How to Pay Off 30 year Mortgage in 5-7 Years.

How to Pay Off 30-year Mortgage in 5-7 Years.
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[@LivingOnADime]

25% off NOW! ❤️ Quick and Easy Recipes! ❤️Dining On A Dime Cookbook 👍 www.livingonadime.com/

[@lanabrooks1554]

A paid off house, an emergency fund, and a well-stocked pantry are one of the best ways to have security during a crisis.

[@Fannieannie2024]

I was a stay at home mom. My husband traveled and we felt it best to always have a small home that was paid off early so we could be stress free. People really took it personally that I didn't work. I knew what my kids were up to & who their friends were but it was not free time for me to play tennis or go to the gym or spa half a day. I kept my home organized with good meals on the table & clothes cleaned & ready. I worked hard but it was an investment in my husband & kids. Proverbs 31

[@granitemoss1451]

We made many sacrifices to allow me to be home with our kids, now 12 and 15m including living in a small home in a rural area. Our home should be paid off 12/22 or sometime in '23 (income fluctuates a bit), but we will be 10+ years ahead of schedule. Being able to just be home as usual in the mess that was '20, to keep and eye on and guide my children, as well as ensure that we were well stocked and prepared for..whatever came next, has been invaluable to my family and our security in ways aside from financial.

[@jessicaqu]

I paid off my 30-year mortgage is under 3 years by making extra principal payments. All my friends thought I was crazy for not investing the money instead. My response is 1) I don't believe in debt and being owned by the bank and 2) I have been investing in both index funds and retirement accounts since my early 20s (everyone should be familiar with the concepts of compound interest and dollar cost averaging). When my millennial friends are stressing out about their fancy, leased cars and credit card debts, I'm here enjoying my freedom as a self-made millionaire in my early 30s 😎

[@LivingOnADime]

That is great! Good job getting your ducks in order!

[@jessicaqu]

@Bri A I learned the value of hard work and discipline from my single mom. A bit of luck helps, too.

[@MariaFlores-dc2uu]

Sweet! That's Awesome!

[@queenbobbi8481]

There really is a great freedom when you’re 100% debt free. Keep up the great videos Tawra and Jill.

[@jeanetteglassel2765]

You should do a lesson on how to ay off your mortgage by adding payments to the loan balance. Show an amortization schedule and walk them through how it works. You would be surprised at how many people have no idea how an am schedule works.

[@gordonbone3689]

If you have the amortization papers look forward at the next months principle payment. If you can pay that and do so each month you will save hundreds of thousands from the interest payments. It's amazing when they say only 3 or 4% but when you finally pay it off you have paid twice as much or more in interest then what you have paid in principle. The principle and interest on payments do not equate until 18-20 years into the length of the loan on a 30 year fixed.. So is it's really 200% that you end up paying! I remember paying on one loan about 138 principle and about 550 interest. That damn sure didn't look like 6.5% to me..more like 398% per payment...

[@iloveyougumi]

Yes, my father-n-law showed us. His parents did it and they are multimillionaires and have 15+ houses. My Dad has done it with his business and he has 50+ properties (commercial and residential)

[@marloweheredy7945]

This is exactly what I thought this video was going to be about. Thank you so much for putting this in the comments. This is what I was looking for. Not to be told what I am already doing. But how to apply it to my mortgage. I at least now have some terms and look them up and figure it out on my own. Thank you so much.

[@iloveyougumi]

@@marloweheredy7945 The amortization schedule came with your closing documents. Each month pay your regular amount, but also pay more by counting and adding the principal of future months in the schedule. The principal payments are much lower in the first few years so it is easy to pay off a whole year of payments for a little of nothing.

[@jeanetteglassel2765]

@@marloweheredy7945 I actually kept mine taped to my closet door. Each month I would highlight what I paid off. I did the Dave Ramsey snowball and I have paid off 13 houses. Blessings on your journey.

[@eileenkillen1481]

Thanks for taking the time to share your wisdom with us. Tawra your Mother Jill is a diamond, give her a hug from me doll. Blessings to you and your family every day from Ireland. ☕🇮🇪💐🙏

[@beckywhinery4652]

Buy a home you could pay for working at McDonald's. Not keeping up with the Jones's. Really a different mindset.

[@aundybkoo]

Yes! You can always upgrade later if you want. So many people want the biggest house but it chains them down and life isn't as fun.

[@cynthiagustafson2541]

Now, if we could get rid of property taxes!!

[@MariaFlores-dc2uu]

Amen!

[@sandiemom8888]

Cynthia G Exactly that is not in our control. Then they do assessments of your house that is way too high. Nothing you can do about that

[@karenandrew8631]

We have done the same thing you have done. We paid off 4 houses. The rent is our additional income. My husband is 70 and I am 64. We are raising our 5 grandchildren. So, thank the Lord for our being frugal.

[@karenandrew8631]

We have put away saving and We have our pantry full. You never know what is going to happen. My oldest daughter used to laugh at me for stocking up. That changed with the covid. She came here for bleach, Lysol spray, soups since the stores were completely out. She is a RN and works in the hospital.

[@LivingOnADime]

No they aren't.

[@karenandrew8631]

I was wondering about Colorado Springs. My youngest daughter is 35 and she has RA and ankylospoditis would she be in less pain living in Colorado Springs weather?

[@diane5819]

The stress of debt is REAL. When my kids were little I always worked nights after dad came home. Important to note, that was very stressful on our relationship in and of itself. When I became a single mother of 3 I worked a full time job and a part time job. I thought I would lose my mind, but I made it work. Life is stressful enough - so getting out of debt is important. I'm working on it!

[@lorenherrera6988]

I absolutely love “Your kids need a home that’s paid for”. 💯❤️👌🏻So TRUE!

[@tonideluca8569]

I am so happy to be mortgage free before my husband past suddenly of a massive heart attack at 55 😞. I would of had to move. We saved and saved for retirement but so sad we can’t retire together

[@JontueScent]

I'm so sorry. May God bless you 💗

[@tonideluca8569]

@@JontueScent thank you ❤️

[@granitemoss1451]

I'm sorry for your loss. But what a gift he left you...security! Sounds like he had wisdom.

[@tonideluca8569]

@@granitemoss1451 yes he was an amazing man. Thank you

[@kristinhungerford3399]

Number 1 tip: Only buy a house you can afford. Dave Ramsey recommends a 15 year fixed-rate mortgage that is only 1/4 of your monthly take home pay.

[@joannapatterson4625]

When I was shopping for a home, the bank was willing to loan me 450,000. I bought for 180. 6 years later it’s almost paid off.

[@karynwith-a-y6686]

A necessary video. Thank-you for your steadfastness and faithfulness to share♥️

[@andreasupermommy]

Great video, ladies! Agree 100%! No mortgage or debt is so wonderful!!!

[@ashleybosvik3031]

Your so right being debt free is stress free.

[@marjoriebouwens6000]

My mom had considered getting a job once all of us kids were in school but after figuring the cost of clothing, gas in the car, a higher tax bracket, she ended up staying home. We had the best childhood. I was so thankful to have my mom home. I stay home with my kids now too and I homeschool. I had signed my daughter up for school when the time came thinking how it was going to be great to have time to get things dot. Then I heard someone say, "If you're only sending your kids to school so that you can have time to do things, you need to reconsider your priorities." That really convicted me and we pulled her before she even started and have homeschooled since. Now I have 2 that I'm homeschooling. There are a lot of sacrifices involved in that and paying off your bills. But it's totally worth it! Thank you for the common sense reminders. Have a wonderful Christmas!!

[@Marjorie-m1y]

You ladies are doing a fantastic job! Thank you for being sensible and giving sound advice, in a world filled with people who have thrown away good common sense. Love your videos!!

[@kimwilliams1284]

I am a single mom and I'm getting ready to close on a house next month. I work a hard physical job where mostly men work. I always ask for over time I drive a 2012 van that I paid off in 18 months and I do regular maintenance on it. I am completely debt free (except for my new mortgage ). but I bought a $75000 home which was within my means and cheaper than the rent that I'm currently paying. I am so glad I came across this video because I really want to pay this house off quickly! Thank you for all you do!

[@daybydaywithmicah6932]

Love the simple truth in this. And I love that you are willing to tell people because these days no one will tell you this truth.

[@HellofromLongBeach]

I started to pay extra for my main residence this year...and I just created an online account for my mortgage (can you believe I had been dealing with paper statement since 2010!?). If I go at this pace, I will finish my mortgage payment in less than 6 years. Originally it was going to be done in 2040. Thank you so much, you are my inspiration!

[@rachelkivarkis1801]

God bless u, for ur advice. I hope people r listening. Thank u. 🙏❤️🙏👍

[@gailfox6791]

Good day ladies! I agree whole heartedly with what u say. U can find very reasonable homes to buy. They might need a lil fixing up here and there but if your handy or your husband is, it's very cheap to do it yourself.Get your children involved if they're old enough. It's a wonderful way to bring your family even closer. I know people that have done this and turned there $50,000 home into about $125,000 or more! It's great for the whole family to work towards a common goal and it really is something to be proud of.

[@melindabanning4497]

I absolutely want to get out of debt and pay off our house. This house is not a lot of money but we don't make a lot so it is a struggle and getting my husband on board is hard too. He is slowly getting there... Another reason to pay your house off early is because my $50,000 house would cost me almost a $100,000 and I would be 80 years old is when it was paid off. Ooo, doesn't that sound fun. Not!

[@irenebaker8263]

The two best tips that I love and have done is 1) Buy less house 2) Apply regular automated payments directly to principle. We had our house built in 1999 when all our friends and even family members were getting the McMansions. We built a small home, raised our 3 children happily.

[@stephanieporter6836]

Don't forget to calculate the cost of working, such as clothes, transportation, lunch away from home, gifts and donations for office workers, etc. Then there's the costs for home helpers, daycare, dinners out (because you're too tired to cook), going out on the weekend because you worked all week and "deserve it". I've really noticed a difference in expenses since I know longer work outside the home.

[@penelopeprimrose90]

I loved this video! I agree with it all. This is the stuff people don't want to hear, but need to.

[@jessicadoland8433]

My toughest thing is not being able to financed for a house with disability as my income and a pt job. I have paid 12 yrs of rent, that would have been awesome to put toward a home. My credit is perfect but I cannot get out of this rental home. So frustrating. Any suggestions would be appreciated.

[@joycehanson977]

Perhaps you can find someone willing to "owner finance", or the owner willing to allow you to pay them directly for the home. They can have the legal papers drawn up, you can have a real estate attorney look at them before you sign, and make sure there's no prepayment penalty clause, that the contract includes a title search, and a mechanical report (to make sure everything is in good working order) or anything else that you need, and then make your payments to the previous owner. You can look for "For Sale by Owner" properties, as well as talk to some real estate agents to help you find the right property for you. I wish you well.

[@brightstarr57]

Great video! Great points! Keep those great tips coming!

[@luiscruz679]

I just bought my first home at 21 lol it’s a 952 sq ft rowhouse in philly for 101k and I’m making regular principal payments. I refuse to pay for the house over 30 years my goals is to pay it in 15 years. I’m also thinking on going to community college but let see lol 😂

[@christinascleaning]

I love yalls video so much especially the ones with mom in them and the how to videos I watched a bunch of the old ones the other day God bless

[@gardengrowinmawmaw8642]

I just had a crazy thought...if everyone stopped eating out, the restaurants would go under for sure, and it wouldn't be "because of the pandemic." These ridiculous people need the stimulus to continue eating out. They need new cell phones and tattoos. Think about it, this is really what they do with that money.

[@sandiemom8888]

Rosetta Cupp that is the sad part. I hear they tell ppl to take their stimulus money and place orders from restaurants so they don't go under, really. Businesses have gotten a lot of relief and squandered it. It's not our jobs to help businesses who live above their means. I owned a business in my first marriage. No matter how many more contracts we got we still only paid ourselves the same amount and banked the rest. The business my husband, at the time worked for wasn't getting the same amount of work. His boss told me. You know " when your use to a certain lifestyle" I can still feel my blood boiling.

[@vickieclark5931]

If you don't notice a recession when it comes, then that means you are in a good financial place. Great advice ladies. Eating out kills your budget more than just about anything.

[@aundybkoo]

We just bought a house that we could afford on one income when I was still working. We love traveling and eating out and we didn't have to sacrifice as much. We used my irregular income and made extra payments and it was done in 7 years. Now I'm home with the kids and we just came back from a month long trip to Utah. It's an amazing feeling!

[@wendythomas4930]

An employee I know, works for a company that is allowing its employees to take 10 days off paid if they take a covid test.

[@PlannerMemaw]

We are paying off our mortgage this year. It took almost 15 years because we had taken on other debt and paid the stupid tax for it. We will never have debt again. Next is catching up on retirement contributions.

[@tracyl1368]

It can be done as you rightly say....if your sensible about it.....as you've proved!

[@melissanash6801]

Always love your videos! Looking forward to taking that stimulus check ( totally ridiculous, I agree), and putting it directly towards paying off our home.

[@Kat-go9mt]

Amen to everything in this video! ❤❤❤

[@meadecountylocal]

Great up load love the tips you have to ok share with all of us ! 🇺🇸 much light to you

[@gracesantacruz5281]

Jill, you look great! Have you found the fountain of youth?

[@cynthiagustafson2541]

My small gift shop has been very effected!!

[@noeliamorales404]

Great show girls . Thanks for informing us .

[@TheSmilingTabbyStickers]

I’m sorry but some moms have to work. I’m a single mom. Need to work. I own a condo and have done it all on my own for my child’s whole life. My job also provided health insurance so quitting and staying home would mean we would be homeless. My son was in daycare and they were wonderful and he turned out fine.

[@barbarawilliams979]

They have always said there are exceptions and your case is one. God bless you.

[@angelabiggs6951]

amen preach it sister home paid for we are cutting deeper into cutting out things two vehicles one is right at being paid paying double every mo cut out 1 year payments

[@peggyoconnell3733]

Thank you Good advice!

[@carmendelrio1155]

Great video, thank you

[@gloriapeel6887]

Great wisdom!

[@lindamoses3697]

You can pay your principal off in advance and that will cover all that money. Check with your bank or lender on how.

[@joterry7928]

What about paying extra on the principal every month? That's another way.

[@joterry7928]

Well they never specifically said that. Some people might not have understood that. I'm sorry if I appeared to be insulting. Not my intention.

[@barbarawilliams979]

@ the truth is they have done it and so have I.

[@granitemoss1451]

Well, yes...that's where all the money you won't be wasting on all the other nonsense goes! But do be careful where it's paid, as in- be sure it's going to principle on the loan, not interest or advanced payments.

[@joterry7928]

@@granitemoss1451 Oh I absolutely agree. The mortgage company will usually give you a specific place to mark and assign monies to “pay on principle.” Its a great way to pay off your mortgage earlier than planned.

[@pattylilly873]

It took me 7 years 3 months ....what a great feeling!!!

[@BudgetingTheBacon]

New subscriber here and I completely understand. We are a year into paying extra on our mortgage and predicted, if we keep going at the same rate, it should be paid off 11/2023. My goal is to have it paid off 12/2022. A lot of sacrifice of delayed gratification for us, but it will be worth it in the end. I'm tracking my journey here on YT.

[@lindas.3791]

I visited CO in 07/19. I thought it was unusal that people in CO would rather wait in line at the drive thru. Instead of going inside to eat.

[@carla3410]

This does not work in the country where I live. If we pay off our mortgage here, we are "wealthy" and we have to pay a lot more tax. Good that it is different in the US.

[@sgist7824]

Wow that means you never want to pay it off, so do you invest instead, or do they tax you on that too

[@ashleybosvik3031]

Where is that?

[@carla3410]

@@ashleybosvik3031 The Netherlands.

[@MariaFlores-dc2uu]

Where i live the McDonald's and Starbucks have lines around the buildings all hours! It's Crazy, Hints Why i Invest in Both through stocks!😁

[@AddieMorris]

We have saved so much money since I have been a stay at home mom. My husband works and I have time to make food, budget, and raise my kids. I know this doesn’t apply to single parents but I was a single parent for several years. I had to work 2 jobs and it was hard but I got debts paid off.

[@joannatucker2171]

Guess I’m confused about the not supposed to work only making 2-3 dollars an hour to nobody is willing to work.

[@TheJuliedew]

You can make that working from home taking in childcare.

[@joannapatterson4625]

Tawra we are the same age. There’s been one recession after another of some sort for years. I learned long ago to live well below my means. Many people don’t want to make sacrifices.

[@pamelastandhart9650]

It can be done, we did it in 7 also.

[@DinizLand]

Yes it can be done! I paid off the 30 year mortgage on the home purchased during my marriage in only 7 years. Unfortunately life happened and so did a divorce after 36 years. Even after divorce I have managed to purchase rentals. A 5 Plex apt building, a duplex and 3 Houses. I am $20,000 away from being 100% debt free. In other words, one year away from paying off my last mortgage. I live below my means in one of my 2 bedroom apartments. I don’t drive a fancy car, I cook my own food, clean my own home, shop at discount stores, no expensive hairdresser or nails. The rental income is my retirement income plan. When I purchased a home I took a 30-year mortgage just in case life was kicking me hard I could weather the storm, but I already had a 5-10 payoff plan and never, ever, made a minimum payment. Point is...it is totally possible to be debt-free and it is a blessing that “fancy” belongings won't give you.

[@bgbell3049]

The earlier in the mortgage you can start paying extra on the principal, the better.

[@carmendoyle9786]

We paid our off four years we work full time recanted our basement out ! AMD never went out ! Until the day was paid off ! It can be done ! At that time interest rates were 28 percent ! Now u can can at one in half wow kids should be able to do it ! Our kids make two three time more and still say thaws can’t ! It can be done !🇨🇦 well we lock down even more this Thursday ! Thank god it paid u are right we recanted basement bought used toyes never had new thing ! Well worth it tho cheers

[@Cosmo26271]

Tell it like it is! Good for you not to sugarcoat the truth😊

[@tonnadaunt9250]

Good morning!

[@febash1702]

It's that simple..... Spend on things that you really need 🤷🏼‍♀️

[@alesiadani3447]

This is 2021 love 😊

[@LivingOnADime]

Yes it is and it can still be done.

[@tomaszwyszkowski2253]

Amen to that

[@tlr1604]

We pd. our house off in 3 years-we did not buy a stick of gum

[@cathyamaral9569]

Hello from Florida

[@rosewilson7891]

I keep remembering ur one video I made with ur mom. I think it's the one abt surviving on social security. You mentioned live in smaller house u might have to move to where u can live cheaper. That has stuck with me for a really long time. I want to own my own home. But I can't afford a $200k mortgage. I just cringe at the thought of that. And knowing full well I will never be able to pay it off. Fast so in can enjoy it. And the meer thought of that price gives me heart palpitations. I am now considering buying a mobile home. But some lot rents r just too ridiculous. So. I have decide to stop looking and let GOD handle it. HE'S in control anyway. And bits less stress for me. HE knows what I want and need. I don't mind a small home. Bc I don't need a large one but I am praying for one with a septic. And I want solar panels. Keep telling everyone get out of debt eat at home do the envelope system. I started that Jan 1 And I'm proud to say. I have made my meals stretch even farther. Than before. And we r eating a lot healthier too. More vegis. Less meat. Plus the meat is grounded up. So it stretches farther too. And ur right. Less stress. Is healthier for u. And I sleep better knowing ur debt free in a small paid in full home than one that's super hugeowing lots of money to the bank. Thank u for all u and ur family does for us. Many blessings to u

[@WifeofaJer]

Shhhh about delivery. I am saving up to pay off debt and start to get a house.

[@angelabiggs6951]

oh by the way we dont work we are home everyday that saves money too

[@marshamagic8551]

I’ve noticed that. I no longer eat out. My husband died FYI.

[@JontueScent]

I'm so sorry 💙 I wouldn't go out to dine either.

[@teemom78]

Watching this on 3/31. Was going to door dash. It was going to be 50.00 for 3 cheeseburgers and fries!!!! I said, you all will have to wait an extra hour. I started thawing meat in microwave and cut potatoes for oven fries. 40 minutes later we ate. We ate in under an hour!🤣

[@LivingOnADime]

That's great and it was probably faster too!

[@hots4jc]

The Bible says “Do not store up wealth”. Matthew 6:19 19 “Do not store up for yourselves wealth here on earth, where moths and rust destroy, and burglars break in and steal. 20 Instead, store up for yourselves wealth in heaven, where neither moth nor rust destroys, and burglars do not break in or steal. 21 For where your wealth is, there your heart will be also.

[@LivingOnADime]

It also says you are to leave an inheritance to your children so you should have some wealth to sustain life. Stop taking verses out of context.

[@hots4jc]

@@LivingOnADime totally did not take it out of context. I even showed you the scripture chapter and verse. So you are telling Jesus He’s wrong, not me. I didn’t say it He did, I just told you what He said. Jesus also said in Matt. 19:21 Jesus answered, "If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come, follow me." If the man sold everything he had and gave it to the poor, there is no inheritance. Not trying to argue, just showing you what Jesus says about wealth in the New Covenant.

[@hots4jc]

Even poor people can be obsessed with money.

[@snookslovesyou65]

How did you do it?

[@LivingOnADime]

We didn't eat out, I didn't pay for hair and nails, we didn't go on vacations, we didn't buy new cars and all that extra money went to pay off the house.

[@LivingOnADime]

Any extra money we had each month we put on the principle.

[@beckettelian2193]

So Nice 💘💘💘💘💘💘