Mortgage Under $175,000
Our Mortgage is under $175,000!!!!!
As we all know, I am one of those people who want to pay off their mortgage. This is one of my biggest goals right now. When I say “debt-free” I want it to mean ALL debt and not just everything but the mortgage. I 100% understand all the supposed cons to this decision. People have been “kind enough” to share them with me multiple times and in great detail. However, the pros of getting rid of this thing far exceed the cons to me. Freedom in the form of $2000 a month.
Back in May, we had just gotten the mortgage under $200,000 and now we are over $25,000 lower. In just under five months. Since we refinanced back in September 2020, we have brought the principal down by $47,275. I am ecstatic!
Next Stop: $150,000.
How’s your debt payoff going? Working on your mortgage or something else?
Feature Photo by Quinsey Sablan on Unsplash
:: confetti::
I go back and forth and back and forth on this. I want it paid off in principle because I hate having a mortgage and I hate having any debt including mortgage. But I’m also super behind on retirement investing so I have to prioritize getting money into the market to make up for those lost years of investing, and we don’t have enough to make a dent in both goals at once. Since we refinanced to a sub 3% interest rate, for now, it makes the most sense to keep putting money in the market so it has time to grow. If the market growth slows down a lot so that the growth is matching our rate, and if I’ve put enough in to feel like I’ve made up enough ground, then I’ll review switching over to aggressively tackling the mortgage.
Being under 3% makes it a lot easier to focus on the retirement stuff for sure.
I am only doing this cause we have enough to do it right now. My pay will decrease once this market starts to cool off a bit and then we’ll see what’s up for us. I always make it a goal to max out our IRAs and my 401K (or at least make sure that they can definitely be maxed out) before we start going heavy on the mortgage. Next big thing for us to max out will be the IULs. Never done that before.
Thanks for reading! 🙂