Paying off a Mortgage Faster: The Vision
OK so right now all I can think about is how to be free. When I say free I mean truly free, financially free. After years of making good money choices, a mortgage is the last beast standing in my way. It’s literally what makes me get up and have to go to work everyday. Paying off a mortgage faster is the last path I have to take for freedom.
When I signed up for a mortgage several years ago it wasn’t my first venture, this is the third house I’ve owned. To make life flexible I signed up for a 30 year mortgage, it gives you some options as you look at your money. While that is very nice, right now I started to do the calculations on how quickly can I pay it off. I have to give a shout out to Rocket (no association whatsoever) because they have a amortization calculator build into their website. After playing around with it you realize pretty quickly that paying off a mortgage faster is not only possible, but the results are amazing.
- $0 additional monthly payments 27+ years to pay off
- $500 additional per month 15 years to pay it off
- $1000 additional per month 12 years to pay it off
- $2000 additional per month less than 10 years to pay it off!
Now trust me I know when you look at those numbers, $2K additional per month is a pretty tall order. But when you really think about it, is it?? I mean if you really worked your ass off and did everything you could to make that happen, couldn’t $1K extra per month be a party time job? What if paying off a mortgage faster isn’t as complex as everyone makes it out to be, they just never looked at the numbers.
I generally find that to be the case for a lot of life/financial experience, no one truly does their homework. This is only step one so I’m not saying I have all the answers to pull this off yet, but I’m starting that journey today.
Financial Freedom…Here I Come!
