How To Pay Off A Mortgage In 5 Years

Ms 99to1percent

Blogging about Personal Finance along with a little touch of humor. Immigrant who started from the bottom and now I’m here…to tell my story, inspire and learn from others. Paid off $40K in student loans before graduating. CPA. Saved a $100K emergency fund in my 20’s. Hopping to pay off $500K+ mortgage within 5 years at 39. Hopping to become financially independent at 45. Happily married. Mom of 1.

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6 responses

  1. love spell says:

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  2. Miss Mazuma says:

    Hey – thanks for the mention!! I am the poster girl for what not to do in real estate. 🙂 Of course, with that lesson I learned exactly what to do so it was totally worth it!!

    Question – I don’t know how it works in Canada, but here in the states if your get your house reappraised and the value has gone up (as yours has) so your loan to value is over 80/20 then you can drop the mortgage insurance. Is that a thing there? That could save you a bunch in the long run. Either way, keep it up. You guys are kicking ass!!

    • Hi Miss Mazuma, we are not as lucky as you guys. In Canada, the insurance fee is a non-refundable, one time fee that’s “front-loaded” on the mortgage and added to the balance. The good news is it’s portable should someone change houses and they still don’t have 20% down payment. They wouldn’t need to pay the fee again. However the government might change the rules as they are introducing new rules/changes every few months trying to cool down the hot Canadian real estate market.

  3. Mark says:

    Hurrah for you! For others trying to pay off early here is a calculator which will tell you how much extra you need to pay each month to pay off on a particular date
    https://www.yourmoneypage.com/home/mortgagepod.php

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