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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15 responses

  1. love spell says:

    Hi there,I log on to your new stuff named “How To Pay Off A Mortgage In 5 Years – 99to1percent” on a regular basis.Your humoristic style is awesome, keep doing what you’re doing! And you can look our website about love spell.

  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

  4. Verle Ellis says:

    Interesting and helpful. Thanks!

  5. eric says:

    Great post. Congrats on the plan. All of your choices (even D) are great ones. Just don’t let the new baby expenses throw you off track.

    As a US resident I struggle with the arbitrage of mortgage balance vs. investment funds.

    Tax deductibility, low interest rates, and good stock market returns have made my high mortgage balances the right call for the past several years.

    Freedom from debt, guaranteed rate of return, and planning not having a house payment in retirement are the counter arguments to the above.

    Everyone needs to make their own choice as to how to best reach the ultimate goal of financial independence.

    Thanks for the great website and wonderful attitude!

    • Kristine says:

      I have the same internal struggle with my mortgage. I have no interest in paying it off early at this point in time because I am investing so much money in the markets and it’s such a low rate locked in for 30 years. If I wanted to quit working, I’d consider paying it off first or moving somewhere cheaper.

  6. Hi Eric,

    Thanks for stopping by and commenting. Yes, everyone has to make their own choice as long as it’s choice they can live with. There’s really no right or wrong answer.

  7. Thanks for the mention Ms 99to1percent, and congratulations on your financial success!

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