Yes, Paying Off Your Mortgage Early IS Possible

[@shopppguril]

Here’s how: don’t live in LA or NYC 😅

[@BrandonBusby-u2b]

Or Seattle

[@mandypdx]

@@BrandonBusby-u2bi just moved to SW Washington and $600k got me a 3 bedroom townhouse

[@_j0rd4n_]

or any expensive area

[@NaturallyKristen86]

Exactly don’t! It’s a waste of money!! Move to somewhere cheaper and make sure the mortgage does NOT take your lifetime to pay off ❤

[@angelica4885]

Also, don’t have any kids.

[@jvan927]

My son and his wife paid off their mortgage after three years (most of it from her teaching salary) and then she was able to quit her job and stay home with their newborn baby. 💜 So proud of them!

[@pbj0815]

Me too!!! ❤🎉🎉🎉

[@15KHPCLUB]

Okay and my friend’s 4-year-old son just got his driver’s license.

[@christianscacchetti9178]

Wow, how long ago was this? I can’t believe a family was able to get by with a teacher’s salary, let alone pay off a mortgage in 3 years

[@wafflehouse6650]

@@christianscacchetti9178she is lying there’s no way this is possible unless they bought a trailer

[@makingfreely6336]

We were able to pay off our home in 3 years by age 27 and had 2 of our 4 kids during that time. Bought our house in 2011. We did exactly what he said. Big down payment, bought less than we could afford, lived frugaly and make lots of extra payments.

[@thebadgerette69]

I just paid mine off today!

[@albertopazos6581]

Congratulations!!!!! 🎉

[@mr_bencee]

5 months later, but how is life? What is your work schedule like not having to work to pay your mortgage?

[@chidellwatkins2677]

Congratulations 🎉

[@Wavezone304]

Nice. I just signed a 15 year, i'm going to pay it off in 15 days!

[@angiehowell6432]

We paid off ours at 32, 4 years ago. Best decision ever! We don’t need a mansion, we only have 2 kids. So we are happy with our home. It’s worth $500,000 now. Most of our neighbors have moved into bigger nicer homes but since we own ours and it’s actually ours we don’t plan on playing that game. We don’t count the equity we have from it, we just know we don’t owe a person anything and we can do whatever we want!

[@pey7777]

You really should count the equity. It's $500,000 of value that you own and worked hard for. There's no reason to exclude it

[@noone-um4hk]

Except the government, sam always gets his cut 😂

[@roburb73]

You’re smart to not count the equity, it’s not an income producing asset and is basically dead money until you sell it or leverage it.

[@J_S0711]

I highly doubt it! None of us can afford homes and here you are making up stories! Go to work!

[@martinlutherkingjr.5582]

Don’t forget property tax. You don’t really own it.

[@2legit2Kwit]

I sold mine. Boom. Paid off.

[@Polo22546]

😂😂😂

[@stargazer57813]

I did 100% financing because I wanted to have a one year emergency fund in case I lost my job. At the time, I had a full time and a part time job. I in fact lost my full time job. It took me 6 months to find a job but in the mean time, I used my emergency fund. The moral is, dont use up too much of your cash for a down payment that results in being cash poor. It took me 17 years to pay off the mortgage.

[@leechburglights]

🎉 congratulations 🎊 that is awesome. My first home, a duplex, took 18 years to pay off. I never made much for income but did tons of side hustles. Now saving for retirement in 15 years.

[@pamelacaro8556]

We are in SoCal and put 20% down back in late 2019. 4 years later, we are about 50% of our mortgage paid off so far! Working hard to pay it off in the next 4 years!

[@krakken11354]

I paid off my mortgage shortly after I turned 41. Had a 15 fixed and I paid double my mortgage . Paid off in about 8 or 9 years

[@mossroks]

I just bought my house last year at 30. My goal is to try to have it paid off by 40. We will see

[@roccodimiccio5199]

i just wanna pay the principle...i dont wanna pay the banks interest to them faster...

[@tiffanysandmeier4753]

​@roccodimiccio5199 The interest is a pay as you go thing. The interest you pay in a year is the APR on the remaining principal. At least on my mortgage payment, I choose where the extra money goes. Is escrow going to be short because insurance or taxes increased? I can add more there. I usually put extra toward my principal because that will save me interest in the long run. There were some people saying not to make extra payments because in case of foreclose... That was bad advice, but there is a thing called home equity theft. If someone foreclosed on your property, the balance beyond what is owed should go back to you, but that doesn't always happen. Some states have made it illegal. This is mostly for things like unpaid property taxes.

[@nickstark8479]

Crazy that the people able to pay double the amount of a 15 year mortgage are the people that need to pay it off the least 😅 Good for you, but I have a feeling you were never going to have a problem making payments that were 1/3 to 1/4th the amount for a 30 year term.

[@halfunkbass2966]

Paid my California home off in 13 year and celebrated by buying myself a Jeep Wangler paid in full. Just eat at home and cook your own food and deny travel and pay everything to the principal and just watch the statement balance go down as you gain more power in owing nothing. Celebrate once you are mortgage free. You still need to pay property taxes, but it dont hurt as much.

[@melliebe6029]

Deny travel? I’d rather have memories with my family overseas than just paid off “stuff.” For me it’s about balance & living without regret.

[@halfunkbass2966]

@@melliebe6029 yeah I get that too... but I am one of family members who can afford to spend the longest time anywhere i want since I have no mortgage.

[@daniellephillips9708]

I am 54 getting out of debt. Going thru the baby steps. I don't own a home yet. Looking forward it. 🎉

[@LBmustwin12]

Nice. You will get there keep your foot on the gas!

[@kimcritchfield5796]

You can do it!! I refinanced to a 15 yr fixed at 54. I’m 3 years in, and am slated to be done in 4 more!! You can do it!!

[@marcelrodriguez2067]

​@@kimcritchfield5796you must make a shit ton of money 15 years is risky af atleast a 30 yives you breathing room for bad times.

[@JackStainstone]

my Wife and I ,both 33 with about $800k in investments, excluding home equity and rainy day funds. I've always strived to stay on top of my finances, hoping that being disciplined in my 20s would allow me/us to have more breathing room in our 40s+ But now, as life's demands intensify, we're pondering a crucial question: should we bring in a financial expert to help us maximize our wealth?

[@JackStainstone]

I do hope to help educate younger people on finances after I leave my corporate 9-5.

[@cruz3076]

Mywife and I can totally relate. We've been disciplined about our finances too, and it's paid off. We're in our mid-30s and combined net worth shows we are millionaires .with ~450k in retirement/investments.Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.

[@vincentchan5773]

At 42, I've accumulated $997k in my 401k, thanks to starting at 18 and making consistent investments. With my company since high school, I contribute 10% of my income, maximizing a 4.75% match. My proactive financial advisor emphasized the power of compound interest - starting early allows money more time to grow. While I didn't mention returns from my brokerage account managed by Monica, the lesson is clear: start early, be patient, and consider a financial expert to help your wealth thrive!

[@JackStainstone]

Who is this monica you work with ? and how to reach out ?

[@vincentchan5773]

Monica Mary Strigle, a highly esteemed and experienced CFA I proudly work with. Her impressive credentials and expertise make her a trusted authority in the financial industry. I highly recommend researching her and seeking her guidance for navigating the complex financial landscape. Her wealth of knowledge and expertise are invaluable assets to anyone seeking to make informed investment decisions.

[@rodzillarox4882]

Hey George I just bought your new book and got it a few days ago. I have Always been a Dave Ramsey fan. Unfortunately, I had a motorcycle wreck last year and it financially crushed me. I’m really excited to read the book and focus on the debt snowball and stuff like that to get things in order. I really like your vids as they are full of positive humor and focus on breaking free from broke. Anyway thanks … i am 56 and this book applies to everybody on so many levels.

[@armandoweckmann5699]

It's possible, folks. i paid off my mortgage alone, with no wife or help from anyone 😊 i did it in my late 30s. 🎉 my net worth is $500k... if you are a dual income household man thats huge advantage 😊

[@charliemarren8724]

126,000?! Man, I wish. Canada prices are messed up right now.

[@flotaylor8170]

Yes, agreed. But I live in Ottawa and even with a $1M+ home, and a $500k mortgage, we’ll have our house paid off in the next 7 years. Seriously, it’s 💯 doable, you just have to be willing to live on a detailed budget and throw everything else onto your mortgage. Seriously, just paying an extra $115 per week off our mortgage saved us over $100k in interest.

[@albertopazos6581]

Paid off my house today, not our dream house, but now the goal is to save 50k yearly so maybe in the next 5 years we can buy our next home pretty much cash! Also in the meantime invest a lot ! We saved about 20k interest paying our home early. It was a good goal. It’s going t get a little boring now.

[@mrtommy8875]

I pay off my house in 3 more payments. We will pay off our 30 year mortgage in 11 years!!! I can’t wait to be DEBT FREE

[@jjpeters19861]

Never buy a townhome or condo. I own one now and can't wait to sell this Spring. Just takes one crappy neighbor. Don't get me started on HOAs...never again.

[@jennprescott2757]

Well…a single family home is out of reach for some. We were renting a townhouse then bought in the same complex. Has worked out for us. We could never afford a real house currently. But this I helping us build equity for the future.

[@AnnaWitte-f8f]

I own a townhouse I paid 300,000 now worth 600,000 7 yrs later!! I am not huge fan but I seem rent it out quickly.

[@jjpeters19861]

@@AnnaWitte-f8f This is exactly it...they all just slowly become rentals. If that's what you have it for, more power to you but it sucks for people who own and live there...just like me. But we just sold ours so all is well.

[@AnnaWitte-f8f]

@@jjpeters19861 We used live in it but moved across country so just use as investment now.

[@formula112967]

I could have told you not to buy a townhouse or condo before you bought it....didn't your realtor advise you?

[@ProfessorOfLogic81]

First step to paying off early: have a bunch of money

[@jennprescott2757]

Save in other areas.

[@BigJohnM]

Continue that thought... How do you have a bunch of money?

[@DylanJo123]

Keep that defeatist attitude. It's a great pathway to success.

[@Schuman2k]

@@BigJohnMwork hard and live below your means

[@JewishMusicToronto]

Second step: Consistently EARN a lot of money (relative to the cost of living).

[@nancybashista1390]

Congratulations to George and his wife paying off their house. I plan to do the same 🎉

[@williamforsythe9180]

Are you married?

[@gutsrage9616]

If I could pay over $6,000 month for mortgage I would pay it off quickly too. Good for you guys one less payment only have to worry about maintenance. Very nice 👍

[@Yattayatta]

Paid off my mortage the year I hit 40, worked so hard some weeks that my head was spinning but it feels amazing now.

[@loodakris5928]

Congrats!

[@Mountainhippiedude]

Bought my first house in 1997. Like you, I had saved a large down payment. Only looked at homes I could realistically pay off in 3 years despite my real estate agent and mortgage officer telling me I was making a huge mistake by not buying a more expensive home. That one decision made the difference in my financial success in life. Having no mortgage or other debt that young in life opens up so many more financial opportunities!

[@JoeLanthier]

This inspires me. I’m a “nerd” so numbers help me. I would love to know more details on how you got there and how much money doing side stuff or whatever you made I order to make it happen. Thanks for the content!

[@paulc4732]

Pro tip: don’t buy a townhouse. You’ll be stuck with a hoa that only gets more expensive with time.

[@gibblespascack1418]

We chose not to pay off our mortgage early. The mortgage was from 2003 and the rate was 2.5% 30 yr. We took that extra money and continued to build our portfolio which is currently at $3.1 mil. We used our portfolio(margin loan) to buy our next house in June 2022. We sold the original house in Nov 2022, and paid off the mortgage. With the remianing equity, we paid off the margin loan and with the left over money, we started making upgrades to the new house. No more mortgage, but I sleep as good as I did before paying off the mortgage.

[@NotKimiRaikkonen1]

Same. I'm not 'aggressively paying off' a 3.4% mortgage.

[@gibblespascack1418]

@@NotKimiRaikkonen1 Yes, if that is fixed and you have the extra money to invest, then building that portfolio might be the better way to go. Sure you might not get 11% per year from the portfolio, but it will most likely deliver more than that 3.4% interest rate. Especially in this environment.

[@AnnaWitte-f8f]

@@NotKimiRaikkonen1I am not either I have renters in both homes and 3.4 interest rate rather keep our Amazon stocks with better return. I am my late 30's and hubby and me have net worth over 2 million.

[@BiffcheeseSpinoccoli]

The take-home pay is the problem for most people.

[@betitos11]

Townhomes ... you'll be paying HOA forever 🙄🙄

[@dannylengyel5830]

SFH...you'll be paying for yardwork forever

[@sofiarangel1315]

Paying off my home early is one of my goals after paying off debt, and saving 6 months of living expenses. I can’t wait!!!

[@JewishMusicToronto]

This short needs to come labelled with some BIG caveats. I'm not saying it's impossible, but your approach already starts off with a big advantage of that (relative to your property cost) large down payment. And your property cost also means you are in a specific area WITH that lower pricing than areas other people may be looking or already living. Here in Toronto, for instance, small townhomes and condos start in the $500K+ range. Putting down a nearly-$250K down payment, especially without outside assistance, is going to be a challenge for most people. And that's before dealing with the current interest rates.

[@floresnashvilledrummer]

I paid off my house earlier this year and I'll be coming in to do my debt free scream soon!

[@Camera_Operator]

Bought in 2020 for 384K and hoping to pay off in 2028. Almost there 🤞

[@seenso]

How are you putting approx 4000-5000 towards your house? Not everyone can afford that…

[@Camera_Operator]

@seenso sure is true. Just budgeting and spending less. And also putting money aside towards the mortgage that you have extra. For example, if you finished paying off a debt, use that same money and put it towards the mortgage.

[@wafflehouse6650]

@@seensohave a nice paying job that is how. It’s not budgeting blah blah blah you have to have a good income.

[@marcelrodriguez2067]

​@@Camera_Operatornot when you bringing in $3500 a month after taxes you aint 😂

[@albertobenelli]

You're the only true successor of DR !

[@dancallahancomedy]

This is a lot easier if your combined household income is well into 6 figures and you buy a small townhome

[@GeorgeKamel]

You’re correct. Getting to that situation and making those choices, however, is not “easy”.

[@rstscott]

Exactly….all of these people spouting off about paying off their house probably live somewhere in Arkansas or Oklahoma where you can still get a starter house for $150K

[@Boogie2000]

It’s great you were able to do this wherever you live. $126k wouldn’t even buy a decent 1 bed condo in Portland 20 years ago

[@itchyisvegeta]

I don't need a mansion. I just need a very big garage for a man cave.

[@saysthetedd]

amen

[@gofigure84]

Not for a man cave but do to lay out and how things went. Me and my wife's new house has a 1,450 Sq ft garage. Has doors on both sides so we can pull through like a circle drive. No backing up.

[@chrispyott4083]

Or just make the rest of the house your man cave

[@smileychess]

@@gofigure84- My entire home is smaller than your garage. Saves me a ton of money not being so delicate as to not want to put a car in reverse.

[@gofigure84]

@smileychess it was more by default do to layout not planned. And I don't back up. Because the garage makes the house L-shaped and to save on brick we put doors on both sides. It's a circle drive with a garage in the middle.

[@davisamills597]

In some parts of the country, even the modest homes are still $650-700K +++

[@gofigure84]

Don't live in those places.

[@alfre4554]

​@@gofigure84choices??!!

[@15KHPCLUB]

@@gofigure84 Better yet, just don’t exist.

[@gofigure84]

@@15KHPCLUB is that supposed to be directed at me or the op comment?

[@15KHPCLUB]

@@gofigure84 What do you think?

[@joshbelgard3910]

Paid our house off and man, best decision ever.

[@CaptainBenjamins]

I just paid mine off today! Just kidding, I am maxing out my 401k early since my 30 year mortgage is 2.75%

[@robertgworek2497]

Mine is 2,8% and I have enough assets on the stock market to pay it practically anytime I want, but why do that since it's more profitable to invest when the mortgage rate is so low!!!

[@CaptainBenjamins]

@@robertgworek2497 EXACTLY! That’s what being financially free is all about

[@CaptainBenjamins]

@@robertgworek2497exactly, if I have extra income I just invest it into the S&P500 and treat it as a rainy day fund.

[@sviolet892]

Get 👏 a 👏 *REASONABLE* 👏 house!!!

[@myronvenero9371]

How & where? Flippers, renters, investors, etc are gobbling them up.

[@15KHPCLUB]

Move 👏 out 👏 of 👏 your 👏 blue 👏 state!!!

[@jvnp834]

George! Thanks for the snark!!! And the advice. 😂😂😂

[@peytonschuldt1045]

I paid off my house in my early 30's I put next to nothing down and put all my money in a savings account. Went to the bank got a cashier's check when I had enough and handed it to the lender. That was 7 years ago. Took me 6 years to save up enough. Just worked 7 days a week for 6 years and got it done.

[@jamesdeck8834]

3.25% interest mortgage. It’s the last thing that’s going to get paid off, because almost anything except a “basic” savings account with the bank will yield more money.

[@BrianK-zz4fk]

yup I could pay mine off but wont😂

[@SJhikes]

My wife and I are coming up on a year of BS7 🤙🏻

[@treyk2932]

I live in NYC and it’s almost impossible to find a property within 2 states that’s a quarter of take home pay.

[@SRD1281]

Move out.

[@davisamills597]

@@SRD1281 Leave my family, friends, and support system? What if you don't have family outside the NY area?

[@GabrielMartinez-sd8pc]

It’s like they don’t consider any of that at all when making insane proposals

[@Sophie3647s]

​@@davisamills597not even in Long Island can I find that price. Only option is to increase income and marry someone who can help you get into that 250k-300k range

[@jennprescott2757]

NYC is a different ballgame. That’s why it’s #2 where people are leaving.

[@KATHIESHOES]

Well done! If only more people would follow your advice 🎉🎉

[@andrewmiller9207]

132k.....that's less than the 20% down payment I need...

[@drewthetechy]

George you’re my favorite Ramsey personality

[@mjribes]

Yeah, just try getting my wife to do a side hustle. She won't even work a full time job

[@Flockko342]

That’s absolutely amazing 😮 no sarcasm at all the amount of discipline you have

[@MKK-wg7fz]

This is a hilarious video. For a TINY older starter home in my area- With 144k down you would need an income of 22k per MONTH to follow his 25% payment formula. 720k older 3bdr/2ba. 20% down $5377 per month for 15 years. 🙄. Interest Rates are absurd right now. People are doing 30 yr fixed & praying they drop soon.

[@asoggyburger479]

Sounds like you live in an area you can’t afford. That’s nobodies fault but your own. If you want to change something about your life or situation, that’s up to you. People don’t become wealthy on accident, it’s intentional. Stop letting life happen to you, take control and change something because obviously it’s not working.

[@nicolasgirard2808]

​@@asoggyburger479homes are generally unaffordable everywhere right now. It's a societal problem, not an individual one. The places where homes are cheap have no job market which is why they're cheap.

[@asoggyburger479]

@@nicolasgirard2808 Not true at all. I’ll give you that homes are more expensive relative to incomes than in the recent past but you can do it. Stop accepting the mentality that “you cant” or “they’re just not affordable”. Are you going to live the rest of your life letting society, your friends and family, and the government tell you what you can or can’t do? Grind dude, dig yourself out of the hole you got yourself into of debt and get after it. Pick up shifts, sell crap, move to a different area, get a second job or a better job. Stop letting life happen to you when you should be happening to it. Where I live in OKC there’s homes that are perfectly fine for under $200k and jobs everywhere. Stop making excuses…

[@nicolasgirard2808]

@@asoggyburger479 I'm doing perfectly fine for myself, this isn't about me. It's a broader societal issue and your mindset is toxic. This idea that people just constantly need to work more and more as things continue to get harder and harder to achieve is ridiculous, given the vast technological progress our society has made in the past century. John Maynard Keynes predicted that by 2028 technology would completely replace the need for human labor, yet here we are and apparently we need to work even harder than before? That makes no sense.

[@asoggyburger479]

@@nicolasgirard2808 Well then I’ll get off my soap box since you don’t need to hear it. I understand how that mindset may come off toxic, however, it’s a short term solution to a long term problem. Things shouldn’t be as hard as they are, but we’re also not getting any younger and there’s no time to wait around for someone or the government to save you. To get ahead, you need to change your mindset and stop waiting for things to happen, and make them happen. If you wait around, you’ll be left in the dust while others are progressing. Also, foolish predictions like that have been around for decades, control the controlables and stop worrying about what “could happen” or someone “predicted” will happen. My point is to take control of your own life and take yourself where you want to go. Choose financial freedom over dependence on others and their decisions to push their own agenda..

[@claybob]

Also don’t have kids or any medical issues helps.

[@SamuelJacobJennings]

It’s brilliant. I sold homes for years. That strong down payment thing is a real bitch for a lot of people. I know it was for me. Your video just makes me laugh because I know personally that not too many people out there are going to have the discipline that it takes to save 45% down payment up. Other than that you are spot on this is a brilliant plan, and I think most people should take your advice. The modest home is probably the best advice though. I seen too many people over the years spend way too much money and max their debt to income ratio out. Once again very good advice. Great video.

[@differentbreed2962]

It’s very simple but not easy. Spend less than u earn. Try to increase your earning as much as possible and keep spending low.

[@aaronbenton7]

Yes! First figure out how much house you can actually afford. I originally wanted to spend about 100,000 and have at least 1 acre of land. I realized that number had to come down a lot, and the land dream had to be put on hold. I found a very nice 1 floor ranch home 5 years ago for way under 100,000. It has original refinished hardwood floors, a garage, driveway, full size basement, and a front and back yard. 925 sq ft. I had to buy what i could afford 5 years ago. Not what I hoped I could afford after a few raises. I was so scared to take on a mortgage. But because i was really strict with my budget, the house is EASY to pay for I dont even think about it. Making the payment gives me literally no stress at all. Buy a house that allows you room to still have a life!

[@myersc2004]

Living in middle east Tennessee also doesn't hurt. Try this in CA.

[@clairelivefreeordie2551]

Absolutely 💯...great advice!! And live *within* your budget...live simply

[@nathanreuben90]

145k will get you a shed here in Vancouver 🇨🇦

[@galupproperties3098]

Bought my house in 2015 in pa. 744 square feet at 52k. Fully paid off by 28. Now I’m just planning on paying cash for a couple rentals. My property taxes are cheap too at 1700 a year.

[@TripDadLife]

As someone who has never drank alcohol, never bought it for someone else, never parties, never goes out to concerts or other outings, only eats out at Chipotle, never smoked, never gambles, makes $160k combned with wife, went to college. Im struggling to understand why we cant afford a home. Someone help me make it make sense.

[@cc-by8uk]

Where does your money go?😮 I only make 45.000 a year in my job and have already a fortune in real estate.

[@dannylengyel5830]

Focus more on improving the income rather than reducing expenses. There's only so much one can save.

[@TripDadLife]

@@cc-by8uk $45k a year is roughly the cost of rent 120% the cost of rent. And don't say move to bumguck America. Literally a millionth generation San Diegan.

[@cc-by8uk]

@@TripDadLife If you cannot afford a house to live in than buy a house to have a tenant who helps to pay the house off. I am a tenant myself and all my properies got paid off by tenants and partly by myself. Any you do not have to move. Statt with small properies.

[@MitchDore]

Good advise ❤

[@alantoney7417]

Dinks giving financial advice is always interesting.

[@kunya16]

We could've done the put kids off until we're deep in our 30's and had a paid off house by now. But we chose a family and we will never regret it. It'll be paid off 10 years early at this rate.

[@nato2010]

Townhome? And they say renting is throwing away money.

[@briansmith6350]

They paid an average of $6346.15 in principle per month. That’s some serious bank! Congratulations George

[@ycshittu5412]

God bless u. U rock bro

[@spdog3344]

Inspiring George!

[@aaronoetting9129]

15 years are such bad advice. Get a 30 and throw extra at it. Then if things go bad, you aren't stuck with the higher Mortgage.

[@dannylengyel5830]

@ketaminesulphate6447 Lower payment. Gives you more flexibility whenever life happens. If nothing negative happens, you can always accelerate the payments.

[@FitNishM]

Incredible! I think the most important thing... Get a reasonable house, within YOUR means! :)

[@Clipahoy]

165000 in 26 months is roughlt 6k and more every month. Both brought 3k together. Smashed that in 26 months.

[@charletfoster8917]

Wow 🤩 Many Congratulations to you n your wife, so inspiring 👏🏿👏🏿

[@AlexRubicky]

I'm hoping to have mine paid off Christmas of 2025 at the ripe old age of 30 and a half. Lol. If stuff comes up no later than when I turn 31

[@janefromthecountry1820]

We did buy a reasonable house! It only cost $86,000 twenty years ago….😮

[@taz24787]

165k? ... 100k is my 20% downpayment here in the Boston area for a 2b1b apt

[@taraconway8713]

Love this! Thanks for sharing!❤

[@ronnievengua9535]

45% DP. . Daang

[@Kylewraps]

Fuck townhomes my HOa doubled my monthly fee in one year I had to sell it cuz it got up to $372 per month

[@phantomfpss]

Paid off my house just before turning 40. Now 2 years later, planning to get a bigger house. If you manage and control your expenses, you can do it too.

[@mefarias4879]

Have they addressed the reasoning behind this? because I always thought that keeping a mtg pmt allowed for tax deductions. Does someone know the reasoning behind this? Thank you.

[@jaywalk6628]

Good job but what's monthly HOA "forever payment"? 😊

[@clairecarroll8291]

Sadly. $165’000 is a down payment in Canada. It’s so unaffordable

[@mandypdx]

“Reasonable” priced homes dont exist in the west coast/pnw

[@bhp7603]

How did you get the 45%? Any tips or advice?

[@SuperJackman117]

Ive done the research as a young dude myself. It is ABSOLUTELY possible. Harder than before sure obviously but this idea its impossible is coming from people wanting a quarter acre block within 10 minutes drive of a city centre, itll obviously be super expensive because its in high demand and low supply. Look more realistically and you'll find cheaper houses.

[@lcue4263]

Paid off my California home in 17 years AFTER dovorce. All by myself, one income, no child support. Paud it off in 2022 at 55 and, oh yeah, retired at 57. Beem about 5 months. Such freedome is insane. PAY OFF YOUR HOUSES!!

[@matthewvickery1327]

So the home was purchased at 270kish. Today’s housing prices make it challenging to find a home in good condition at that price, but is possible. Good find!

[@wolfpack3914]

Good idea, but not realistic for most of your audience, George A young couple making $120K a year brings home about $7500/mo after taxes and insurance 25% of that is 1,875 per month for a mortgagee payment With a 20% down payment, they can buy about a $240,000 home, assuming no HOA and taxes and homeowners insurance aren’t included in the 25% take home pay limit. If taxes and insurance are included in the 25%, now you’re looking at about a $185K home Good luck finding that in a safe neighborhood for a family to grow into… An average home nowadays is $450K…a couple would need a combined salary of ~$220K to buy a $450K home using your formula Not realistic

[@TravisGraysonTV]

We is key … gotta be on the same page … great content

[@mook16v]

I’m not sure about overpayments. I currently have a very small monthly payment on my mortgage & a large disposable income. Is making overpayments each month better or throwing £10k at it once a year better? It’s confusing

[@jcmphreek]

All you have to do is live in the boonies with no access to food water or internet! It’s that simple!

[@Busker_3000]

Tl:dr: Just have lots of extra money!

[@EagleSZN678]

"We put a down payment of 45% bc we're crazy." Naaaaa, bc you're rich. Lol. For most ppl, that's not an option.

[@whatmakesyourday]

He’s rich because he’s “crazy”. It’s an option, but it takes work and effort.

[@Lionheart_He-Man]

Umm, if George was as rich as you claim, he would have paid 100% all cash. He is ‘crazy’ because he planned and budgeted, you can too

[@JohnBowl14690]

It can be done even today, but it's much tougher today. First, don't have kids right away. Next, both people get 2nd jobs and don't spend on anything but necessities. My biggest mistake was not getting rid of the mortgage. Life becomes much easier when the house is paid for.

[@15KHPCLUB]

Everyone in here nonchalantly saying “it can be done” 9.9x/10 haven’t accomplished it themselves. Reminds me of the posers in the gym telling everyone how to get jacked yet they’re the smallest ones in the room.

[@bensmith4563]

Step 1 make 100k a year

[@mombetweentwo7679]

I want to do that too but the house prices are unreasonable, I think its definitely possible but i dont know decent townhomes for 165k today that was the past, but we will strive! We definitely dont need a mansion.

[@pnwflipper2089]

My husband and I did the same. We paid extra every month for the first two years of our marriage. Even if you aren’t DINKS, it’s still AMAZING how many years an extra, say, $500 per month can take off of a 30 year mortgage at 6.75% interest rate. (10 years and HUNDREDS of thousands of dollars off of your grand total).

[@MOAON_AABE]

If I have the money to pay off my house in full right now, would it allow me to save more money in the long run rather than continue to pay the mortgage monthly for the remaining 22 years and would it be financially beneficial for me in the long run?

[@pnwflipper2089]

@@MOAON_AABE yes! First make sure you are maxing your Roth IRA and 401k- then anything else you’ve got you can put toward paying off your house in full

[@MOAON_AABE]

If I have the money to pay off my house in full right now, would it allow me to save more money in the long run rather than continue to pay the mortgage monthly for the remaining 22 years and would it be financially beneficial for me in the long run?

[@jennprescott2757]

Watching these videos from the Ramsey crew made our family reevaluate and we plan to pay off 2/3 of the principle in the next 3 years. We bought 2 years ago.

[@croomcas]

We're paying it off in a few months despite our financial advisors advice.

[@Omikoshi78]

165k? Where is this, prime property in the Death Valley?

[@timkopp2204]

Wow 165k in 26 months?!? You were killin it, George!

[@sarahshanahan2222]

On my way to being mortgage free. It's so challenging though to NOT put these extra payments to investments. If my house was paid off today it would only free up 766 a month... The problem is that home equity doesn't motivate me like interest from my investments

[@smileychess]

Nice thing about a paid off mortgage is the drop in risk. You currently have 766 a month in extra risk, in the event of an income drop. That’s not to say that you should pay off the house, just that risk is always a factor in debt which most people don’t take seriously enough.

[@Mrcool202]

Thank you George and Ramsey crew for all your financial advice. My wife and followed your plan and are debt free-even the house. Now we live in S. Korea as English teachers and make $1,000 net cash flow from renting our condo which we are investing into LT mutual funds. 🎉