a side job and putting that money toward the house. We are going to start with paying extra payments starting with the first payment and whatever we get back in taxes every year we will put that toward the house as well. Where did you get that excel spreadsheet. Thanks for this video.

[@BobSharpe]

Glad it was helpful! And you got this!!!

[@jflowers090]

What about one huge payment a year. Say instead of paying extra monthly. You take that money throw it in a high interest savings account, cd, stocks whatever. Then at the end of the time frame. You take that and the interest accrued and then make 1 large lump sum payment

[@elnoraabduqadir2297]

Great video Bob! Thank you for sharing. Amazing paying it off in 5 years! How did you choose your house? I mean bought it close to your parents....

[@donaldgarcia4097]

Good video!! Congratulations 🎉

[@DiscipleSteven]

I really loved this. We are currently working to pay off our house early and I feel like its 10 years or so away but we could work really hard to get it done in less. I kind of hate when people bring up well you could invest that and earn more. That is great for them but I always feel like those people wouldnt even do that themselves. lol We put 15% to retirement accounts and then anything extra each month goes to mortgage. In the next year or so, my wife plans to be back to work and at that point basically everything she earns will be extra and can go to mortgage.

[@khalid7915]

It's a no-brainer but somehow most Americans are happy with their 30 year mortgage.. Why would anyone in their right mind work for the Bank for 30 years for free.. You should cut down on your vacations, outside eating etc to pay off your house Ideally in 5 but NEVER more than 10 years..

[@Veronica99709]

The main secret to paying off your house is to make enough money. If you don’t no matter what strategies you use it simply won’t work.

[@donaldlyons17]

Yeah no lie!!!!!!! These KZbinrs never say you need to buy cheap compared to expenses.... WTF why not just tell the truth?

[@movingtoraleighdurham]

Congratulations! Super impressive to pay off your mortgage that fast. I'm sure it is a huge relief. Do you have the Excel spreadsheet you use anywhere as a resource?

[@BobSharpe]

Yes absolutely, here you go: www.patreon.com/posts/97415143

[@bakedwolf9296]

Great video!

[@BobSharpe]

Thanks!

[@friedchickenbunnystar1031]

Thank you very much for the very good idea. You are smart.I will try to do it every month.

[@harveysdtr]

This was a great video. You didn't use or talk about a heloc which I am glad about. I hope refi int rates go down again. I was glad to see that you started the extra payments before refi... I wondered if that mattered. Thanks again!

[@rubyoro0]

I got heloc promo rate 7.5%. Investing in 9.8% dividend stock. Promo rate is ending soon. Gonna pay back the heloc. It’s not worth it. Plus that’s like gambling with my family’s future.

[@Wes1487]

One of the things we do is donate plasma which is $1k per month and we have a rental property that produces $1102 so we will have our mortgage paid off in 2.5 years.....great video.

[@priceless55]

Thank you for sharing 😊

[@BobSharpe]

Thanks for watching!

[@MarlonKingShow]

Thanks man, your figures almost match mine, but. Why did you not show the spreadsheet on what you actually over paid as would have been good to see.

[@le9051]

Almost 20 years ago I took a financial course in college where it taught you how to buy cars how to buy houses how to invest how to pay off loans what it means to have all this interest all those years it is so valuable every single person on this planet should take a class. It was from that class that I learned the concept of a no spend month. I also keep the Cadence of paying my bills twice a month and I have a biweekly paycheck so twice a year I have an extra paycheck

[@drsonnysell4471]

Thanks Big Bob

[@BobSharpe]

Thank YOU!

[@Anonyme67]

Thanks for your video.

[@BobSharpe]

You are welcome

[@cierraaaaaaaas]

This is so cool. I didn’t even know how I’d pay off a house. I changed trajectories but wow

[@sarahuber8567]

Where do you live? My loan was 235. 15 year, 2.75 interest. My payment is still 1800 per month with taxes and insurance. What are your taxes?

[@MalluStyleMultiMedia]

Good job 👍 motivational video

[@thomassweeney747]

What would your payoff date be if you would not have refinanced and instead put the extra ~$200 towards principal instead of your shorter term? So $1,200 extra principal on your 4.25%

[@BobSharpe]

At $200 extra per month, the original loan would've been December 2040. For $1,200 extra principle per month, March 2029.

[@chrisphilips2768]

Will be closing on our house later this month. Mortgage is 300K. Looking forward to paying this off in 3-5 years with lots of side hustles and OT.

[@BobSharpe]

You got this!! Congratulations!

[@TheKurofaust]

Another way is using the stock market to grow it and also as a safety net while creating that lumps to pay it off.

[@1111_Millionaire]

This is awesome 🥰

[@BobSharpe]

Thank you!

[@zanenicholl1149]

Nice Bob! Wondering if you could share that spread sheet of yours.

[@BobSharpe]

Absolutely, here you go: www.patreon.com/posts/mortgage-excel-97415143

[@shannonroberts7242]

At what point and how does it make sense to refinance?

[@macross2ii]

The only way to pay off your home earlier is to make additional payments to principal. Refinancing might help slightly. In your case you probably lost money with the refinance since you paid off so quickly. The savings in the interest rate was most likely less than the refinance cost.

[@BobSharpe]

Yes you're right! I was initially projecting to pay off my mortgage in 2025 so at the time it made sense. But otherwise, now looking back since I was able to accelerate and pay it off...it ended up costing me money to refinance

[@chelliahpandian1510]

Very good motivating and could be followed the idea by anybody.

[@Unshackled-drive]

Amazing, great job.

[@TheLovelyjessii]

Could you share the template or where you got it from?

[@BobSharpe]

Yes absolutely, here you go: www.patreon.com/posts/97415143

[@the.true.mjdavis]

I think an important point to consider when deciding whether or not to pay off a mortgage or invest that money into the markets is age. If you are younger and not so near retirement, spending five years to pay off the mortgage may be fine. But if you are in your 40's or 50's and you have been "irresponsible" with your retirement savings, I believe it is actually more important to invest, to grow your retirement savings as fast as possible.

[@tonycrabtree3416]

Think about your budget. Remove your house and any car payment. How much does it really cost you to live? This will show you why a paid off home is so valued by retirees.

[@BobSharpe]

All fair points. My thought process was to eliminate my costs so I don't need a whole lot to retire. Plus, I like the idea of the psychological benefit of having no mortgage, no risk, and no ability for a bank to foreclose on me...ever! Now, it's all about aggressive investing here on out :-)

[@ToOpen6seven]

@@BobSharpe Amen and you have an asset worth almost half a million, if you needed to sell your home for some reason.

[@kenyonbissett3512]

@@BobSharpe🎉🎉🎉🎉

[@jaywalk6628]

@@tonycrabtree3416 Invest AND throw extra money at the mortgage. This topic is always argued as either/or. Why?

[@elisemedina2237]

Great info!

[@ed00001]

just bought a house for 630k with a 6.1% rate and put 30% down. planning to pay it off in the next few years with crypto gains.